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.