bostonreb-question2

For those who have been reading this blog, you may recall that I’ve been following the outcome of an apartment building/condo conversion project here on Beacon Hill.

Back in August 2008, I sold a 10 unit building for $2.9 million to a successful condo developer.

So here is where we stand as of Febuary 13, 2009

* The 10 unit Beacon Hill building was purchased at the end of August 2008 with the intent to convert the units into 10 condos for a quick profit.

* The condos range in price from $379,000 to $389,000.00 per unit. The bldg. consist of 9 one bedrooms approx 450 sq ft. each, and one commercial space.

* The condo developers carrying cost are over $24,000 per month.

* From September 1, 2008 to February 13, 2009 only three condos have sold/under agreement, of which two are owner occupied.

* The condo developer just hired a new new broker (top notch real estate company) in January 2009 to market the condos, but the agent/owner is holding the line on the original asking price for the one bedrooms.

* Here’s the big question. How much longer will the developer hold onto to his original asking price before considering a price reduction.

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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