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Archive for the ‘Boston Condo Auctions’ Category

Bryant Back Bay, Boston Condo Auction – Results Nov. 7th

Sunday, November 7th, 2010

Today the Bryant Back Bay went to its second auction. This one was a tremendous success and speaks volumes to the state of the luxury market. Least expensive, unit 306 went at $675/square foot and the most expensive, 905 went at $840/square foot.

Unit      Original Price          Min. Price      Sale Price         $$$/Ft

806       $1,860,000             $1,250,000        $1,606,000      $855

704        $1,910,000             $1,130,000        $1,495,000      $700

705        $1,925,000             $1,130,000        $1,603,000      $745

706        $1,875,000            $1,130,000        $1,603,000      $764

701        $1,710,000             $1,130,000        $1,365,000      $714

904        $1,985,000            $1,250,000        $1,505,000      $791

903       $1,875,000             $1,175,000        $1,489,000      $830

906       $1,975,000             $1,250,000        $1,466,000      $781

905       $2,025,000            $1,250,000        $1,631,000      $840

606       $1,825,000            $1,130,000         $1,446,000      $690

306       $1,540,000            $1,075,000        $1,449,000      $675

The takeaway is simple.  The Luxury Real Estate Market in Boston is very very strong. Below is the original table of properties:

Table of Properties


Residence
No.
Beds Baths Interior
Sq. Ft.
Last Ask Price Minimum Bid Slash in
Price
Min Bid
$/SF
306 3 3 2,146 $1,540,000 $1,075,000 -30% $501
606 3 3 2,097 $1,825,000 $1,130,000 -38% $539
701 3 3 1,913 $1,710,000 $1,130,000 -34% $591
704 3 3 2,137 $1,910,000 $1,130,000 -41% $529
705 3 3 2,153 $1,925,000 $1,130,000 -41% $525
706 * 3 3 2,097 $1,875,000 $1,130,000 -40% $539
806 3 3 1,877 $1,860,000 $1,250,000 -33% $666
Residence 806 features a 198 sf private terrace not included in the interior sf.
903* 2 2 1,793 $1,875,000 $1,175,000 -37% $655
904 3 3 1,903 $1,985,000 $1,250,000 -37% $657
905 3 3 1,941 $2,025000 $1,250,000 -38% $644
906 3 3 1,877 $1,975,000 $1,250,000 -37% $666

Another Great Auction Opportunity – Audubon Park

Friday, September 24th, 2010
Resolution has finally come to a grand oppurtunity for investors and home
owners…After great response, but slow sales during the early recession
times of 2007, old new becomes available in Boston…Audubon Park is a 53
unit condominium building located at 16 Miner Street on near Boston University’s South Campus.
Audubon Park Auction

Audubon Park Auction

Centrally located near MBTA, Hospitals and Schools this pristine boutique
midrise was built from the ground up with the home owner in mind in
2008…These gorgeous condominium units feature Bosch and Fischer Paykel
appliances, granite counters and bamboo hardwood flooring…Underground
parking is available in the building as a additional purchase if
neccessary.

Studio’s, One and Two Bedroom Homes will be sold by Auction October 19th. For
more information regarding this auction please contact Marcus Rashotsky @
617-538-1109/ Twitter @ LRG_Marcus

Ritz Condo Auction – Unit 906-UPDATE

Wednesday, September 8th, 2010

UPDATE – Owner has filed for bankruptcy protection.  Therefor, the auction has been postponed until at least December 1st, 2010.

Unit 906 at The Ritz Carlton Low Rise is being auctioned off on September 15th at 11am.

More details will be unfolding but the unit has been rented for quite sometime at a very high rate per month.  A foreclosure auction would seem unlikely, but it is possible the owner was pocketing the money and burning the bank, as well as the building condo association. It is also possible that the 3 Avery Street Condominium Association forced the sale due to back condo fees.

Let this be a lesson; building CONDO ASSOCIATIONS can, and will put a lien on your unit if you do not pay your condo fees in a timely fashion. You will not be issued a clean 6D certificate(Document from the condo association that states you, the seller, does not have any outstanding balances due to the condo association, or upcoming special assessments) and may hinder the sale of your property in the future.

