What’s a sure way to get free advertising for your new real estate development?

Put it up for auction.

Look at how much (free) press recent auctions have received, recently …

* Skyline Condominiums at Station Landing
* Folio

and, now

* Ironwood on the Green at Ferncroft

Who’s fooling who, though?

According to the Globe article, Skyline had sold 42 of its 127 units up until the auction. They sold 17 at the auction, and nine others to buyers they found through the auction or because of the (free) advertising it received, courtesy of the local newspapers.

And (contrary to what the Globe reports), only 15 of the 45 units at Ironwood will be sold at the auction.

This is a sweet deal for the developer.

The developer unloads some (but not all …) of its (less appealing) units at the auction, stimulates interest in its other units, ends up breaking even or making money.

It’s the time-cost analysis, right?

A developer can sell today, for less.

Or sell tomorrow (or never), for more.

From what I hear, the properties sold at last weekend’s auction were mostly crap. (BTW, contrary to what the Globe reports, the majority were not “Boston” homes, but properties in the suburbs.)

I have another question for you.

What sane person would buy in one of these projects, either at the auction or after it?

A single family home in a well-established neighborhood, maybe.

A condo in a building that no one else wanted to live in???

And in a project where only 1/3 are being sold at the auction?

What happens after that? How do you know who your neighbors will be? Or if you’ll have any, at all???

And how are you ever going to get back what you paid if your neighbor got his place for even less than you at the auction, or if the developer dumps the rest of the units on the market, next month?

Are you crazy???

(** This is not the first time I’ve noticed errors and/or omissions in Mr. Appelbaum’s stories. I think the editors over at the Globe need to do a better job of proofreading his/her articles …)

Auctioneer expects to return in ’08 – By By Binyamin Appelbaum, The Boston Globe

Ironwood Condos Go On Block – By Marita Thomas, GlobeSt.com

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Updated: 1st Q 2018

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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