Boston Real Estate Blog

John Ford Realty
137 Charles Street, Boston
[email protected]
151 Tremont Street

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Broadluxe auction scheduled for June 21

Offered By: Tranzon Auction Properties
Property Type: Residential Real Estate – Multi-Family
Auction/Sale Date: 06/21/2008
Auction/Sale Time: 10:00 a.m.

Property Location
99-105 Broad Street
Boston, MA 02110

Auction Location
Langham Hotel
250 Franklin Street
Boston, MA 02110

• 44 Individual Units ~ Sizes Range from 539± to 1,887± sf • Building Amenities Include Storage, Restaurant, Wine Store, Elevator, State of the Art Fire Alarm & Sprinkler System, Concierge & Professional Management • Condo Fees Include Maintenance, Trash Removal, Professional Management, Concierge & Common Area Expenses/Utilities

The Modern auction canceled; offers still being accepted

The auction of the South End condo development known as The Modern has been canceled.

There are 25 units in the project; fifteen sold during the two years of marketing and the remaining 10 were scheduled to be sold during an auction on Sunday, May 18.

The developer has received strong pre-auction bids on several of the remaining units, and has decided to attempt to sell all ten to individual buyers.

Offers are being accepted between now and May 18 (no word on what will happen if the units don’t all sell, before then …).

The developer is offering a 5% broker’s commission to any agent who has a buyer who closes on a unit.

Meaning, call me.

The Modern auction is on Sunday, May 18

The Modern auction is Sunday, May 18, at 1:00 PM, at the Colonnade Hotel, on Huntington Ave, between the South End and Back Bay.

Get there early to register.

Are you going? What is your expectation? Are you planning on bidding? What do you think will happen?

(If you’re going to the auction on Sunday, have you considered also visiting a couple open houses in the neighborhood, to scope out the competition? If so, pick up a Boston Homes or Boston Courant newspaper on Saturday, to get a complete schedule. Or contact me for more information.)

The Modern offers 2% commission to agents of buyers at auction

The Modern condo development is going to auction on May 18. The auction company, Accelerated Marketing Partners, has announced it will participate with brokers, paying a 2% commission on each closed sale.

So, for those of you who might want assistance in preparing your bid, let me know if I can help.

And, for you smart-asses who think you know how to do everything and don’t think I deserve a commission, you can go on your own and negotiate the purchase price down, 2%.

Either way, can I have the Mini Cooper they’re offering?

Peabody Crossing goes to auction

Remaining Homes at Peabody Crossing to be Sold at Auction

PEABODY, Mass. (April 28, 2008) – A real estate auction has been scheduled Saturday, May 17 for 20 remaining two-bedroom, two-bath condominiums at The Residences at Peabody Crossing, an upscale development on the North Shore. Minimum bids for the units start as much as 42 percent below previous asking prices.

The units, which range from 1,093 to 1,231 square feet, previously sold for up to $363,900 but will carry minimum bids of $190,000 to $220,000.

The auction will begin at 2 p.m. at the Peabody Marriott, 8A Centennial Drive in Peabody, Mass. Interested buyers may view the property now at 8 Crowninshield Street in Peabody. The sales office is open Wednesdays and Fridays through Sundays from 12-4 p.m. On Thursdays, the sales office is open from 3-7 p.m.

Velocity Marketing Services will conduct the auction for Peabody, Mass.-based Town & Country Homes of New England, Inc.

“It’s a buyer’s market, and the auction is the best way for buyers to determine the right price for these homes,’’ said Bob Cole, Co-Owner and President of Velocity Marketing. “This auction also gives the buyers a chance to purchase the remaining condos at a significant discount. It’s a unique and very special opportunity.’’

The Residences at Peabody Crossing is a four-story, garden-style development. Condos in the 96-unit community feature designer kitchens with stainless steel appliances, hardwood floors, gas fireplaces and secure, underground heated parking.

