boston-luxury-condos-province-street

The following is from the Boston Herald regarding the grand opening of 45 Province Street.

In March, 45 Province’s listing agent said she had nonrefundable deposits on 30 percent of the units.

But at the grand opening, David Epstein, president of the Abbey Group, the project’s developer, acknowledged he’s holding deposits on just 20 percent of the condos.

“At that time, we added people who were on the fence,” he said about the discrepancy.

A check of the Suffolk Registry of Deeds found eight units have sold.

Once dubbed “recession proof” by real estate sales agents, luxury condo sales have fallen by 47 percent in 2009. From January through mid-May, only 128 condominiums sold at $700,000 or more, according to real-estate tracker the Warren Group. There were 240 sales in the same period of 2008.

Given the disappointing numbers, the developer may be forced to lower its advertised prices of $771,000 for a one-bedroom dwelling to $4.5 million for an eight-room suite on the 30th floor.

What I found interesting in the Boston Herald’s article is how the marketing/sales agent basically lied when she told the media back a few months ago that 45 Province Street had 30% of the luxury condos under agreement when really only 20% had been under agreement. Let’s revisit David Epstein’s new answer: “At that time, we added people who were on the fence,” he said about the discrepancy.

Your thoughts, will 45 Province Street be another Boston luxury condo complex to go to Auction? Do you think those who purchased early thinking 30% were under agreement are upset and will see their condo values drop in the next few months?

Looking to view Boston Luxury condos for sale or rent.

Photo from the Boston Herald.

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.

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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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