The 1850 Lofts Auction Results
(We snuck a vid of the very last unit being auctioned – what an event!)
The 1850 Lofts Auction Results are in! Watch the excitement as these South End loft units were auctioned off in quite the event yesterday afternoon.
We are ecstatic to announce that we represented more than 15 buyers at the auction and 5 WINNING BIDDERS!!!
The 1850 Lofts Auction officially took place yesterday at 1:00 pm at Boston’s Westin Waterfront and proved to be a great day for both buyers and the developer alike. The buyers set the market for the building and Boston’s South End which resulted in a more than fair deal for everyone involved. The 1850 Lofts Auction was a great success for all parties involved.
Check out CondoDomain’s very own Anthony Longo as he discusses The 1850 Lofts auction on WBGH last week. Way to go Tony! We love your socks 
Congratulations to everyone involved with The 1850 Lofts Auction and to all of The 1850 Lofts Auction winners. This auction proved to be a tremendously great outcome for people seeking out a great deal in Boston’s South End.
Contact us today if you have any questions regarding the results of this auction!
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Nice work guys !
Thank you Ace! Gotta love the flipvid
The king of Boston nightlife – on our blog. Amazing! Thx Ace!
Did the selling price for any of the units include any of those small and extra small parking spots?
Just Curious -
Good question. The price for parking was $35,000 additional and all buyers had the option to purchase a spot in the closing room. The prices above DO NOT include parking – 3 out of our 5 buyers purchased parking with their units.
In your opinion of the current market conditions, if you were to assign percent weights as to the reason(s) for the relatively low final $371/sq. ft ($409 w/pkg) avg selling prices for these units, what percents would you assign for a) current local overall market conditions; b) physical location within the South End; c) physical building/amenities?
I am not a professional but here is what I think:
1- Sales comps in the close area are around $510/sq. ft for “finished” + nice units. The 1850 is unfinished (no walls, closets, etc.) and requires some work $10k – $25K.
2- Location/street is not ideal and justify an additional discount: I would say 10% – 15%. Clearly the original asking price at around $500/sq. ft was unreasonable. Based on 1 and 2 a fair price would have been around $430/sq. ft (just between south boston price/sq. ft and “real south end” price/sq. ft )
3- Now we can add the market conditions and the fact that auctions only attract opportunistic buyers and we come down to $370; I think the real value of the 1850 is above $410/sq. ft Buyers at the auction got this place at -10/15% of real market value
4- Physical building is fine and amenities are only 5 minutes away (next to gas light) that is ok for a nice condo that is not a luxury condo….
Hey Vince – I am going to agree with your points – so it looks like the building sold well at a nice discount for the buyers.
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