I was contacted by Brecht Palombo, a real estate agent who has the inside scoop on the auction going down at Broadluxe, the under-construction condo project on Broad Street, in Boston’s financial district. Brecht represents the auction company.
The most likely outcome for the Broadluxe is that a developer will buy this property at auction on the 17th, complete it as prescribed and be selling units to end-users in no time. There are a surprising number of units that are under agreement, with escrows making this a very attractive opportunity. The financial setbacks that have provided this opportunity are of course, unfortunate.
To speak for a moment to the parking situation; there are 25 parking spaces secured by a 10 year lease one block from the property. Additionally the Folio has 25 parking spaces remaining that are available to the future owners of the Broadluxe. I have spoken with the owner of the spaces at the Folio and he has confirmed this availability.
The Broadluxe auction is being held onsite on the 17th at 11AM and qualified parties are welcome to tour the property and assess completion requirements if they call me at 781-279-2121. Cooperative commission is being offered to buyer’s brokers.
The small project on Broad is an owner sale not a foreclosure. This owner has immediate financial needs on another project and this small project MUST BE SOLD. One unit, bidder’s choice, is being offered with NO MINIMUM and NO RESERVE. We are offering properly registered brokers a customary commission. This auction is being held at the Langham Hotel, on April 17th.
Broad Street is not going away. To be certain, a foreclosure indicates that there were financial complications on this particular deal. The proximity to the forthcoming Greenway, the water, and Flat Black, and a great new wine shop on Broad make the area very attractive despite the market’s down-cycle.
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