Murano Auction Sells 42 Homes

The market spoke yesterday when the Murano auctioned off 42 units at discounted prices. Most of the 42 units sold at about 20 to 25% off the original asking price. In under two hours, close to $21 million of real estate was sold. Today's Inquirer article gives a good recap. Read it here.

We'll see where things go from here for the building. While the auction sold off 42 units at prices below the prior sales, the real question is what do you do post auction? How many people will want to buy a Murano condo after the publicity of the auction? When Wanamaker House auctioned off units in 1988 it took a good three to four years for the market in the bldg to recover. Only time will tell.