Here we go again!  This is the second time the Bryant Back Bay has auctioned some of their units.  Almost a year ago 10 luxury condos at the Bryant were auctioned off (we represented some of the buyers!) and now the remaining 11 are being auctioned at a closeout sale.

Units were selling at a decent pace over the past year but it looks like the developer just wants out at this point.  Here are the details:

- 11 Total units to be sold at auction

- 10 of these units are three bedrooms, three bathrooms.  1 is a two bedroom, two bathroom.

- Each unit comes with a garage parking space and a storage unit.  Additional parking can be purchased for $125,000

-Auction day is Sunday November 7th so you don’t have much time!  Contact us now at 617-933-9776 or nwarren@warrenre.com for a preview!

-THESE HOMES WILL RENT FROM $5000-8000/month!

Details about the Bryant Back Bay:

The Bryant Back Bay is positioned on the border of Back Bay and the South End which allows for convenience to some of Boston’s best attractions, dining, and entertainment.  Each home is accessed through a direct elevator into the homes allowing for privacy.

Amenities include:

• State of the Art Fitness Facility (coming in Dec. 2010)
• Private elevator access directly to residences from parking and lobby
• Secured, deeded self parking
• Klaus Fuchs designed lobby
• Private storage units
• Lobby attendant for personal errands
• Barkan management services
• Low common charges
• Pet friendly building

In order to register for the auction you must preview the homes with us sometime before the auction date of November 7th.

To do so, simply contact us at 617-933-9776 or nwarren@warrenre.com.

We are available:

Wed. – Friday 12pm to 5:30

Sat. – Sun. 12pm to 4pm

Additionally, we have sped up our foreclosure process – from petition to auction – to 138 days, down from 234 days in 2008. Timothy Warren, the CEO of The Warren Group, credits the facilitation of foreclosure to the familiarity of government foreclosure programs.
Read the full article here.

Foreclosures are all the rage in the media.  You hear about people losing their homes and complaining that they were duked into an adjustable rate mortgage that “they didn’t know would reset from 2% to 7%” almost every day in the news.  This ones a little different.

Earlier this month, Broadway Real Estate Partners LLC defaulted on the $700 mezzanine loan they took on the Hancock Tower.  The Hancock was part of a $3.3 billion portfolio acquisition by Broadway from local real estate firm Beacon Capital (talk about getting out at the right time!).

Broadway is now feeling the effects of a softening Boston commercial real estate market with tenant of the Hancock Tower vacating their spaces with downsizing and budget cuts.  These vacancies have brought the market value down below what is owed by Broadway on the Hancock.

Like in a home foreclosure, the first lender priority over anyone behind them in line.  That first lender is a developer out of Chicago named John Buck.  Buck stands to make a substantial gain if the property goes under since his loan was well below market value for the building.

My Thoughts:  I’m not suprised to hear about this happening.  Just like people investing at the top of the residential market, some investors are bound to be burnt.  What I still don’t understand is why some companies still pay the $60-100/sq. ft. to be in a building in the middle of a city.  If your company has no need to be near a city, why pay those prices?  I think after this downturn you will see a lot more office construction outside of cities.