To see more photos of the unit, or if you have any questions, please visit:

http://www.lrgboston.com/71085243/Boston/Midtown

interior

outdoor

 

 

 

 

 

 

 

Terms of Sale: A deposit of $25,000 by certified or bank check will be required at the time & place of sale & balance within 30 days.

All other terms announced at sale. Perry, Krumsiek & Jack, LLP, Boston, MA, Attorney for Mortgagee

Brewery Lofts Go To Auction – LRG Offers $1,000 Rebate

Thursday, June 3rd, 2010

Luxury Residential Group, through our Lofts Division, will be representing buyers and offering a $1,000 rebate* to our successful bidders at another exciting auction in the Boston area. Brewery Lofts in Jamiaca Plain will go to Auction on June 26th. Units are FHA approved.  Bidding will begin at 40% to 60% off original asking prices. 

 

Units feature:

  • Original brewery space featuring arched granite entry, and exposed brick
  • Distinctive Loft floor plans with ceiling heights between 9’ – 23’
  • Stainless Steel Appliances
  • Countertops are a combination of Formica and butcher block
  • Modern bathrooms with sleek finishes
  • W/D hookups in every unit
  • Individual climate control
  • Units are pre-wired for cable & internet
  • Additional private storage area
  • Fitness Room
  • Professional management
  • Secured Garage parking
  • 5,000 sq ft private, landscaped Courtyard
  • Dual Elevator service
  • Bike storage
  • Easy access to LMA and Public Transportation
  • Conveniently located minutes away

* In order to qualify for the $1,000 rebate you MUST:

  1. Initial visit to the property MUST be with one of Luxury Residential Group’s licensed agents.
  2. Win a successful bid.
  3. Must Close on a Brewery Loft unit, previously registered with Luxury Residential Group as buyer’s agent.

** On Auction Day, all approved registered bidders must present a separate Cashier’s Check, Traveler’s Check, Certified Check or Money Order (“Cash Equivalent”) in the amount of $5,000 for each residence that they have been approved to purchase. Each bidder is also required to bring a blank personal check. The blank check will then be added to the $5,000 to equal three and one half percent (3.5%) of the winning bid price. Cash Equivalent(s) should be made payable to yourself.

Please call Joshua A. Golden at 617-233-5800 to line up an exclusive showing.

20 Brimmer Street Auction Results – SHOCKER

Wednesday, March 3rd, 2010

According to two very reliable sources (NOT in the brokerage community), and close friends of Luxury Residential Group, have told us that the Auction at 20 Brimmer Street was unsuccessful and failed to meet the minimum set forth prior to auction day. There were bidders that attended but no one stepped forward with a bid of $4,975,000+5% buyers premium or greater.  This is a total SHOCKER to the Boston Real Estate and brokerage community as the auction was highly publicized and well received by the public.

We feel that the developer would have been better off with an absolute auction format rather than setting a reserve.  This would have presented the TRUE value of the property.  Unfortunately, 20 Brimmer is now valued at, or below the $4,975,000 reserve price point.  A risk the developer was willing to take, but did not anticipate happening.

UPDATE: The home is now currently priced at $4,975,000.  If you are interested in receiving more information or to set up a private tour, please feel free to email us at info@lrgboston.com or call Joshua Golden(Buyer Agent) at (617) 233-5800.

20 Brimmer Street – Beacon Hill Goes To Auction

Wednesday, February 3rd, 2010

With the economy fluttering, high end residential real estate auctions are quickly becoming a developers and banks best friend.  The latest, and maybe the most exciting auction to date is a pristine, new construction, luxury townhome on the Flat of Beacon Hill, 20 Brimmer Street. What was once $8.5 million, this 5,700 square foot,  new construction home is now $6.99 million and going to auction with a reserve/min. bid of $4.995 million. This is an exciting opportunity to scoop up a prime, turnkey piece of luxury real estate at a very very reasonable price in a highly desirable location in Boston.

*Luxury Residential Group represents buyers at this and other auctions around the city at no cost to you. Please feel free to contact us to discuss this opportunity at 20 Brimmer St. and set up a private tour. (617) 233-5800, please ask for Joshua Golden.

20 Brimmer Exterior

20 Brimmer Exterior

Roofdeck

Roofdeck

Library

Library

Kitchen

Kitchen

Livingroom

Livingroom

Family Room

Family Room

Dining Room

Dining Room

Curious About The Bryant Auction Results?

