“The trigger was the auction at Vetro, which set market price and gave people a sense of confidence that they weren’t overpaying. … That’s been one of the biggest psychological problems, so anything that can establish a definitive comparable value is something that brings buyers out. We’ve seen that there are buyers and they’ve demonstrated an interest in spending money at the right price.”
“The lesson here, and my advice for other developers, is to find a way that you can quantify for people what your product is worth. … We were leery to do it ourselves, but being near Vetro when they did, the auction was a good technique for that. No one wants to be first, and the auction proved to people that others were buying and gave them that boost of confidence they needed.”
– Bob Horner, co-principal of Winthrop Properties, quoted in a GlobeSt.com article about recent sales at Printers Corner, 170 W Polk St, and Vetro, 611 S Wells St.
Following the highly-publicized condo auction and subsequent price reductions at Vetro earlier this year, Winthrop significantly reduced the prices of the remaining homes at Printers Corner in March, selling about 17 homes in less than two months.
Related posts:
• Sales update: Two homes left at Printers Corner (May 6)