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Here come the auctions in the Boston area

 
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BigRock



Joined: 07 Feb 2007
Posts: 11

PostPosted: Thu Oct 11, 2007 5:53 pm GMT    Post subject: Here come the auctions in the Boston area Reply with quote

http://www.boston.com/business/ticker/2007/10/medford_condos.html

"Developers of Station Landing, the 127-unit development along the Mystic River in Medford, will auction off unsold condominiums in the project on Nov. 11."

"Thirty units will be auctioned, with minimum prices set at about two-thirds of the original list price. Bids will start at $535,000, for example, for a 12th floor penthouse, and at $275,000 for a one-bedroom on a middling floor."

My take on this is that the developers realize they will never get their asking price in the near future and have to sell "at cost"....

Personally, I have a good job and wouldn't mind living there, but I might think about buying at $150,000 for a one bedroom. At $275,000 I would have to have a significant other go in with me, and at that point a one bedroom is too small.

$275,000 is still too high, they really need to start the bidding at $150,000.
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JCK



Joined: 15 Feb 2007
Posts: 559

PostPosted: Thu Oct 11, 2007 6:05 pm GMT    Post subject: Reply with quote

BigRock,

Have you seen this place? It's truly one-of-a-kind, and not in a good way.

This place may have great access to the T, but the location is beyond awful. Yes, you're on the river and may be a nice view, but you're walled in by eight lane highways on two sides, and train tracks on the third side.

I don't see the appeal of living in a place like this. It's probably OK for temporary corporate housing for someone working in downtown Boston, but it has neither urban (can't walk anywhere from there) nor suburban amenities (not like you have your own back yard). It's living in a high-rise above a suburban strip mall.

I don't think the fate of Station Landing has much to do with the real estate market as a whole.
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admin
Site Admin


Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston

PostPosted: Thu Oct 11, 2007 6:09 pm GMT    Post subject: Reply with quote

Thanks for the link. I read that same article earlier and had very similar thoughts.

- admin
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JCK



Joined: 15 Feb 2007
Posts: 559

PostPosted: Thu Oct 11, 2007 6:17 pm GMT    Post subject: Reply with quote

Let's see if this works.

me width="425" height="350" frameborder="0" scrolling="no" marginheight="0" marginwidth="0" src="http://maps.google.com/maps?f=q&hl=en&geocode=&
time=&date=&ttype=&q=station+landing,+medford,+ma
&sll=37.0625,-95.677068&sspn=49.757664,57.919922&
ie=UTF8&ll=42.4111,-71.076565&spn=0.005712,0.00707&
t=k&z=14&om=1&output=embed&
s=AARTsJpdx5xlz7fl63Lq0zDnSVPc4rdthg"></iframe><br /><small><a href="http://maps.google.com/maps?f=q&amp;hl=en&amp;geocode=
&amp;time=&amp;date=&amp;ttype=&amp;q=station+landing,+medford,
+ma&amp;sll=37.0625,-95.677068&amp;sspn=49.757664,57.919922&amp;
ie=UTF8&amp;ll=42.4111,-71.076565&amp;spn=0.005712,0.00707&amp;
t=k&amp;z=14&amp;om=1&amp;source=embed" style="color:#0000FF;text-align:left">View Larger Map</a></small>

Editor's Note: Some whitespace has been added because the text above was widening the page. No other changes have been made.
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JCK



Joined: 15 Feb 2007
Posts: 559

PostPosted: Thu Oct 11, 2007 6:18 pm GMT    Post subject: Reply with quote

OK. That failed. How about

http://maps.google.com/ ...truncated...

Editor's Note: This post was edited to abbreviate a URL which was widening the page due to the way that the forum software lays out posts. No other changes have been made, and the URL still points to the original destination - only its display has been shortened.
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BigRock



Joined: 07 Feb 2007
Posts: 11

PostPosted: Thu Oct 11, 2007 7:27 pm GMT    Post subject: Reply with quote

I know the location and have driven by there many times. If I had a job on the Orange Line I would consider living there, but for only $150,000. Otherwise I would NOT want to live there. For $275,000 I can get a place that's bigger and don't mind an extra 20 minute commute.

Being surrounded by Route 16 and Route 28 on both sides isn't very appealing, and neither are the Orange Line / Commuter rail tracks; but for $150,000 i'd consider it.
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