Broadluxe and Modern auctions, Boston condos
Today may well turn out to be the one with the most traffic, based on the analytics reports I’ve been reading.
The reason? Everyone seems to be searching on “Broadluxe” and “Modern”. (”James Taylor” and “Neil Diamond” are a close third and fourth.)
If there had been this much interest in the Broadluxe while it was going up, their bank wouldn’t have foreclosed.
If I was going to buy a property at auction, I’d go with the Modern, more so than the Broadluxe, for a couple reasons. One, it’s done. The Broadluxe may be “complete” and with “certificates of occupancy” by auction-date (sometime in June), but as of now, it’s still finishing up construction. Meanwhile, The Modern is done, and occupied.
More importantly, there are outstanding liens against Broadluxe, including one placed by AJ Martini. Whether or not you’d be able to get clear title on your purchase, anytime soon, is an open question. (AJ Martini, where have I heard that name before? Oh, right, when they liens on all the condos at Court Square Press - including mine!) Presumably, The Modern doesn’t have this problem, since 15 owners have already closed.
And, the “auctions” are different. The Modern’s developers have chosen to go the auction route - they were not forced by their bank, the property is not in foreclosure (as far as I know). At Broadluxe, the auction is being initiated by the bank, TD BankNorth.
I don’t know which group is more likely to accept a low-bid offer.
Broadluxe has a better location, to some. It’s in an under-developed area, residential-wise, true, but it’s got a great front yard and has a certain appeal. Still, that’s a dark street. Never know when a seaman is gonna jump out and pop you one, you know?
Meanwhile The Modern is conveniently located on the border of the South End (in a “bookend” neighborhood), and you’ll never have to go far to gas up your Land Rover!
If you are considering bidding at auction, we should talk. For a flat fee, I can offer you advice and help you through the process, from now through auction, and closing.
