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The 1850 Lofts Auction Results

by Erica Farthing on 29 Jun 2009
12 Comments Share

(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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12 Comments »

  • Ace6one7 said:

    Nice work guys !

    # 29 June 2009 at 5:19 pm
  • Erica Farthing (author) said:

    Thank you Ace! Gotta love the flipvid :)

    # 29 June 2009 at 5:26 pm
  • Anthony Longo said:

    The king of Boston nightlife – on our blog. Amazing! Thx Ace!

    # 30 June 2009 at 5:19 am
  • JustCurious said:

    Did the selling price for any of the units include any of those small and extra small parking spots?

    # 30 June 2009 at 8:49 am
  • Anthony Longo said:

    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.

    # 30 June 2009 at 8:53 am
  • JustCurious said:

    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?

    # 30 June 2009 at 2:29 pm
  • Vince said:

    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….

    # 1 July 2009 at 10:28 pm
  • Anthony Longo said:

    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.

    # 2 July 2009 at 11:40 am
  • Nouvelle at Natick Auction Tips said:

    [...] has personally assisted several clients in the auction process for the Longwood Tours auction & The 1850 Lofts auction that just took place a few short months [...]

    # 11 September 2009 at 9:23 am
  • Nouvelle Condo Auction - Questions? Ask Us! said:

    [...] The 1850 Condo Auction Results (South End, Boston) [...]

    # 13 September 2009 at 2:24 pm
  • Nouvelle at Natick Condo Auction Results said:

    [...] brokerage for Boston auctions representing MORE THAN 10% of sales in Longwood Towers Auction, The 1850 Loft Auction and now Nouvelle at Natick [...]

    # 5 October 2009 at 8:32 am
  • Fort Point Channel Loft Development - FP3 - In The Passing Lane! said:

    [...] frantically scrambling to sell units, some even choosing dramatic events such as an auction like The 1850, Longwood Towers, Nouvelle at Natick Collection and most recently The Bryant Back Bay – BUT – some [...]

    # 16 November 2009 at 6:46 am