nouvelle at natick

Nouvelle At Natick To Go Up For Auction

More and more I'm seeing real estate projects that I wrote about several years ago hit the auction block. When we first saw Nouvelle at Natick in Natick, Massachusetts it was part of a trend of condominiums attached to retail space. Nouvelle at Natick is a 215-unit development, attached to the former Natick Mall, now renamed the Natick Collection and packed with stores like Neiman Marcus , Louis Vuitton , Tiffany, BCBG , and will also include Burberry , Juicy Couture and Nordstrom in Massachusetts. Things have shifted dramatically since 2007 and bankrupt mall operator General Growth Properties is seeking to unload the condo units at bargain basement prices. In 2007 prices ranged from $425,000 to $1.6 million for a penthouse. At an auction to be run by Accelerated Marketing Partners on October 4 minimum bids will start at $160,000.

Of the original 215 units only 27 sold or are under contract. The auction will include 42 units auction of 42 units on Oct. 4 as a way to jump-start sales and get some desperately needed cash. The Boston Globe quotes Jon Gollinger, East Coast chief executive and cofounder of AMP, as saying that the auction will determine the value for the remaining residences. Condo amenities include a 1.2-acre rooftop garden, Parc Nouvelle, which is the largest of its kind in New England, Club Nouvelle, a private club with a dining area and a library and the Bosse Fitness Center. Sadly, the main selling feature, easy access to the mall, is no longer the draw it once was as malls have gone from bustling centers of commerce to increasingly empty spaces in today's shopping averse climate.

UPDATE: 55 of Nouvelle at Natick's remaining 178 luxury condos sold at auction for 36 to 64 percent off the original asking prices for the condos. The Boston Globe reports that one penthouse suite sold for $626,000, more than $1 million less than its original price.

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Tags: auction, condo auction, CondoAuction, condominiums, masachusetts, nouvelle at natick, NouvelleAtNatick

Nouvelle at Natick

by Deidre Woollard (RSS feed) —

Filed under: Estates

Condominiums attached to retail space are becoming more and more popular. I recently wrote about a California development within a mall and I just came across an article in the MetroWest Daily News about a New England high-rise condominium which is attached to a mall. Nouvelle at Natick is a 215-unit development that is attached to the former Natick Mall, now renamed the Natick Collection. The mall now includes Neiman Marcus , Louis Vuitton , Tiffany, BCBG , and will also include Burberry , Juicy Couture , Michael Kors , and the first Nordstrom in Massachusetts. It will also be home to upscale eateries including Boston's dessert-centric Finale.

There are one, two and three-bedroom units including penthouses. Amenities include a 1.2-acre rooftop garden, Parc Nouvelle, which is the largest of its kind in New England, Club Nouvelle, a private club with a dining area and a library and the Bosse Fitness Center. Prices start at $425,000 and go up to $1.6 million for a penthouse.

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Tags: condominiums, condos, massachusetts, natick collection, nouvelle at natick, NouvelleAtNatick, real estate