More real estate auction news, this time from Boston where two condo buildings will be auctioned off in the next two months: the Broadluxe, a loft project in the Financial District near the waterfront, and The Modern, at the fringes of the South End will be holding separate auctions.
This isn't the first time we've seen a condo auction in Boston, we reported on one back in 2006, but since then the market has shifted lower and the condo boom has turned into a condo bust for some of the projects.
The Modern is home to 25 units on the fringe of the popular South End, a trendy neighborhood that borders some less desirable areas. Fifteen of the units in the building have been sold but the remaining ten will be auctioned off on May 18. The minimum prices the developers will accept for many of the units are in the mid- to high $300,000 range.
The Broadluxe was seized in a foreclosure last summer by TD Banknorth. The developer of the Broadluxe ran out of money and the Boston Globe says that the project is now the subject of several lawsuits between and among contractors and other principals. Now the project located on Broad Street is nearly completed and all of the building's 44 units will be auctioned in early June.
It's not all bad news in Boston, some buildings such as The Clarendon, at the corner of Clarendon and Stuart streets, are selling well. In these tough times the buildings that are located in unassailable neighborhoods continue to move but projects in less hot areas have been suffering.
