R. Grey Loft Condo Auction Results | Downtown Boise Idaho

Posted by Jace Stolfo on Friday, August 5th, 2011 at 12:36pm.

Corbett Bottles Real Estate Marketing auctioned off five R. Grey Loft condos in downtown Boise yesterday.  The 16-unit project was built several years and was recently purchased by an investor who offered a minimum of 5 units to be sold absolute with no minimum or reserve price.  With an estimated 100-150 people in the room, the units went quickly.

Unit #206 went first for $262,500.  You can see the all sale data below, in the order in which they sold. (A 5% buyer's premium was added to live bid to arrive at the final sales price)

Unit# Live Bid Sales Price Sq/ft Price/SF
206  $  250,000  $   262,500 1358  $      193
212*  $  172,500  $   181,125 1803  $      100
202  $  172,500  $   181,125 1143  $      158
303  $  135,000  $   141,750 936  $      151
203  $  157,500  $   165,375 962  $      172

*unit 212 was a shell (unfinished)

R. Grey Lofts 3rd Floor Layout

You should be aware that these units were offered in groups. Group 1: Only one unit would be sold in this group.  Buyer could select unit 206, 306, or 302. Group 2: Two units would be sold. Buyer could select units 201, 202, 209, 212, 301, or 309. Group 3: Two units would be sold. Buyer could select units 203, 204, 205, 303, 304, or 305.

When comparing the sold price per sq/ft to other downtown Boise condos (non-auction properties), the prices were substantially less (which I expect at these auction events).

In the last 6 months, the Aspen Lofts have sold 3 units ranging from $354 sq/ft to $383 sq/ft.  The Jefferson also had one sale at $323 sq/ft.  Other sales have ranged mostly in the $250 sq/ft+ range (and a few existing/foreclosures for less).

Important note for home-buyers: If you're thinking of comparing price per sq/ft make sure you always comparing "apples-to-apples".  Same location, bed/bath, garage, etc.  The numbers above are just for general reference.  If you're thinking of making a purchase and would like specific "comps", please contact me.

Disclaimer: Information deemed reliable but not guaranteed.  Auction sale prices were gathered at the auction.  Other sale data compiled by MLS.

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