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.
Last month, City Realty Group lost the listings for the building. Today, according to MLS, Jeannemaria Conley of Otis & Ahearn is the new listing broker.
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 units into 10 condos for a quick profit.
* The condos are listed for $389,000.00 per unit. The condos consist of 9 one bedrooms, and one commercial space.
* The condo developers carrying cost are over $24,000 per month. He bought the bldg., for $2.9 million
* From September 2008 to January 7, 2009 only one condo has sold for $360,000.00,( according to MLS). 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.
* The condo developer just hired a top notch real estate company to market the condos, but is holding the line on the asking price of $389,000.00 for one bedrooms.
* I wish both the developer and Otis & Ahearn the best of luck.
* Here’s the big question. Will Otis & Ahearn succeed in selling out the project with the current asking prices? Yes? No? Maybe?