Another one hits the block!!! This mornings Boston Globe and the little bird that whispered in my ear the other day let us prepare for yet another condo auction in the metro Boston real estate market.
The ultra-luxury Nouvelle at Natick Collection condominiums will hit the auction block and plan to blow-out 42 units out of the 215 unit Nouvelle at Natick condo development on October 4th.
via the Globe:
“Bankrupt mall operator General Growth Properties is planning to auction off more than 40 high-end condominiums attached to the upscale Natick Collection with minimum bids starting at $160,000, about 70 percent below previous asking prices.
The 215-unit project, known as Nouvelle at Natick, opened last year and was supposed to usher in a new era of suburban living – marrying shopping and luxury – without the hassles and high prices of the city. But with only 37 of the residences sold or under contract, GGP has hired Accelerated Marketing Partners to handle the auction of 42 units on Oct. 4 as a way to jump-start sales and get some desperately needed cash.
“The homes are rather spectacular, but clearly there was a disconnect between what the consumer wanted to pay and what the developer wanted to get,’’ said Jon Gollinger, East Coast chief executive and cofounder of AMP, who added that the auction will determine the value for the remaining 100-plus residences.”
Nouvelle at Natick Condo Auction Pricing (Starting Minimum Bidding Prices)
(click to enlarge)
How This Auction Will Work …
Like many other Boston condo auctions in the past – Accelerated Marketing Partners (AMP) run by my friend and colleague Jon Gollinger will be heading up the Nouvelle at Natick condo auction next month. AMP runs a tight ship and you have to FOLLOW THE RULES accordingly to be prepared for auction day.
Register: To be allowed to attend the auction you MUST physically visit and tour Nouvelle and fill out their pre-registration card. Touring the condos will not cost you anything and will take you less than an hour (or of course you can take your time and spend the day).
Initial Visit: Here you will sign in at the front desk and be awarded a “Tour Tag” that allows you to roam the building and see all the available auction units at your own pace. During your visit you will be able to sit and talk with an AMP salesperson and ask them any questions you may have about Nouvelle or the auction process in general. Also, they will have an on-site mortgage professional there where you can apply for a pre-approval or just ask questions.
Re-visit: You can visit the property as many times as you want prior to Auction day.
Bonus: DO NOT SKIP THIS – AMP welcomes all buyers brokers and pays them a very handsome 2.5% co-brokerage commission (standard in Boston marketplace) for registering buyers to the auction. As all of our investors and frequent followers of CondoDomain know – we offer our Commission Refund program on all auctions – this means CASH BACK to you.
Sound too good to be true? Here are your options:
1. Visit the property WITHOUT a CondoDomain agent, qualify for a unit, bid at the auction and win. You now own a unit and you close on it – congrats.
2. Visit the property WITH a CondoDomain agent, qualify for a unit, GET ADVICE and SUPPORT from your CondoDomain agent all along the way, big at the auction and win. You now own a unit and you close on it AND you now get CASH BACK from the commission paid to us by AMP. Congrats and here is a ton of cash
How Much Will You Save If You Work With CondoDomain?
Example: If you end up winning a $500,000 unit at Nouvelle (and we registered you @ the property) AMP agrees to pay us 2.5% commission, which is $12,500. We are brokering every day at Nouvelle and will be REFUNDING you 20% of that commission remainder. So in this $500,000 example you would get a check from us after closing for $2,500!
Buyer Beware: You are NOT eligible for this program unless we accompany you to the property. AMP has very strict rules – so make sure you contact one of our agents to meet you at the property & tour with you.
Questions? Call us (617-314-7704) or write us.