DNA Lofts auction leads to healthy sales, few remain
Oct 2011 07

The DNA Lofts is a condominium project on Dorchester Ave in Dorchester.

The developer was only able to sell 15 of its 57 units during the past several years so he decided to hold an auction, which took place last night.

According to a Banker & Tradesman article, 15 of the 28 units that went up for auction were sold. The developer stopped the auction when bids started dropping after the first couple of units were sold (for more than 60% of final auction list prices).

According to B&T, six units were sold post-auction.

The remaining units, which I estimate to be 21 units left for sale, will be listed the traditional way.

For information on individual unit sales prices and for private tours of the DNA Lofts, please contact me.

DNA Lofts to be auctioned off October 6, new Dorchester condos
Sep 2011 08

Twenty five condos in the DNA Lofts will be auctioned off on October 6, 2011. Minimum bids begin at $115,000 with many minimums at $165-$180 per square foot. An outside parking space is included in each of the purchase prices.

The minimum prices are significantly lower than what homes sold for on the open market. A closing of a ~1,353 square foot loft was recorded in May of this year for $365,000, or $269 per square foot.

The DNA Lofts was a project that was built in the right place at the wrong time. Completed in 2008, it missed the housing boom and sales were slow. The interiors of the condos are nice and attractive and the location is prime for those looking for city living.

The DNA Lofts is a 59-unit condominium projected located at 944 Dorchester Ave, near Columbia Road, with easy access to South Boston and downtown Boston, the Southeast Expressway / Rte 93, and the MBTA Red Line at JFK/UMASS.

Many of the units are lofts of impressive modern space with some of the original character of the original industrial structure, with polished concrete floors, high ceilings, top of the line kitchen with stone counter tops and stainless steel appliances, and 16 foot ceilings.

The auction will be held at The Colonnade Hotel, 120 Huntington Avenue, in Boston, with registration beginning at 6pm.

The DNA Lofts Auction site has details on minimum prices and sizes.

Please let me know if you have any questions about the DNA Lofts or about how auctions work.

Rare foreclosure auction takes place at Ritz-Carlton Towers, Boston
Feb 2011 15

10:01 PM UPDATED

If you were walking through the Boston Common on the way to the Financial District earlier today you caught a glimpse of something as rare as the white winged dove: a real-life foreclosure auction in the city of Boston.

Unit #906 at 3 Avery Street was set to be auctioned today. I’m getting the information second-hand, but, if sold, it appears the final price was somewhere near $685,000.

The original owner purchased the 1,240-square foot condo back in 2005 for $1.1 million, which was a lot of money for what is a two-bedroom, two-bathroom unit. I’m confused as to why it would be for so much, given what other units were selling for. And, the original loan looks to have been for $1.144 million, more than the actual purchase price. Something was going on there, not sure what.

Subsequently, the loan was refinanced and, apparently, reduced to $805,000, with Mt Washington Bank (now a part of Eastern Bank, according to the public record). But, the owner wasn’t able to keep up with the monthly payments, it seems. In 2007, the owner received a past-due property tax bill from the city of Boston for $6,446, an amount that was never paid off, apparently.

The condo association was also on the hook for past-due condo fees that eventually totaled $21,391.90. With few options, it filed a petition to foreclose. The auction today was the final step in that process.

Five units are currently on the market for prices in the $486-$619 range (three closer to $486 and two closer to $619). Unit #806, which may have the same floorplan but slightly more square footage, is listed at $649,000. Presumably, unit #906 would be “worth” more than that if only for its 1,200-square foot private balcony.

A couple of things of note. For one, the unit is located at 3 Avery Street, so it’s not part of the “main” Ritz-Carlton Towers; it’s across the street. It has its own condo association, the ‘Millennium Place North Low-rise Residential Condominium Association’. Plus, it was originally built as extended-stay units for the hotel and only turned into condos when the real estate market got hot. The interiors were redone and fixtures and appliances upgraded, but the building doesn’t have the “cache” of the other two towers. A great place to live, but you still need to have realistic expectations and recognize its real value.

There hasn’t been a sale at 3 Avery since early 2010, when unit #506 sold for $623,000.

Condo fees in the building run high, from $1.25 to $1.50 per square foot. Even people who spend a million dollars on a property don’t like paying high condo fees, unless the amenities outweigh the costs.

This is a case of something going terribly awry, I’m not sure how.

An interesting event on an otherwise quiet February afternoon.

Oh, and the name of the corporation under which the property was purchased?

Tulip Acquisitions.

There’s a joke there, somewhere.

P.S. The image above is not of the Ritz-Carlton Towers in Boston; it’s from their tower in Hong Kong.

ANOTHER Auction Hits the Blocks!
Sep 2010 29

Buyer’s be ready, it’s happening again:

Another Boston-area condo building is hitting the auction block! This time, you will have the opportunity to live only a few blocks from Fenway Park, and with bids starting at $195,000, buyers are going to be able to steal their new homes!

Since October 2007, more than eight condo building developers have chosen to put some, if not all of their unsold units up for auction.  Reasons for doing so may vary but, one thing is true: Buyer’s walk away with a wonderful home for an amazing price, and this auction will be no different!

Audubon Park is a brand new construction that was completed in 2008 and is located in the middle of the educational and medical mecca of Boston.  Only minutes from some of Boston’s most amazing colleges and universities, as well as the Longwood Medical area, the location of Audubon Park may just be its biggest selling point… except for their price.

Bids will start at $195,000 for a studio, and go up to $325,000 for a two bedroom, two bath condo.  If you have been keeping an eye on the market, you will know that these starting prices are UNREAL!  Similar two bedroom condos in the building sold for over $700,000 in 2008 and I will guarantee that the highest bidder will be getting the best quality for the lowest price possible.  It is not to be missed!

The auction will take place on Tuesday, October 19th and buyer’s can preview and pick the units they want to bid on from now until October 18th.  Buyer representation is free and provides you with an expert in the field of real estate auctions as well as protects you, the buyer.  Please contact us if you have any questions or would like one of our agents to accompany you on your first visit*.  Our agents will also accompany you on any follow up visit, help you throughout the entire process and provide expert, VIP service on the day of the auction.  We are also offering cash-back incentives, so please ask about them when you call!

Contact us today at 617-416-1322 or bwagner@warrenre.com and take the first step toward owning an amazing new home!

*A Warren Residential agent must be present at your first viewing of the property.  Please note that cash-back incentives will not be applicable if one of our agents is not physically present the first showing.

Feb 2010 03

It’s Boston real estate auction time again! The latest is a beautiful new construction luxury townhouse on the Flat of Beacon Hill, 20 Brimmer Street.

Originally priced at $8.5 million, this 5,700 square foot,  new construction home is now hitting auction with a reserve/min. bid of $4.995 million. This is a great opportunity for a buyer, a full townhouse priced $3.5 million less than original asking…Wow!

**I am representing buyers for this auction. For further information please contact me directly at (508) 930-6232, or email jheller@warrenre.com


Page 1 of 3123