13 Responses to “South End Condo Auction” »»

1. Funny
   Comment by Funny | 07/01/09 at 4:27 am

   But didn’t Bradley tell us prices in that area are going up, up, up?

2. Bradley
   Comment by Bradley | 07/01/09 at 11:28 am

   Like I said before, I would hardly consider Albany Street to be the South End. Their resident parking sticker might say it, but it’s not the REAL South End, where prices are holding firm.

   What do I consider the “real” South End? Let’s put it this way, if you can throw a rock and hit a sommelier, then you’re in the real South End. LOL!

3. Mike
   Comment by Mike | 07/02/09 at 4:06 am

   Bradley’s “real” South End is limited to just those specific properties that have shown a gain since their last purchase. Anything that’s declined in value is apparently not part of the Bradley South End. When you define it that way, then the Bradley South End will never decline in value. What a joke.

4. Funny
   Comment by Funny | 07/02/09 at 5:03 am

   A joke indeed.

   Did you hear the grass is blue?

5. Bradley
   Comment by Bradley | 07/02/09 at 8:11 am

   Come on Mike, Albany Street? That’s practiacally on the Southeast Expressway! It’s the southernmost street, in a run down area, built nearly next to a major interstate highway. It’s a long walk to almost everything. It’s South End in name only. You’re almost closer to Dorchester than you are to Davio’s!

   So the developers overreached. No surprise. There’s hardly anything available left to develop in the real South End anymore. Why do you think developers of another failed so-called South End property, The Modern, had to venture as far as Northampton Street? If you’re floating around the fringes, you gotta expect that prices aren’t gonna be as high as in the desireable areas.

   In other words: it’s all micro. I think John Keith posted something along these lines a little while ago. If you want the South End cachet, you gotta be east of Mass Ave, preferably east of Worcester Street, north of, say, Washington, and south of St. Botolph.

   You can’t honestly tell me that a 2 bedroom, say 900 to 1000 sqft, recently renovated in good condition on, say, Warren or Appleton has declined in value in any appreciable sense. That type of unit in that location is probably one of the most desireable and sought after in all of Mass… heck, all of New England.

   Centrally located properties in good condition in a stylish nabe like the South End are holding on strong. Witness Natalie Jacobsen’s recent Atelier 505 sale, on which she made a hefty profit in 2009, during the so-called Great Recession. That, my friends, is what I’m talking about.

6. Mike
   Comment by Mike | 07/02/09 at 8:48 am

   So Bradley, you want us to take a single anecdotal example, and extrapolate that ONE example to represent all of the South End, but you refuse to take multiple data points and extrapolate them to represent the South End? Sounds like cherrypicking to me.

   Your methods are unsound, and your posts distort the reality of what’s going on in the marketplace. Your overly hyperbolic statements make you sound like someone with a hidden agenda, who’s trying to con people into something. In short, you sound like a fraud.

   “That type of unit in that location is probably one of the most desireable and sought after in all of Mass… heck, all of New England. ”

   Are you serious??? So, a 900-1000 sq ft place on Warrenton or Appleton is more desirable than something similar on Marlborough Street, or Louisburg Square? That’s ludicrous. Once again your over the top hyperbole makes you sound like a con artist.

   If you really, passionately believe in the awesomeness of the South End, your mission to convert the masses would be much better served if you could actually come up with some convincing facts, and didn’t write posts with such excessive, blatant distortion of reality. Next you’ll be telling us about your Nigerian friend who needs to move money to the US and be asking for our help…

7. Bradley
   Comment by Bradley | 07/03/09 at 5:15 am

   Ya know what Mike, I think you’re right. If anything tops the example I provided, it’s a home on one of the better streets of the Back Bay or Beacon Hill. So I guess then it’s no surprise that prices continue to ESCALATE there. Haha!

   If you’re looking for hard solid quantitative evidence, look no further than this blog. John Ford himself posted the statistics for the Back Bay which showed that average and median prices continue to go UP. That’s right. UP.

   If I’m so wrong, then why aren’t we seeing average sqft prices in the Back Bay, South End and Beacon Hill in a downward spiral? When are we gonna see $/sqft prices in the real South End at around $400/sqft? When are we gonna see a firesale auction at the Bryant on Columbus? Why is it when I walked down Warren last Sunday afternoon I saw at least three condos with “Sale Pending!” signs in front?

   Seriously, where’s the beef?? I don’t see any sellers in a panic. Sales continue to happen, more or less at about the exact same prices during the bubble peak. You and Mary can cherry pick too and show a few places that might have sold for less than they did in 2005, sure. But on the whole according to statistics posted in *this very blog*, the large wholesale declines are NOT happening.

   “Just wait til next year! It’s coming!” you bears all say. Just like you did last year. And the year before, and the year before. Umm okay. I’ll keep waiting. In the meantime I’ll continue to enjoy living next to what John Keith aptly named The Best Neighborhood in America® !!

8. Numbers Guy
   Comment by Numbers Guy | 07/05/09 at 2:07 am

   Bradley,

   What evidence do you have to substantiate your claim that Back Bay, Beacon Hill, and the South End are rising on a per-sq-ft basis?

   Pointing to a very slight / minor increase that is lower than 2007 levels isn’t very compelling, especially given the fact that so many new constructions and conversions are inflating the price.

   If you were to sell your beloved condo, I can guarantee you would sell it for less than you would have in 2007.

   I don’t have a dog in this hunt, but in looking up re-sales that follow the pattern of sold in 2007, resold in 2009, it is clear that resales in the 3 neighborhoods is flat at best in some cases, most often the resell is for less. Bottom line is that people are paying less for more right now.

   What I will agree with you on is how well prices have held up. In comparing 2007 – 2009 BB, BH, and SE seem to be down only about 10%.

9. Numbers Guy
   Comment by Numbers Guy | 07/05/09 at 2:10 am

   Sorry, in the post above meant to say ‘about 10% in the worst cases’…

10. Mary
    Comment by Mary | 07/05/09 at 3:04 am

    This week in real estate – South End:

    700 Harrison – after 397 days on the market it finally sells for 560k or 80k less than asking

    39 Worcester sq – sold for 480k , 10k less than in 2004

    10 Worcester sq – sold for 650k , 45k less than in 2006

    505 Tremont -sold for 695k, 26k more than in 2005

    303 Columbus- sold for 1.5m, 300k less than asking after 359 days

    Daylight shootings will only add the the allure….

11. JohnF
    Comment by JohnF | 07/06/09 at 3:40 am

    Mary, thanks for the updates on South End Condo sales data, interesting stats, keep them coming.

12. Mary
    Comment by Mary | 07/22/09 at 8:43 am

    FYI,

    Two of the Auctioned 1850 condos closed this week:
    last asking

    unit 413 $370,000

    unit 506 $595,000

    Sold for 334,000 and 467,000

13. JohnF
    Comment by JohnF | 07/22/09 at 8:48 am

    Mary, thanks for the update.

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