11 Comments »

Tony said:
I currently live in the 1850, buying last year at what I thought was a good deal. Does the auction spell doom and gloom for me? I’m not planning on selling anytime soon, but this can’t be good right?
# 3 June 2009 at 1:01 pm

Anthony Longo (author) said:
Tony (I’m Tony too) -
No it doesn’t necessarily mean its bad … but definitely not good either. We have a few clients who purchased in the building as well. As a firm we like the building (at the right price) – so hopefully you had a great RE agent who negotiated your price down to where it should have been (as we did).
These units, that will be marketed by a very talented marketing/auction group, will not be sold at the so called “Minimum price”. They always go way up to where the market will bear.
The best think about the auction is that it sets the price for the market. The lofts at The 1850 are a great product (and although on the very edge) they are in a great neighborhood. Once Harrison Ave builds up like Tremont and Washington have over the past 10 years….it will enhance the value of area.
Also The 1850 is a one of a kind in the neighborhood with a true ‘brick and beam’ loft feel. There is certainly demand out there for that product and the inventory rarely exists.
More than happy to chat more on/offline regarding your purchase there…I am just hoping you bought it at the right price. I’m betting you these units end up selling in the $380-400/sq/ft range.
# 3 June 2009 at 2:06 pm
More Details on The 1850 Auction said:
[...] -To view specific loft units at The 1850 auction up for bid June 28th CLICK HERE [...]
# 3 June 2009 at 3:15 pm

Melissa said:
Tony, have you been happy living there? Where is 1850? I just received an email but no immediate specifics other than the auction.
Melissa
# 3 June 2009 at 4:05 pm

Anthony Longo (author) said:
Tony???
Hi Melissa – more details on the auction can be found at http://www.The1850.com
Its located just south of Harrison Ave … see this link for a map: http://boston.condodomain.com/The-1850/Lofts/
# 3 June 2009 at 4:17 pm
The 1850 Condo Auction & Twitter said:
[...] crazy – but we are going to try a little something here.  By now you have all heard about the new upcoming condo auction (loft auction) in Boston’s South End – The 1850.  It is definitely an unfortunate time for [...]
# 4 June 2009 at 7:18 am
Will Twitter Belly Up Some Real Estate Buzz? said:
[...] me crazy – but we are going to try a little something here. By now you have all heard about the new upcoming condo auction (loft auction) in Boston’s South End – The 1850. It is definitely an unfortunate time for any [...]
# 4 June 2009 at 1:38 pm

Bob said:
Seeing that I just closed on a unit the last week in April, I am feeling pretty screwed right now. I thought the price was decent, paying about 93% of list price but if these other units sell for 80% of listing then I got taken to the cleaners. More so because from what I have read these auctions are planed at least two months ahead so that the seller knew full well at the time of my closing they were nailing me to the wall.
# 8 June 2009 at 5:50 am

Anthony Longo (author) said:
Hey Bob – Ouch. I feel your pain. 93% sounds like a decent discount…I know they had lowered prices so hopefully the next was closer to 85-90%.
Don’t be fooled though – those minimum prices are just a marketing piece. Units should and will score much higher. What did you end up paying $/sq/ft?
# 8 June 2009 at 3:05 pm

Anthony Longo (author) said:
Hey Melissa – Tony (the other Tony) did not get back to us.
However I do have a client who has lived in the building for about a year now and if you are interested in speaking with him I could arrange that no problemo.
Let me know.
# 8 June 2009 at 3:09 pm

Tony said:
I feel for Bob as well. The last few days with all the foot traffic in the building has been quite annoying, but if it fills up the empty units, it’ll be best for all of us who have bought in the long run. I personally love living in the 1850. It was the only true “loft” style condo in the Boston area that was really well priced. (Now even better for those lucky few who get to auction.) It didn’t have the gas kitchen or the deck that I would have loved, but the open floor plan and the wood beams and the brick walls really make it a warm and inviting place to live. The only negative thing that has happened has been the sales team treating those who have bought like crap. Once Urban Property Management took over though, things got a lot better. As for location, you might have read on other blogs that it’s not really the South End, but my parking permit says South End and that’s good enough for me. Two blocks from Foodies, right off the highway, and 3 minutes from the SOWA open market. Sounds like South End to me. Is it a perfect place? Depends on what you are looking for. If you have small children, I’d advise against it. If you are a couple, I think the 700+ sq footage is perfect for a first home. Personally, we looked at some brownstones that were smaller that had 2 bedrooms, but everything was so cramped. I enjoy how open our condo is. We built in some dividers and have a nice size living area and a very nice size bedroom. The kitchen, which we thought had a lot of storage, is nice, but like I said, I wish was gas. Anyway, this is a long post. The bottom line: We thought we got a great deal last year getting roughly 10% off the asking price and while bummed we could be getting a better price now and fear our equity is dropping, we aren’t planning on selling for a while and are very happy at the 1850. Hope that helps!
# 9 June 2009 at 11:48 am