Developer Jon Cronin has successfully sold 10 units in the St. Regis Residences, a luxury condominium tower located in the prestigious Seaport neighborhood. The sale, which utilized a unique “limited inventory bid sale” strategy, generated significant interest in the nearly half-empty building.
Managed by Cronin Development and The Collaborative Companies, the bid sale offered a selection of one- and two-bedroom units, all of which fetched prices above the minimum required bids. The exact prices paid by buyers were not disclosed, but the minimum offers were set at approximately 20 percent below recent comparable sales.
The St. Regis Residences boast unrivaled waterfront views and offer an array of luxurious amenities, including 24-hour concierge and butler services. Despite the highly desirable features, the condos, even those without harbor views, were initially priced at a premium, causing sales to be slow.
However, the bid sale presented an opportunity for buyers to secure these exclusive units at more competitive prices. One-bedroom units with a den had a minimum bid of $1.4 million, down from the previous sale price of $1.775 million. Two-bedroom units with a den had a minimum bid of $3 million, reduced from $3.7 million.
Last month, Cronin secured additional financing for the St. Regis Residences from Cottonwood Group, a real estate investment firm based in Los Angeles. Cottonwood Group provided a senior mortgage of $240 million, indicating a strong commitment to the project.
With the recent success of the bid sale, it is expected that the remaining units in the St. Regis Residences will attract further buyer interest. The combination of prime location, exceptional views, and lower prices compared to previous sales make these luxury condos an attractive investment opportunity in the flourishing Seaport district.
What is a “limited inventory bid sale”?
A limited inventory bid sale is a sales strategy where a limited number of units or items are made available for purchase through a bidding process. This approach is often used to generate interest and competitive pricing for high-end or exclusive products.
Who took over the marketing of the St. Regis Residences?
The marketing of the St. Regis Residences was taken over by Cronin Development and The Collaborative Companies.
What were the minimum required bids set at?
The minimum required bids for the one- and two-bedroom units in the St. Regis Residences were approximately 20 percent below recent comparable sales.
How much financing did Cottonwood Group provide?
Cottonwood Group provided a senior mortgage of $240 million for the St. Regis Residences.