Without the auction, sales at the Cosmo wouldn’t have been as robust, said developer Morris Kaplan.
At the 90-minute auction, 43 condos were sold, more than in all of 2008, he said. Since the auction, more than 50 condos have been sold.
“I wouldn’t have believed in January we’d have sold this many condos at this point in the year,” he said. “The auctions have done a lot to drive traffic and has allowed buyers to set the price for these units.”
According to the Haddow report, the average list price for the Cosmo was more than $273,000, but the average auction price was less than $169,000.
The luxury market, or projects with units priced over $500,000, have been the most challenged, the report says. Fifty-nine such properties had no net increase in sales in the first half of the year.
The report declares “the thawing out has begun ... but condominium demand must rebound more strongly for the market to regain equilibrium.”
“In the marketplace there are buyers out there,” Kaplan said. “You just need to have a good product at the right price.”