Archive for the 'Auction' category

The W Boston Luxury Condos in the Heart of the Theatre District is teetering on financial health's edge as a reported possible foreclosure in The Boston Courant today.

Will this mean more than the city losing over $10 Million which it lent to the developer, Sawyer Enterprises, to finish construction including one of Jean-Georges Vongerichten's (world renowned) Market Restaurant reviewed so well by so many.

Considering not enough potential buyers are voting with their check books, a possible foreclosure would eventually place the properties back on the market at prices that are much more attractive BUT not a good move since that usually means decisions are made too quickly and prudent ones that attain maximum returns are not passed over.

What might be in the best interest of all would be aggressive re-pricing to attract many who will be looking for the bargain at this premier property.  Doing so would mean a bidding contest on these aggressively priced units achieving a market sale price. 

What about your questions?

-Will units be tainted if you buy after foreclosure?

-Will units sell for less than they should down the road?

-Who pays the unpaid condo fees if any?

-Who fixes anything that's broken within the 1st yr. you own?

 
Well before you buy... seek one of our Boston Realty Advisors who knows what you need when considering a purchase or a sale of property in Boston!

Do not sell this Winner short leaving Boston with a loss.  We all deserve better than a foreclosure on what will be looked upon in the near future as a terrific anchor on the lot that, since I was a kid, was a rutty open space that by day was less than full and overly so when there was theatre at the Wilbur, Sbert or even at the old Music Hall (the Wang Center)!

How about one of any other Boston Luxury Condos for sale now in the Boston Marketplace?  See them through Boston Realty Advisors!

Post by David Friedberg, CEO-Residential Division, REALTOR, CRB, CNS

The American Brewery Lofts, located in Jamaica Plain, are auctioning off 21 loft-style units on June 26th. Prices have been dramatically reduced -up to 57% off of pricing. Units range from $195,000 to $295,000 and financing with downpayments of as little as 3.5% is available!

The American Brewery Lofts has reached out to the Boston Lofts Team in an effort to further promote this auction and welcomes all of our clients to be involved in this opportunity. As exciting and advantageous as the prospect of purchasing a unit such as these at auction is, there are many different facets to this procedure - including financing, inspections, bidding and documentation - that are very different from a standard purchase. The Boston Lofts Team will guide you through this process - it is imperative that you are represented by the most qualified loft buyer agents in Boston!

Email us at paul@bostonlofts.com or call 617-694-0004 for more information and a personal tour.

I am the Founder and Principal of Boston Realty Advisors. Please check in weekly to review my blog entries. I value client/reader feedback!

Sources from this research are from Public Tax Records supplied by The Warren Group and data compiled by MLSPIN.

Courtesy of Rick Smith, Flynn | Boston Realty Advisors

Last week 43 units of Nouvelle of Natick were auctioned for a gross sale price of $16,099,000.

The Price/SF ranged from $264 through $341 with an average of $297/SF.
Units sold at a price ranging from 34% to 64% of recent list price with an average of 48% of List.

The average Sale Price was 143% of the Minimum Bid. 

There was no Buyer's Premium charged and none of the units were sold on an absolute basis.

The average unit contained 1,259 SF, had listed for $781,000 and Sold for $374,400

There were 300 seats with about 100 people standing and there were approximately 200 registered bidders.  The sale lasted 100 minutes and at the conclusion of the sale it was announced that the Developer was offering all remaining units for sale, for the day only, at the comparable price set at  auction prices for 1,2 & 3 bedroom units adjusted for floor and view.  "We want to sell all units".  "Submit your auction paddle and you will be called on a 1st come 1st served basis".  "Tell us the unit you want, we will give you a price that you can either accept or reject".  27 Qualified Bidders came forward to participate in this process.

The 119-acre Main Street site of Polaroid Corporation’s former headquarters off of Rt. 128 in Waltham, MA will go to auction on Friday, October 9.

The Public Mortgagee Foreclosure Auction will be held at 11:00am this Friday.  Helaba, the German Bank holding the $70 million first mortgage on the property, has hired Paul E. Saperstein Co. to conduct the auction.

The property is owned by Watch City Development LLC, a joint venture between Polaroid, who filed for bankruptcy last December, and Related Companies, a New York based developer. 

