Murano and The Phoenix...Post Auction
How are the two buildings doing in terms of
sales, resales, and value retention?
After initial sluggish sales, both High Rise 19103 buildings (developers) opted for an auction to move unsold units with their building. I believe the long-term results were nothing short of a huge win for the condominium associations as a whole, and the Murano and Phoenix are now two of the hottest selling condo buildings in town. By reducing unsold inventories, the buildings are today both close to being sold out, the associations have taken shape, and the building is not subject to future price reductions by the developers- there would be no need with demand strong in these two buildings.
If we look at the resale market at the Murano in the past year, I think it indicates some stability- the units don't sit on the market for long, and have sold well. Ditto for the Phoenix.
The Murano is weighted with a fair number of large upper floor units, and as to be expected, those are the last units to either hit the market, or to sell. The bulk of the unit at the Phoenix that remain unsold (in my opinion) are those that are tenant occupied. That number is shrinking weekly, and the owner occupancy ratios within both buidlings remains high.
I wouldn't expect many short-sales or foreclosures in either building, which will help to further stabilize prices in the long run. All in all, I believe the auctions were necessary to make these two building TWO of the fastest selling building in the past few years.