The Ironwood on the Green Condominium is located in the Boston Metro suburb of Middleton, Massachusetts. The property consists of seven buildings and 204 units, which lie adjacent to the Ferncroft Golf Course. There were 65 units left to sell, and the velocity of sales was 1.5 units per month.
The Seller of the property hired us to sell out the remainder of the project as a workout disposition strategy with their lender, because the velocity of sales had slowed and there was still a significant amount of debt on the property.
We offered for sale 45 units (artificial scarcity), with 15 to be sold subject to low Minimum Bids. We showed all of the 65 remaining units but were committed to selling only 15 of them subject to the published Minimum Bids.
The six-week auction program produced the following results:
- 950+ Inquiries
- 600+ Open House Attendees (Parties)
- 175+ Due Diligence Packets Sold
- 150+ Registered Bidders
- 65 Units Sold
- 48 Closed within two weeks
48 Units Closed within Two Weeks of the Sale
We offered buyers the choice of a “quick close discount,” which was a 2% reduction of their high bid price if they elected to close within two weeks of the auction. The auction took place on December 16, and 48 properties closed by year-end as a result of the offered discount.