"These are preposterous numbers," Gollinger said of the prices, which are based on his analysis of the Philadelphia high-rise condo market. "But there is disequilibrium in the market, and the only way to get it moving is to try to provide an extreme-value opportunity - a once-in-a-lifetime event."
The sale, set for 1 p.m. June 27 at the Westin Philadelphia, 99 S. 17th St., is not an auction with absolutes, said Gollinger, who markets high-rise condo buildings nationally.
"If the reserve published minimum bid is $250,000 and no one bids above it, the condo sells for $250,000," he said.
Business has lagged at the 302-unit Murano, which was completed last year. So far, only 124 units have sold, and 112 have gone to closing, according to the city's Board of Revision of Taxes.
Yet Gollinger said that the auction would not be a "clearance sale" and that he hoped by selling the first 40 units, the remaining ones would go quickly.
"I'm just allowing the market, not the developer, to set value, based on what we know to be the critical mass," he said.
By analyzing the entire market, Gollinger said, he found that $249,000 is the price buyers should find most compelling.
What happens to those who have already paid full freight for their condos?
Gollinger planned to address that last night at a closed meeting of Murano's property owners.
"Of course, we wanted them to know what was going on before we began publicizing it, but we are counting on the fact that people who bought into the Murano were looking for a particular lifestyle," Gollinger said.
"The nature of the economy means that the building otherwise wouldn't be full for two years, and by doing this, the homeowners would able to take control of things sooner," he said.
