9 Responses to “Broadluxe auction scheduled for June 21” »»

1. osric
   Comment by osric | 06/05/08 at 8:30 pm

   I hope they actually go through with the auction this time. Any idea what prices will be like? The Tranzon site doesn’t include any unit descriptions. I’m sure the folks at Brix are looking forward to having some residents move in!

2. Brecht Palombo
   Comment by Brecht Palombo | 06/06/08 at 10:56 am

   Hey – this is Brecht Palombo, I’m an auctioneer with Tranzon and the local point person for this sale.

   Prices, floor plans, and everything else you’ll need will be available at http://www.broadluxeauction.com later today, we are waiting on a few items from the seller.

   I’m not sure what you are referring to with “I hope they actually go through with the auction this time” but I’m happy to address that here – I can tell you with certainty that
   1. These are bank owned
   2. The auction will not be canceled
   3. Published prices will be legitimate real prices and not teasers but “let-gos” as ordered by the lender

   If there are additional questions after broadluxeauction.com goes up today I’m happy to answer them here. I’ll monitor the thread.

   Keith, thanks for having a great site.

3. Rik Ahlberg
   Comment by Rik Ahlberg | 06/06/08 at 5:18 pm

   @Brecht: Is the preview tomorrow actually happening? I’ll be downtown and would love to get a look at the units that are available. The broadluxeauction.com site says information is “coming soon” but the info pack says there is a preview Sat from 10 AM to noon.

4. Brecht Palombo
   Comment by Brecht Palombo | 06/06/08 at 5:25 pm

   Hey Rik

   Thanks for your question.

   Not sure where the “coming soon” is unless you are referring to the splash page that we were using while waiting for our website.

   If you visit now you will find all the details we currently have.

   To answer your showing question the answer is YES. We will be holding scheduled previews:
   Tuesdays 10AM-2PM
   Thursdays 3PM-7PM
   Saturdays 10AM-12 Noon
   until auction day. You can count on all of these happening. We have held 2 thus far.

   Please revisit our site at http://www.broadluxeauction.com for unit details.

5. CityMouse
   Comment by CityMouse | 06/06/08 at 6:39 pm

   Where can I find minimum bid info for the unfinished units on floors 7-9?

6. The Lonely Condo Market
   Comment by The Lonely Condo Market | 06/06/08 at 9:19 pm

   Dear Brecht,

   What do the condo fees cover? In my opinion, the minimum prices are reasonable but the excessive condo fees keep me from coming to your event.

   THansk.

7. Javid
   Comment by Javid | 06/07/08 at 12:24 am

   Is that true that this building has structural problem and that has caused the construction cost to increase; thus, bank foreclosure? What kind of contingency measures do you offer to auction bidders/buyers for building structural problems?

8. Pringle
   Comment by Pringle | 06/07/08 at 12:45 pm

   I read through the terms last night and these do not look like a good deal. High condo fees, no parking, “as-is” sale with no contingencies (not even financing), nonrefundable deposit of $20k. And parking – where do people who live here park?

9. Brecht
   Comment by Brecht | 06/07/08 at 7:45 pm

   OK, in order

   Minimum bids for floors 7-9 have not been released by the bank. We don’t have them yet, I am told Monday we will.

   There is a complete Draft Condo Budget in PDF format which you can download or view at the bottom of the “Building” page at http://www.broadluxeauction.com . As to fees being excessive – I think they are fairly well inline with any building this size. A quick perusal of available properties in MLS validates this statement.

   I have been very close to this project for more than 18 months and I have never heard that there were any structural problems from any source connected to the project. The complete jacket is available at Boston’s building department, you should investigate it if you have concerns. Many professionals have reviewed it, nobody has raised a flag about structure during my involvement. The property is offered “as is where is” and you should consult an attorney as to a your rights as a purchaser in the event that there is something unforeseen that comes up down the road.

   As in any auction I’d advise you do all your investigation now in advance of any bidding. Tranzon is a real estate auction marketing company and that is the extent of our involvement – we don’t own or ever warranty any projects or buildings.

   The bank consulted a number sources and advisors including professional appraisers in order to come up with their minimum bids. We have had a number of local brokers and individuals comment that they do think these are mostly very good deals and indeed a number of them plan to bid. You are of course entitled to disagree.

   Bidders are welcome to conduct any inspections or other investigations they deem necessary in advance of the auction and we will accommodate you to the extent that we are able.

   Check with your mortgage professionals, but we expect that financing units in this project will require a minimum down payment of 20%, the lowest starting bid is $263000 ($50k+ Down Payment). A $20K deposit is therefore in place in order to qualify bidders and reduce future contract fallout. Unfortunately the low down payment mortgage products previously available on new product have disappeared. If you are unsure as to whether or not you can finance a unit and you require financing I would advise you not to bid. Many of the bidders I’m talking to plan on paying cash.

   There are a number of places you can park. Most notably there is the Folio with whom we have a relationship and through whom we are offering deeded valet (24/365) spots for $75,000. It is advisable that if you do plan on bidding and you’d like to finance the parking that you purchase both at the same time, feel free to contact me about this. In addition to the Folio there are no less than 4 garages within 1-2 blocks. Interpark manages the parking across the Greenway and offers long term rental spots. This is where the original developer had previously had a parking contract (for a fee) . My understanding is parking is still available. I’ve been told rental rates in the neighborhood are in the $300-400/month range.

   I’ll continue to answer any questions that I can and I appreciate the opportunity to do so here.

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