I dropped by Folio Boston, to see what’s going on. As you know, they are auctioning off the remaining 34 units, for much less than the most recently advertised asking prices of each unit.
For example, unit #804, a two-bedroom, two bathroom, 1282 square foot unit, listed most recently for $935,000, is now listed at $575,000.
Unit #1202, an awesome upper floor, two-bedroom, 2 1/2 bathroom, 1664 square foot unit, listed most recently for $1,410,000, is now listed at $790,000.
These are very nice units, with fine finishes in the kitchens and baths, and small, but high-end, kitchens. Hardwood floors, and lots of sunshine, especially on the upper floors. Some with harbor views.
The developer is not selling any of the units prior to the auction, no matter what you offer, so what’s listed for sale is what will be sold at the auction, on October 7th.
The developer isn’t offering a broker’s fee, meaning you have to buy direct. They aren’t even offering a fee to brokers who may have brought clients in, weeks or months ago. Hmmm. That might be against MLS regulations, we’ll see.
If you are considering going to the auction, go by the development at 80 Broad Street, before the 7th. You need to pick up an auction packet, which has a registration card you need to fill out and return. Just signing up on the website does NOT get you registered for the auction. (I don’t know if they’ll have registration at the actual auction, you would assume so, right?) There is a complete list of units, square footage, and prices available, as well.
I would highly recommend talking over the property and the auction process with a buyer’s agent, prior to the 7th. Although they are advertising these as very low-priced, you should still find out how much other units sold for, how many units are owner-occupied, and review all condo docs, prior to making a bid.
Talk with a buyer’s agent to discuss ways of compensating him for this. You can offer to pay a commission yourself (either a percentage of purchase price, or flat fee), or come up with some other creative way of paying him for his time (bartering a week of vacation somewhere warm would work).
All two-bedroom units on the 2nd – 10th floors are listed in the $500,000 – $600,000 range. Unit #909, 546 square feet, is listed at $325,000 (it’s bright, great views, and great closet space, but small). Penthouses are either high $500,000s, mid-$700,000s, or over a million, depending on size and views. There are three, three-bedroom, 1900 square foot units for sale, around $800,000.