Tuesday, October 20th, 2009

Bryant AuctionA lot of us have been eagerly waiting for the auction results at The Bryant in Boston.  Units were originally priced between $1,690,000 and $2,300,000, most of which are 3 bedrooms, 3 bathrooms and around 2,000 square feet.  A majority of the units sold in the $1.3 to $1.4  million price range. 10 Total were sold during the auction and 5 after at the new adjusted prices.  This was a dramatic discount off original asking prices of between 21% and 41%. As a result, prices will be adjusted within the building of 20% – 30%.  Below is all the auction information that has been made public:

Unit # 602 – 1,959 square feet – 3 bed/ 3 bath had an original asking price of $1,976,250 and is under agreement for $1,500,000 or $766.00 per sq ft.

Unit # 601 – 1,913 square feet – 3 bed / 3 bath had an original asking price of $1,750,000 and is under agreement for $1,370,000 or $716.15 per sq ft.

Unit # 603 - 2,019 square feet – 3 bed / 3 bath had an original asking price of $2,290,000 and is under agreement for $1,485,000 or $735.51 per sq ft.

Unit # 406 - 2,165 square feet – 3 bed / 3 bath had an original asking price of $2,050,000 and is under agreement for $1,350,000 or $623.55 per sq ft.

Unit # 401 – 2,259 square feet – 3 bed/ 3 bath had an original asking price of $1,692,000 and is under agreement for $1,335,000 or $590.00 per sq ft.

Unit # 403 – 2,128 square feet – 3 bed / 3 bath had an original asking price of $1,900,000 and is under agreement for $1,366,000 or $641.91 per sq ft.

Unit # 505 – 2,165 square feet – 3 bed / 3 bath had an original asking price $2,050,000 and is under agreement at $1,350,000 or $623.55 sq ft.

Unit # 305 - 2,180 square feet – 3 bed / 3 bath had an original asking price $1,695,000 and is under agreement $1,325,000 or $607.51 per sq ft

Unit # 404 - 2,130 square feet – 3/bed / 3 bath had an original asking price $1,900,000.00 and is under agreement $1,350,000.00 or $633.80 sq ft

Unit # 801 – 1,686 – square feet – 3 bed / 3 bath had an original asking price $2,295,000.00 and is under agreement $1,352,000.0 or $801.89 sq ft.

We do not anticipate other developments going this route within Boston as they are very well funded but one can never tell. It is however an eye opener to say the least.  The Bryant is a unique luxury property but unfortunately was built on a lot that abutted a large commercial building and therefor had very limited views from the guest and master bedrooms.  Therefor, we see an adjusted price point of $600 to $800 a foot as both reasonable and fair for these new construction units.  The original prices were simply to high.  At the current time, buyers have limited downside and plenty of upside moving forward. Please visit Bryant Condos, Boston for new, updated pricing, as they become available.

Nouvelle at Natick Collection Auction Feedback and News

Thursday, October 8th, 2009
Jeff Shuman

Jeff Shuman

The auction at Nouvelle at Natick Collection was a clear success for buyers in Natick on Sunday.  Accelerated Marketing Partners (AMP) was ready that morning to auction off 44 of the 215 apartments in this BRAND NEW LUXURY building. People started arriving as early as 10:30. The room was packed by 11:30, with many people forced to stand in the back. People were eager to get a piece of this unbelievable deal. As the end approached, the head of AMP removed 3 units and added 2. It was an exciting process and many of the units ended in a bidding war.

The results were better than expected! All 43 units, sold at an average $300 per square foot and were well below what you might have expected to pay just 6 months ago for an ultra luxury, new construction condo in a great area.

Result averages by condo size:

1 Bed, 1.5 Bath: 8 units sold, 47% below listing price, sales price of $266,875,  $305/Sq. Ft., with a low of $249,00 and a high of $290,000.

1 Bed + Study, 2 Bath: 6 units sold, 49% below listing price, sales price of $322,000, $304/Sq. Ft., with a low of $308,000 and a high of $364,000.

2 Bed, 2 Bath: 19 units sold, 44% below listing price, sales price of $372,000, $293/Sq. Ft., with a low of $333,000 and a high of $417,000.

2 Bed + Study, 2.5 Bath: 3 units sold, 50% below asking price, sales price of $413,000, $265/Sq. Ft., with a low of $395,000 and a high of $447,000.

