The Atlantica Condos in Revere may end up being the lowest priced luxury housing on the Massachusetts coast. Quoted by one Coldwell Banker agent, “God isn’t making any more ocean,”this poses to create some great value at this upcoming condo auction here in Revere, MA.
Revere Beach still hasn’t fully recovered from the real estate bust of the 1980s. Now, just as new development along the city’s waterfront was gaining momentum, the nation’s real estate market has ground to a halt and sales here have slumped. For longtime Revere residents, the cycle is painfully reminiscent of the 1980s, when the St. George condominium – a pink stucco high-rise next door to Atlantica – went on the auction block.
The need for an auction to move Atlantica’s reasonably priced, beachfront properties – just weeks before the spring selling season kicks into gear – may be the ultimate barometer of just how tough Revere’s housing market is.
The Atlantica in particular was affected by the credit crunch that roiled the US housing market over the summer. Last spring, 16 condos sold, but since then only six have closed in the 81-unit project, according to Accelerated Marketing Partners, which is conducting the auction for Atlantica’s developers, Eurovest Development Inc. of Boston and Tambone Investment Group of Burlington.
Completed in 2006, Atlantica has New England-style architecture and yellow-and-green, fiber shingles that sparkle next to the dated St. George. The new U-shaped building has a courtyard, and the condos feature all the amenities now standard in new projects targeted to the middle market: stainless steel kitchen appliances, hardwood maple cabinets, and granite countertops.
More on The Atlantica Condo Auction in Revere coming soon as we get in touch with the Auction company.
Source: Boston Globe