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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 212 was a shell (unfinished)
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.