Monday, November 23, 2009

Solaria Auction Draws Bids 45% Off Asking

For those of you interested in following the real estate train wreck that is Riverdale's Solaria, click here to check out's coverage of yesterday's auction.

The winning bids for 54 units were about 35 to 45% off asking prices, but were actually within 5 to 10% of Riverdale's current going rates.

None of this hardly even seems to matter given the fact that all bids are "subject to seller confirmation." So essentially the developers can still put the kabosh on the highest bids if they deem the offer too low.



Guywithacause said...

I am not surprised about the winning bids. These condos were outrageously priced from the getgo, and now they are trying to convince people they are somehow getting a steal..i.e. you are buying a $650,000 1 bedroom condo for ONLY $300,000..what a steal! What's the reality?

The reality is the condo's were never worth $650,000, which is why they never sold! They were worth $300,000, which is what they sold for (or whatever similar amount). And this price is not a deal necessarily, it is market value. I am glad some people scooped it up..but there was no "deal" to be had...some cool amenities in the building though.

Anonymous said...

Reading all about the Solaria, a few things come to mind. The owner would be foolish to cancel the bids, but I don't think many observers were surprised at the results. It is still a new luxury building in a desirable low crime neighborhood, and the bid prices still reflect a high price per square foot for the area. But please remember- this is a brand new luxury building with some great views and amenities. So for those who can afford it, is the final price a surprise? If anything the bidders got a fair deal. Not too high, but not low. It's just a shame it had to resort to an auction. I'd live there if I could afford it, but I don't want to cross the parkway to do my shopping, so maybe not. Hopefully now that we have a better idea of selling prices, some more buying will resume in the area. The market's been dead here for a while- seeing the same units on sale for some pretty long times. Let the buying resume.

Auction as Theater said...

This wasn't an auction auction, so many of the "winning" bids may have been made on the seller's behalf. Let's wait to find out how many sales were to real live human beings.

Anonymous said...

No pool, no parking, by the highway. Those auction prices are still for another location because the units in the higher floors are indeed beautiful.
And yes the Riverdale market is dead and out of touch with reality.