Over the weekend, developer Vornado Realty Trust auctioned off 10 luxury condos in The Bryant, a new 50-unit brick building on the border of Boston's Back Bay and South End neighborhoods. Why do we care? Because developers holding on to unsold "shadow inventory" in New York City have been quietly keeping an eye on this auction.
Vornado's hypothesis: that luxury condos can and will maintain their value (value according to the developers, that is) at auction.
So how did it turn out?