News

Bryant Back Bay Real Estate Auction Seen as Bellwether for Luxury Real Estate in Major Cities Nationwide

Boston, MA (Oct. 23rd, 2009) – Jon Gollinger of Accelerated Marketing Partners (AMP), together with Louise Sunshine and Paul Sunshine of Domineum Global Real Estate Solutions (Domineum), brought luxury real estate homebuyers off the sidelines and demonstrated there is still a market for high-end homes when they conducted the first-ever luxury new development auction with minimum reserve prices over $1 million per residence. This watershed event was conducted Oct. 17 on behalf of Vornado Realty Trust for Bryant Back Bay, a luxury boutique condominium located in Boston’s Back Bay neighborhood.

Minimum bids for the 10 floor-through residences that were available and sold at this weekend’s auction started from $1.075 million, and there were 14 homes sold on auction day. Homes had selling prices ranging from $1.325 million to $1.56 million. Pricing for the remaining homes in the 10-story building with 50 exquisitely finished residences will now be reset with price points reflecting those established by the market on auction day. As with the auction, financing for qualified individuals will be available through Wainwright Bank and Allied Mortgage Group.

“While Accelerated Marketing Partners has conducted more than 65 new development auctions in the last 18 months, this was the first auction, not only for AMP but in history, that sold every home above the $1 million minimum bid,” said Jon Gollinger, co-founder and east coast CEO of AMP. “Some of the nation’s key players were in attendance at the Bryant Back Bay auction, as this event will undoubtedly be the bellwether for prestigious high-rise properties in major cities across the nation.”

Louise Sunshine, real estate marketing icon and CEO of Domineum, added, “This event has proven that the high-end market is very much alive; developers and marketers simply need to know how to access and speak to these buyers. I worked with Jon Gollinger in the early ‘90s to develop and execute accelerated marketing events for high-rise new developments in New York City and knew his would be the strongest team to work with to create movement in today’s luxury market as well.”

According to Paul Sunshine, president of Domineum, “Bryant Back Bay is one of Boston’s trophy luxury properties, and the success of this sale has proven that the auction method can and will help jump-start sales for unsold inventory in the luxury sector. The event was conducted much like an exclusive art auction, and as such, garnered interest from local and national potential buyers, as well as foreign investors looking for value in the U.S. real estate market. We anticipate that there will soon be similar sales in major cities with global demand, such as New York, Chicago and Los Angeles.”

Located in the Back Bay, Boston’s upscale residential, retail and commercial office district, residences at Bryant Back Bay are available for immediate occupancy. Homes feature floor-through configurations; private elevators with direct-home access; light-filled living rooms with southeast exposures; soaring ceilings; red oak floors with rich mahogany stain; terraces; wiring for cable and Internet; and optional gas fireplaces on the upper floors.

Residents enjoy a host of amenities, including the soon-to-be-completed lobby designed by Klaus Fuchs; state-of-the-art fitness room; private storage; 24-hour concierge and resident manager; and management services provided by Tillingers and Barkan. Access to deeded parking spaces is available for an additional cost.

Campion & Company is the building’s broker of record and will continue to handle all sales efforts following the auction.

For additional information on Bryant Back Bay, please call 617-575-7211 or visit www.bryantbackbay.com.