In the last week of August 2008, I sold a building (co-broke) in Beacon Hill to a successful condo developer. The building consisted of 9 one bedrooms approx. 450 sq. ft. each and 1 commercial space approx. 480 sq.ft., on a quite street in Beacon Hill. The developer paid $2,900,000 for the building via his buyer’s agent. It’s my understanding the developer put $100,000.00 into renovations and his carrying costs are $24,000.00 per month. The listing agent has listed the properties for sale starting at $379,000.00. As of today’s date only one has sold for $360,000.00. (The unit was sold at a discount unrenovated.)
One of my agents wants to bet me that the developer will make a minimum of $275,000 once all the units are sold. I wish this developer the best of luck, but I’m not nearly as confident as my agent. Based on the minimum information I provided you, do you think this successful developer will prevail once again. The big question is should I take the bet?
Photo courtsey of Flickr

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.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
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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