Solaria - Anyone know what percent of apartment top bids were accepted?

As per a previous post about 10 days ago (after a visit to the building): - they have started a post auction auction - on line bidding. All of the original 54 units from the November auction are listed.. It seems that EVERY apartment had a bid above the minimum at the auction. Something like 14 contracts were signed by prospective buyers, but only 4 by the developer. The REDC people don't seem to know what is up - apparently not enough pressure by the lenders on the developer - he wants to hold out for higher prices than were reached at the first auction. Bottom line - this very nice building sits with 80% or more of the units empty.

Thanks, sjtmd!

Hard to imagine a lot of folks getting real enthusiastic about a post auction auction.

No offense to those who live there....but who are they kidding with this building?? They want 720K for a one bedoom on the third floor(no good view). One bedrooms in other Riverdale buildings go for a fraction of that price. I live in more-commuter-friendly hudson heights where that price will get you a 2-3 bedroom and an amazing river and GWB view.
I pass by the Solaria every day on may way to work because the building is practically sitting on top of the Henry Hudson Parkway, another big drawback IMHO.

They were kidding themselves....But realize those same one beds are being offered for $300-something now, and who knows how little they would accept at this point. The two beds are offered in the $400s...These were the last offers posted before they removed them and replaced them with 'make an offer'.

Made a 400K cash offer on a two bedroom via the REDC website - never received an acknowledgment or response. Agree that the location (on the highway, not close to subway / train) is suboptimal, and that many units lack a decent view, but the apartments are finished very nicely. Large, quiet windows, nice kitchens and baths with some neat features. Layouts pretty reasonable. Drove by the other night - seemed like 90% of the place was dark. Ah, the mystery that is Solaria!

Did you have real intentions or were you fishing? Frankly as a place to live, for $360k (10x $3000/mo) I find the thing intriguing. Maybe as a cash flow rental property...Assuming that I would be able to confirm that I could rent it for $3k/mo.

Real intentions - initially as an investment - rental, but ultimately a place for my wife and I or one of the kids. A close friend also was hoping to purchase as an investment. As for rentals, several units (?10) are rented - ? by developer. The REDC rep says a typical 2 BR ( they are larger on the higher floors) rents for $3100 +.

I wonder where they got off ignoring your $400k. They had a reserve price of $450k at last showing.

A paragraph in the Times yesterday mentioned the Solaria auction with scant skepticism. Amazing! See my rant: http://www.nytimes.com/2010/01/02/realestate/02topten.html?scp=1&sq=solaria&st=cse

Oops. I provided the Times link above, but the link to my commentary is www.ServiceYouCanTrustBlog.com

Thanks for the update, Malcolm! All very weird.

Replied to yet another REDC e mail asking for "name your price " bidding. My previous 400k bid was replaced with a 390k - as before, no response. It seems you will learn the truth about Iran's nuclear program before we know sun shines on the Solaria.

The Solaria sales office continues to play "I've Got a Secret." See my post: http://malcolmcarter.wordpress.com/2010/01/28/riverdales-solaria-plays-ive-got-a-secret/

Thanks for the update.

Sounds like the auction thing was just a gimmick.

"Sounds like the auction thing was just a gimmick."

it could make sense. it's free marketing and it gives them info on what type of discounts might be needed to move units.

I've just posted a new item about the Solaria, which issued a press release today: http://malcolmcarter.wordpress.com/2010/02/04/riverdales-solaria-development-offers-some-news/