AUCTION ARTICLES
06.03.09 Velocity Marketing Services Announces Real Estate Auction for The 1850 Residential Development in Boston’s South End Velocity to Auction 35 Loft Spaces, With Minimum Bids Starting at $175,000 BOSTON (June 3, 2009) – Velocity Marketing Services announced today that it will conduct a closeout real estate auction for 35 lofts at The 1850, a residential development in Boston’s South End. The auction will take place on Sun., June 28th at 1:00 p.m. at the Westin Boston Waterfront, located at 425 Summer St. Minimum bids for the homes will start at $175,000, and some will be as much as 55 percent below last asking prices, which were up to $799,000. The 1850 auction information center and model homes will be open daily through June 27 and are located at 90 Wareham St. in the South End neighborhood of Boston. Advance registration to participate in the auction is required. “Minimum bids will be starting at an unheard-of price point for Boston, and for the South End in particular, where the average price for a one-bedroom condominium is just under $400,000. We also have an arrangement with Wells Fargo in which qualified bidders can receive up to 90% financing,” said Sue Hawkes, president and chief executive officer of Velocity Marketing Services. “This combined with the currently low mortgage rates and $8,000 tax credit, make the pending sale a unique opportunity for prospective homebuyers, particularly first-timers.” The lofts to be auctioned off will be available for immediate occupancy and range in size from 679 sq. ft. to 1,564 sq. ft., and minimum bids will range from $175,000 to $395,000. Select spaces are already outfitted into one- and two- bedroom homes. Upon purchase, residents can employ the services of the building’s preferred interior designer, Terrat Elms Interior Design, to perform a custom build-out. Deeded parking will also be available to winning bidders for $35,000 a spot and can be added to the cost of the homeowners’ new mortgage. A former piano factory and general warehouse, The 1850 was recently transformed into a distinctive five-story, 60-home residential property by an affiliate of the Cresset Group and Brian Healy Architects. The final product marries an industrial brick and beam with a clean and contemporary design. Homes feature open and airy layouts, 10-foot ceilings, large, energy-efficient windows, exposed beams, original brick walls, and washer and dryer hook-ups. Kitchens contain stainless steel Frigidaire appliances, including refrigerator, range, wall oven, dishwasher and microwave, along with maple cabinets in light or dark stain, contrasting granite counters, under-cabinet lighting, tile backsplashes, and Hansgrohe faucets. Master baths include tile walls and floors, Duravit sinks, American Standard tubs, Toto toilets, and Grohe faucets and shower fixtures. Most homes also possess stunning views of the city skyline. “The 1850 is located in the historic South End neighborhood, where a vibrant, professional community now thrives with dozens of boutiques, restaurants, bars, and fitness facilities,” said John Baxter, principal and senior vice president of the Cresset Group. “This development offers affordable luxury, as well as close proximity to downtown Boston and the Boston Medical Center, all of which make it an ideal address for those who want to experience real city living.” For more information, please call 617-988-8008 or visit www.The1850.com. About Cresset Group Cresset is a full-service real estate operating and institutional investment firm focused on the acquisition, ownership, development, and operation of commercial properties throughout Boston and New England. Led by a team responsible for the acquisition, management or redevelopment of more than $1.9 billion in real estate investments, Cresset’s focus is single minded: to provide superior value through well planned and executed real estate projects. For more information, please visit www.cressetgroup.com. News links... South End condos auctioned at discount - Boston Business Journal South End Condo Auction Another Sign of the Times - Boston.com South End Builder Seeks Sales Through Auction - BostonHearld.com The 1850 to auction 35 South End lofts - Boston Homes << |
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