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More Luxury Condo Auctions Coming

4/23/2008 11:23:00 AM
Need more proof that the real estate market is crumbling? Two downtown condos are going to auction soon: The Broadluxe (Financial District) and the Modern (South End).

This is the latest in a string of auctions that have happened in the last year or so. First it was Folio (here), then Skyline (here), then the whole Broadluxe building itself when the developer pulled out (here), and now that it's finished it's being auctioned off individually.

The Broadluxe auction will take place in early June, whereas the Modern auction is happening soon - the ad is already in the paper - on May 18th.

The remaining 10 will be auctioned May 18, according to Accelerated Marketing Partners, which was hired by New Boston Ventures to conduct the auction. The minimum prices the developer will accept for many of the units are in the mid- to high $300,000 range, or $327 to $379 per square foot.

Recession is a great time to buy for those that have money stashed away.

Click (here) for the article in today's Globe.

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4 Response to "More Luxury Condo Auctions Coming"

  1. Anonymous Said,

    Beantown - couldnt disagree with you more. I posted some pretty good reasons here on my blog. Check it out.

    Posted on 4/23/08, 12:42 PM

  2. Beantown Bloggery Said,

    Hi Anthony,
    Which part did you disagree with? The part about the crumbling real estate market or the part about recession being a good time to buy? I just read your post, but I don't really see any reasons there. I disagree with you in your linked post that the Folio auction was successful. Units on average sold for 25% below asking price. But then again, they did sell all the units, so I suppose it could be considered a success - but one that came with a pretty big financial hit.

    Posted on 4/23/08, 2:01 PM

  3. Dan Dan Said,

    Yeah, I didn't see any reasons to disagree with your post there either...

    Although the Modern was just a bad idea. I was looking to buy 18 months back and, even back then, there were larger units a half block away for $125g less. And when I actually went in, the fixtures were pretty cheap, especially for something billed as higher end.

    But, as someone who bought a block away from 285 Clarendon, I'm feeling pretty good about the future of my investment.

    Posted on 4/23/08, 2:48 PM

  4. BankProspector Said,

    I know the developer at the Folio and I can tell you with certainty the auction was a success... also it was almost two years ago.

    As to the Broadluxe auction, I am an auctioneer with Tranzon Auction Properties and I represent the lender in this sale. It is very common for lenders to use the auction process to liquidate REO as TIME is very often a huge factor (banks report quarterly any real estate owned and the FDIC doesn't like it). visit for auction details.

    Posted on 6/7/08, 7:59 PM


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