It was almost a year ago to the day that Bostonians saw their last downtown condo auction take place at the Broadluxe on June 21, 2008. Prior to that, roughly two years had gone by since the last downtown Boston condo development auction at Folio was used to clear out inventory at the Financial District luxury development. And now, with the June 28, 2009 auction at the South End’s 1850 loft-style condo development taking place, this may be a sign that the large-scale condo auction market is heating up.
Brecht recently stated that there may be a chance for increased auction activity over the next 24-36 months (see 441 Stuart Street: What Happened?), and it appears that prediction is coming true in the form of another residential downtown Boston real estate auction now with the 1850.
The 1850 is a condo development that has been developed over the past several years, gone through a name change (formerly known as SoHa Lofts), has been marketed for sale for well over a year, and open to residents in mid-2008. Both the Folio and Broadluxe auctions were successful in quickly clearing remaining inventory and paying off creditors, and the 1850, while some would argue has a less desirable location, is positioned to be on the same trajectory.