Big condo auction in Medford
The downtown Boston condominium market has been strong, but minutes from the city limits an auction of unsold condo -- at the new Station Landing development in Medford -- is in the works.
One might have passed the Skyline Condominiums at the Station Landing development on the way to Everett's superstores -- PetSmart, Home Depot etc. It hovers over the Mystic River. The developer, National Development, boasts the project's magnificent views of Boston's skyline and easy access to the Wellington subway stop.
But not everyone's buying the pitch. Out of 127 condos, 42 have sold in the project, completed in June, according to the firm conducting the auction, Velocity Marketing.
On Nov. 11, 30 units will be auctioned, with minimum prices set at about two-thirds of the original list price. That means bids start at $535,000 for a 12th floor penthouse, and at $275,000 for a one-bedroom on a middle floor.
"That price point is soft in this market," said Robert Cole, president of The Collaborative Companies, which owns Velocity.
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Glad they are going on auction, hope they sell for a loss.
275k for a one bedroom? who are they kidding
Do not believe that 42 units have been sold....most likely 20 -25 ....
That have been marketing the building for 14 months...not since the summer
ripley's believe or not ---another bomb by the collaborative group--MISSED THE WHOLE DEMOGRAPHIC---DIDN'T UNDERSTAND THE DOWNSIZING MARKET---tried to appeal to upper crust
Any idea where to get more info in regards to the auction?
275K for a one bedroom condo in Everett...good luck
for more info on the auction: http://www.skylineatstationlanding.com
the password is: Auction
we live here; this place is fabulous; the views are amazing; the developer has done a nice job; this used to be wasteland; you feel at home here; there are flowers; there is grass; it is very well appointed; marina, river, stores, subway...great place
it is ashame about the housing market however; but this is an oasis
I've visited the complex and done a walk through. Way over priced considering the amount of condos for sale in the Boston market. Might even turn to apartments like that complex in Charlestown just did because they couldn't sell enough units to meet their debt obligations.
Beautiful Condos but I have to agree that 275k for a 1 bedroom is still outrageous considering the market plunge. The area is extremely convenient, low crime, and easily accessible to Boston via car or train. The prices they are selling them at are what they were selling the units for pre construction, which means they are still trying to make a profit rather than cut their losses. Give it a little more time and you will see them selling for cost prices more like 200k for a 1 bedroom and 400k for penthouse units.
I agree with John D. ... don't give into the auction, they still have alot of units to sell after the auction. buyers should wait till Jan or Feb '08....
Sara
Yes, they have always been over priced to begin with but if you're interested in the complex...why not go to the auction and see where the starting bid begins? I have a buyer who expressed interest during the summer and I advised her to wait until winter because sellers/developers are more likely to accept lower offers in dead winter due to heating costs and other factors.
Here is the bottom line......with the economy deteriorating and the credit mess......now is not the time to be buying condos as this is the first thing to crash big time......
Condo fee of 400$ a month for what.....?
Did anybody go to the auction? How did it go?
I got a great place at the auction for 27% below their previously listed asking price. They auctioned off 17 units in an hour. It was very well run and there have been no issues. Please note they have not revised their pricing 1 beds from $300K and 2 beds from $410K.
The prices now are more realistic......headed there now......will pick up a 2 bedroom for 400K For brand new brick construction with all the local conveniences and the T next door, this is now a bargain. I may however wait like Noemia said till dead winter.....may be able to get it lower.
Does anyone know which units sold and for what price?
What is current rate for Condo for 1 bedroom or 2 bedroom? Prices are still going down.
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