With talk of the Nouvelle at Natick condo auction scheduled for October 4, 2009, the 1850 lofts auction that took place in late June 2009 almost seems like it is in the distant past (see Buyers Prepare for 1850 Condo Auction). It was June 28, 2009 when the 1850, a South End loft-style condo development, went to auction selling out the remaining 35 units in the building, and it was in August that units in the building actually closed.
On August 7, 2009, unit 511, a 780 square foot loft closed at a purchase price of $325,000. Unit 511 was one of the 35 units sold at the 1850 auction, with a price per square foot of $417, well below the average price per square foot sales price of $582 in the South End during 2009. Fast forward just over one month, and unit 511 is now listed as a resale in the 1850, and represents the first flip in the building, pre or post auction.
Coupled with the presence of a deeded onsite parking space, sold at a flat $35,000 each during the auction, unit 511 represents a quick flip of an auction property without the large profit expectations some flippers had following the last downtown Boston condo auction at the Broadluxe (see Flip That Condo at Broadluxe).