Interested buyers must complete registration prior to May 16. Approved and registered bidders must present a separate cashier’s check, traveler’s check, certified check or money order in the amount of $2,500 for each unit they plan to purchase. This will be used as a portion of the five percent required deposit for each home. Interested buyers can inspect the units prior to auction.

About The Residences at Peabody Crossing

The Residences at Peabody Crossing is a 96-unit luxury condominium community developed by Town & Country Homes of New England, Inc.

The Modern auction prices

Minimum sale prices have been set for the ten units being listed for sale during The Modern condo project’s auction, scheduled for May 18th.

Unit # — Beds / Baths — Approx. Square Footage — Minimum Sales Price

#302 — 1+ Terrace / 1 — 989 — $375,000
#303 — 1+ Terrace / 1 — 995 — $325,000
#304 — 1+ Terrace / 1 — 1037 — $375,000
#404 — 1+ Terrace / 1 — 1037 — $375,000
#405 — 1 / 1 — 1004 — $325,000
#501 — 1+ Terrace / 1 — 1057 — $395,000
#503 — 2+ Terrace / 1 — 1325 — $450,000
#PH601 — 1+ Terrace / 1 — 1040 — $415,000
#PH602 — 2+ Terrace / 1 — 1286 — $495,000
#PH603 — 2+ Terrace / 1 — 1306 — $525,000

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.

More on The Modern (and Broadluxe) auctions

As I mentioned yesterday, some of the condos at The Modern will go to auction.

Also, units in the Broadluxe.

Downtown condos to be auctioned: Broadluxe, Modern fall victim to housing slump – By Kimberly Blanton, The Boston Globe

The real estate slowdown has hit Boston’s condominium market – well, some areas of the downtown market.

Condos in two buildings will hit the auction block in the next two months: the Broadluxe, a loft project in the Financial District near the waterfront, and The Modern, at the fringes of the South End …

… The Modern defines a “fringe” project. It was a bold attempt by developer New Boston Ventures to extend the boundaries of the South End across Massachusetts Avenue to Northhampton Street, by constructing a 25-unit project near a gas station. Fifteen units in The Modern have been sold, for about $534 per square foot.

The remaining 10 will be auctioned May 18, according to Accelerated Marketing Partners, which was hired by New Boston Ventures to conduct the auction …

Developing: The Modern goes to the auction block

So, last night I was reviewing the day’s activity in MLSPIN and noticed that all the listings over at The Modern had been updated as “Withdrawn”. I was wondering what was up with that.

Well, I wasn’t out my front door this morning for more than five minutes when I was approached by a real estate agent wanting to share the news with me.

She had heard that The Modern will be going to auction.

The public record shows fifteen units as sold at 255 Northampton Street, meaning there are ten units left for sale.

No details on when, where or how the auction will take place.

I believe the developer holds rights to build on a second, contiguous lot. No news on the status of that, which I believe has already been permitted.

Longwood Towers to be auctioned

Kimberly Blanton comes out of hibernation long enough to post an article today, with news that the long, lamented Longwood Towers project is going to auction.

Source: Lender to auction Brookline project: Longwood Towers hit by housing fall – By Kimberly Blanton, The Boston Globe

The Longwood Towers complex in Brookline is being seized by its mortgage holder, which said it plans to complete its conversion from apartments to luxury condominiums.

IStar Financial Inc. said in statement yesterday that it started foreclosure proceedings on the project and has scheduled a May 8 auction, when it plans to take possession of the property.

This project has always seemed like a lemming, to me. I have not been inside, which in of itself is probably a sign of its problems. But, what I hear is that the units were broken up oddly. But, really, the problem was pricing. It was too high for what the market would support. And, the condo fees were ridiculous. You can’t beat the location, if you work anywhere near the Longwood Medical Area, but that wasn’t enough, apparently.

Plus, how long can this conversion take??? It seems like its been years (it has been, of course).

The building used to be rentals; maybe there was a reason for this?

Oh, and by the way, what the devil is going on with HarborView? The thing is just sitting there … do they want to sell it or what?

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