Related had announced its plans to build the Commons at Prospect Hill, a 1.7 million square foot mixed-use office, retail and restaurant complex, on the site over 3 years ago.  The project calls for $40 million in off-site mitigations for traffic improvements.  The proposed Commons has 1.2 million square feet permitted for retail space and 600,000 for office.

Of the 119 acres, 100 +/- are zoned for commercial use and 20 +/- for residential.

The terms of sale require $500,000 in certified funds at the time and place of sale.  The auction will be held on site at 1265 Main Street in Waltham, MA.

Flynn Boston Realty Advisors LLC is not the auction company handling the sale.

It’s now happening! Since last July, we have been aggressively predicting, like most real estate experts, that commercial valuations would have catastrophic valuation declines due to: 1) general cash flow decline of rental income; and 2) the paradigm shift in debt markets. $1.7 trillion of loans are coming to maturity in the next five years.

There will not be enough capital available to replace this existing debt on commercial real estate. This gap will be one of the major recalibration factors of real estate valuations. As the shift has happened, investment sales nationwide (especially here in New England and New York) came to a stand still. For example, commercial sales in Massachusetts in 2008 declined 87.5% in sales volume! Due to the stand off between real estate owners and buyers, and the lack of liquidity from both the equity and debt side, the stagnation in transactions will continue (Side bar: Our firm hears on a daily basis that everyone is “keeping their powder dry”. We do not think there is as much real estate equity on the sidelines as published. Most of the equity on the sidelines is controlled by large owners who have existing exposure to commercial real estate. They are keeping their powder dry so they can 1) hold on to their assets to fill in gaps on up and coming refinancing and 2) investing in existing properties and holding cash on the side line to make “rich lease deals”.

Only well capitalized owners are able to make lease deals in today’s market. Leasing fees are huge and tenant concessions are enormous). Since October, we have predicted that one of the only ways that commercial real estate transactions will happen is through the auction process. Either a private seller wants to “beat the decline of the market” or a bank is going through the legal foreclosure process.

Before 2008, investment sales represented about 30% of Boston Realty Advisors gross revenue, in 2008, it was 4%. To adjust our business platform we formed an auction company, www.flynnbra.com. We partnered with Daniel J. Flynn and Company, a twenty year old, well respected New England Auction Company. The company is now taking off.

It is the companies goal to control the New England and New York Auction Markets in both residential and commercial auctions. Evidence of the wave of commercial foreclosures and commercial auctions are the following:

• The Landmark Watergate Hotel in Washington DC, going on the block this week
• Chicago Main Post Office, an absolute auction, 3,000,000 square feet!

We will continue to update our client base with auctions on a national platform and our exclusive auction product. The auction calendar is updated daily at www.flynnbra.com.

Flynn | Boston Realty Advisors, a Northeast firm specializing in accelerated real estate marketing, announced today the July 17th auction of a 4 bedroom, oceanfront home in historic Martha's Vineyard town, Oak Bluffs for $3,910,000 to an undisclosed buyer. The starting bid for this property was $1,000,000. The Bank of New England held the foreclosure and CEO Paul Finn was present at the auction.

The classic vineyard home sits on two and a half acres of oceanfront property and includes a private beach and a 100-foot dock. The recently renovated 3,000 square foot home features a total of 11 rooms; 4 bedrooms (including master suite), 5 baths, 2 fireplaces, heated in-ground pool, and a spa and hot tubs.

“As seen in the Oak Bluffs sale, accelerated marketing is ideal for owners looking to create activity and maximize values in an uncertain market,” said Auctioneer and Flynn | Boston Realty Advisors' Principal, Dan Flynn. “It’s also a great opportunity for individuals to purchase luxury residences at affordable prices.”
 

The 1850, a newly renovated loft project in Boston’s South End went to auction yesterday. Flynn, Boston Realty Advisors’ own Dan Flynn was the auctioneer who called the auction. Final prices averaged between $360 and $405 per square foot. The average unit square footage was 800 square feet. Parking was $35K extra. Although the auction has passed, this is still an incredible buyer’s market with opportunities to purchase lofts in several Boston neighborhoods for similar prices! Check out more info on lofts at bostonlofts.com!