General Growth Properties, the developer of the 215-unit luxury Nouvelle at Natick condo development west of downtown Boston, has turned to Accelerated Marketing Partners to auction off 43 of the Nouvelle residences on October 4, 2009 in an effort to kick-start new sales and provide operating cash flow to the bankrupt mall operator.
Nouvelle at Natick opened in 2008, and has sold or gone under agreement on 37 of the 215 available units (17%). Minimum bids at auction will start at $160,000 (796 square foot 1 bedroom 1.5 bathroom), which is approximately 70 percent below the most recent asking prices. In preparation for the auction on October 4th, a daily open house up until October 3, 2009 will take place onsite at 10 Nouvelle Way, Natick, MA 01760.
While it has not been announced that the entire inventory of remaining condos at Nouvelle at Natick will be up for auction, the development joins Longwood Towers as the second large-scale condo development just outside Boston to go to the auction block in 2009. In downtown Boston, the 35 remaining lofts for sale at the South End’s 1850 condo development were auctioned in late June 2009 (see Buyers Prepare for 1850 Condo Auction).