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.
I just heard from the listing broker that he has lost the account with the Beacon Hill condo developer.
So here is where we stand:
* The 10 unit Beacon Hill building was purchased at the end of August 2008 with the intent to convert the apartments into 10 condos for a quick profit.
* The condos were last listed for $389,000.00 per unit. The condos are about 450 sq. ft. each.
* The condo developers carrying cost are over $24,000 per month. He bought the bldg., for $2.9 million
* From September 2008 to December 20, 2008 only one condo has sold for $360,000.00. Two other units were under agreement but they both fell apart (I think because of mortgage financing).
* One condo is being rented on a short-term basis.
* All the condos for this devlopment have been canceled on MLS and LINK with the listing broker.
What do you think the Beacon Hill condo developers next move will be?
Rumor has it that Otis & Ahearn will be marketing the condos in January 2009 for a higher real estate commission rate.