Another new development project in Boston is changing tack from a traditional sales model to the auction format. "The 1850" lofts (located in the bleeding edge of the South End south of Harrison Ave at 90 Wareham Street - map) are to be auctioned June 28th, at the Westin Boston Waterfront Hotel.
As I have written before in Longwood Towers in Brookline go to auction, its impossible to say whether or not there will be good deals to be had at the auction. It depends on the level of interest and how many real bidders are there on auction day, but with starting bids of $175,000, there could be some opportunity to pick up a South End condo at a great value. Of course, they have carved out parking from those bids, so parking spaces are available for an additional $35,000.
"The 1850" is located on the far southern part of the South End in the SoWa (South of Washington) area - see map below (from Sowa Sundays). SoWa is considered an "up and coming" part of the South End, and has rapidly undergone positive changes in the past few years in terms of real estate developments (like the 700 Harrison condos) and great new shops, galleries, and restaurants moving in (like Gaslight and Rocca). On top of that, there is the excellent SoWa Open Market and Produce Market that is really becoming a popular place to spend Sundays in the South End. I also included a street view below for an indication of the area directly around the building (although keep in mind these views appear slightly dated).
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The 1850 Lofts
If you need more information (or would like to arrange a tour of the units) please don't hesitate to contact me, but here's a quick rundown of the building and units. The 1850 Lofts marketing team describes the building as "History with Attitude":
That’s The 1850. Old, but not quaint. Bricks, but not bow fronts. Take an historic South End factory. Remove the machines, but leave in the character, and add a great big dose of clean, contemporary design. Put it in a neighborhood that works for a living, yet lets you walk to great restaurants, transportation and leisure venues. When you combine old Boston history with new South End energy, the results can be wonderful. Welcome to the high-style, high-value condominiums of The 1850.
- Exposed beams
- Original brick walls
- Lots of large, energy-efficient windows
- High ceilings…many up to 10’ tall
- Wired for cable, Internet and security
- Central air conditioning
- Washer and dryer hook-ups
- Dedicated parking available
- Stainless steel Frigidaire® appliances in kitchens
- Maple cabinets with light or dark stain and contrasting granite countertops
- Tile backsplashes
- Tile in bathrooms
- Upgraded fixtures throughout
These units are "true loft" style, which means brick and wood beam construction, open floorplans (although many can be easily converted into 1 or 2 bedrooms by adding interior walls if desired), and concrete floors. See photo below from developer website:
Sunday, June 28th (check in at 12 noon, auction begins at 1pm) at:
You must register in advance for the auction in order to be eligible to bid, and if you would like buyer representation then you must be sure to have your buyer agent register with you. If you would like to discuss buyer agent service from me or advice on bidding, you can contact me and I'd be happy to chat about that.
Here is the list of units to be auctioned:
Previous sales at The 1850
So, how to figure out how much to bid for these South End condos at the auction? The best way is to look at data from the units that have sold so far to date. There are 60 total units in the building, and 20 units have sold thus far. There have also been a few affordable units set aside and sold previously, so the remaining 35 units will be available at auction. Here's the summary data from the 20 market rate sales:
20 Sold (between June 2008 - May 2009)
Average Price: $396,535
Median Price: $394,500
Price per Sq Ft: $505
Average Day on Market: 76
Here are full details for each of the 20 sold units at The 1850 Lofts (sorry to the text is a little small fit it in, so if you have trouble reading this, please contact me for a larger copy):
The columns are, in order: Sale Price, City, Street/Unit, Square Footage, Price per Sq Ft, Number of Bedrooms/Bathrooms (all listed as lofts with 1 bath, although some layouts could be configured as 1 or 2 beds), Location within building (which floor), Days on Market, and Sale Date.
As you can see, the starting bids are substantially reduced from the previous selling prices so this auction could be a good opportunity to get a condo loft in the South End for a great price. Of course, the units most likely won't sell for the minimum bids, but doing a little research, looking at the units, and determining what you are willing to pay going into the auction could help you secure a good loft for you.
Do you have questions? What are your thoughts? Comment below!
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