3 Bed, 2 Bath: 6 units sold, 58% below asking price, sales price of $550,000, $284/Sq. Ft., with a low of $489,000 and a high of $628,000.

 2 Bed, 2.5 Bath Penthouse: 63% below asking price, sales price of $470,000, $294/Sq. Ft.

 Overall Averages:

Asking price of $769,367

Sales Price of $375,884

Square Footage of 1261

$300/Sq. Ft., 49% below listing price

At the conclusion of the auction, bidders who stuck around, were given an opportunity to buy similar units at auction prices. 12 more units were bought at this time, bringing the total units sold to 55.

RECENT NEWS FROM THE SALES OFFICE

Nouvelle will be offering AUCTION PRICES for the next 30 DAYS on ALL available units. UNITS HAVE BEEN SELLING FAST!! Please CALL Jeff Shuman at (978) 460-0921 to schedule a tour of this exciting project and great opportunity.

WHAT DOES THIS MEAN FOR YOU!!!!

Luxury Residential Group will be offering $1,000 BACK on all units purchased through LRG at Nouvelle.

CONDITIONS:

1)      INITIAL VISIT MUST BE WITH A BROKER FROM OUR OFFICE.

2)      YOU MUST PURCHASE A UNIT TO RECEIVE THIS REBATE!

3)      REBATES WILL BE GIVEN BY CHECK ONCE THE BROKER FEE IS RECEIVED BY OUR OFFICE!

Bryant Back Bay Auction – $2,000 Incentive

Tuesday, September 22nd, 2009

The Bryant Back Bay, Boston is going to auction off 10 units on Saturday, October 17th 2009.  This does not come as a surprise as the units were drastically overpriced from the get go. In 2+ years of marketing, less than 10% of the units actually went to closing.  Calls for price drops fell on deaf ears as the market for high end properties in Boston began to adjust.  This auction represents a growing trend around the state as developers scramble to sell a large portion of their remaining units.

As unfortunate as it is, their financial burden is your reward. We at Luxury Residential Group will be representing buyers at this exciting auction. Just like other auctions, we do NOT charge a brokerage fee to our buyers.  As a matter of fact, we are offering a $2,000 incentive to all our clients that win a bid and move forward with the purchase of a unit at the Bryant Auction.

Some important facts you need to know:

  1. Auction is October 17th
  2. Must have a Luxury Residential Group Agent accompany you to the first walkthrough in order to qualify for the $2,000 incentive.
  3. Must use a developer financing company in order to qualify for the financing contingency.
  4. Must bring certified funds to the auction – $20,000 made out to yourself (Buying entity)
  5. Must bring a personal blank check to make up the 5% deposit difference

Please contact Joshua A. Golden at 617-233-5800 to set up a walk through of the building and to answer any questions you might have.

Bryant Condo Auction

Bryant Condo Auction

!AUCTION! – Nouvelle at Natick Collection – $1,500 Incentive

Friday, September 11th, 2009

Luxury Residential Group’s buyers are welcome to join us for an exciting Auction at Nouvelle Condos @The Natick Collection Mall.  We feel it is important to inform our buyers of any upcoming luxury auctions in and around Boston, MA. This is one of many upcoming auctions that we will be representing buyers at. You do NOT pay us for our services.  We are 100% compensated by the seller.  Allowing us to represent you at this exciting auction is the smart route as we will take you on a pre-walkthrough of the units that interest you the most, consult you on what is a fair price to pay for each individual unit and help you secure financing through our relationships with local mortgage brokers.  Below is a list of where bidding will begin for each unit going to auction. To set up a private tour and go over our $1,500 incentive program on condo auctions, please contact Jeffrey Shuman at (978) 460-0921.

1+beds

2beds

2-3beds

What you need to know on Auction day which is Sunday, October 4th

Registration is required for each bidder and their agent  to attend the auction
and to become eligible to bid.

Bidders should arrive for check-in at 12:00 pm.

The Auction will begin promptly at 1:00pm and will last approximately 1 hour.

On auction day, all approved registered bidders are required to bring
$10,000 certified check as well as a blank personal check. (Terms &
Condition)

Featured Listing
88 Kingston #7C, Boston, MA Midtown Boston, $1,100,000
88 Kingston #7C, Boston, MA
Midtown Boston, $1,100,000
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