First Resale Flip at 1850 Lofts

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).

Buyers Prepare for 1850 Condo Auction

Just over a year ago, Buyers and Investors had the opportunity to participate in the last downtown Boston condo auction at the Broadluxe (see Broadluxe Condo Auction Results).  On Sunday, June 28th, those interested in purchasing downtown Boston real estate will again have a chance to do so at auction prices when the 1850, a 60-unit loft-style condo development in the South End, goes to auction.

High Level Auction Information

  • What: 35 condos at the 1850 Lofts
  • Minimum Bids: $175,000 for some units
  • Auction Date: Sunday, June 28, 2009 with check in at noon
  • Auction Location: Westin Boston Waterfront (map)
  • Prerequisites: Auction Registration Form & $5,000 cash equivalent


Registration is required to attend the auction and to become eligible to bid. Interested bidders are encouraged to tour the 1850 prior to the auction (tours are available daily starting at 1pm at 90 Wareham Street in the South End), and during the visit complete and return the Auction Registration Form, which will qualify you to bid.  On auction day, all approved registered bidders must present a separate Cashier’s Check, Traveler’s Check, Certified Check or Money Order (“Cash Equivalent”) in the amount of $5,000 (Cash Equivalents should be made payable to yourself). Each bidder is also required to bring a blank personal check, which will be used to bring your total down payment to 5% of the winning bid price.

The auction has the potential to provide Buyers and Investors with a significant discount on price per square foot and average selling price in the South End.  Over the past 3 and 6 months respectively, the South End has seen modest price improvements across average and median prices, as well as price per square foot at the neighborhood level – see information below.

Last 3 Months – South End
Number of Condos Sold: 158
Average Selling Price: $594,727
Median Selling Price: $513,750
Average Price per Square Foot: $575
Average Days on Market: 94

Last 6 Months – South End
Number of Condos Sold: 225
Average Selling Price: $584,875
Median Selling Price: $510,000
Average Price per Square Foot: $568
Average Days on Market:  100

Bear in mind that the 1850 is located in one of the most southern points in the South End, and therefore, this fact and others may need to be accounted for when trying to draw price comparisons.  Contact your Buyer’s Agent for more information (note that a Buyer’s Agent must be present at the time of registration and first visit to the Auction Information Center in order to work with a Buyer).

Bidders should be warned that a condo auction bypasses many of the contingencies that a Buyer is afforded during a “typical” real estate transaction.  It should be noted that proper due diligence, including inspection of the property as well as other items standard in a transaction (including consultation with a real estate attorney) should still be conducted, however, these items need to be conducted ahead of the auction and by the Bidder.  Bear in mind that a Purchase and Sale Agreement, typically signed after a fair amount of du diligence is done, will be signed on auction day by winning Bidders.

1850 South End

1850 South End Lofts Still Selling

It had been several months since a loft-style condo had closed at the 1850, a new 60-unit condo development on the southern border of the South End, but with two closings in December, the building is now more than 1/3 sold.

Selling prices at the 1850 South End have stayed relatively close to their original list prices, with only a small handful of the units being sold for less than list price, pushing up the sales to list price ratio to near 100%. Summary sales statistics at 1850, where units started going Under Agreement in early 2008, include the following.

Units Sold: 21 of 60
Average Sales Price: $351,395
Median Sales Price: $369,000
Average Price per Square Foot: $447

Sales to list price ratios, specifically at new developments, should be taken with a grain of salt, however,”pricing of a new development is more an art than a science,” says John Keith, a local real estate agent. “Unlike other new developments where all the units were listed for sale (in the MLS), here they are wisely releasing them over time, apparently being able to keep the building looking attractive from a price perspective.”

The Boston MLS currently shows lofts at the 1850 listed from $329,000 for 732 square feet to $565,000 for 1,148 square feet.  There is a parking lot adjacent to the building where spots are being made available for sale separately at $39,000 each.

1850 South End

1850 South End Kitchen

Art Show at 1850 South End

The 1850 will host an Open Studios Art Show this weekend, part of a yearly tradition that draws over 15,000 art enthusiasts and local spectators alike to the South End art scene.  This year, as part of a continued focus on art and architecture, the 1850 Lofts South End development is converting 6 residences to art studios for the weekend.

  • What: The Art Show at The 1850 for Open Studios Weekend
  • Where: The 1850 Lofts, 90 Wareham Street, Boston, MA 02118
  • When: Saturday and Sunday, September 20th & 21st, 11am-6pm
  • Who: Eight artists will showcase their work in six loft spaces.

Refreshments and appetizers will be available. As well, while viewing the art, there will be an open house at the development on Saturday and Sunday from 12:00 PM to 5:00 PM for the remaining for sale condos in the building, with units starting at $365K.

The 1850 Lofts Host Open House

On March 1st and 2nd from 11AM to 3PM, the 1850 is holding its first sneak preview opening to the public. 2 model units have been furnished with bedroom and living spaces and are handsomely decorated by Terrat Elms, one of the South End’s award winning design firms. Take a stroll over, or park in the lot behind The 1850. A hostess will meet you in the lobby and take you up to the new sales office for a tour.

Typically our Featured Open House listing runs on Sunday mornings, but with the 1850 doing a two day gala, we’re running our listing early this week. Let the hostess know that you heard about the open house on the Boston Real Estate Observer when stopping in. The 1850 Lofts – for more information, including a map to get you there.

For Buyer Agency representation on any condo in Boston, please contact us.

The 1850 New South End Condo Development

Looking for 1850 auction information?  Read the latest on the 1850 Boston condo auction for the most up to date information.

It’s a piano factory, it’s a general warehouse, it’s a bolt and screw company’s headquarters…wait, no, it’s The 1850, the South End’s newest SoWa condo development! The five-story building bordering Wareham , Albany, and Malden Streets on the southern tip of Boston’s South End will soon be home to 60 unique condos, many with a loft-style feel, including exposed brick and beams, as well as concrete floors.


It was approximately two weeks ago that VIP tours began at the 1850 building, and of the 60 units available, upwards of 13 units are already under reservation, beating out the fast start that the 285 Columbus Lofts enjoyed several months ago (see 285 Columbus Lofts Buck Downtown Boston Trend).

There are 53 market-rate condominiums available at the 1850, along with 7 affordable units. Market rate condos start at $326K for 722 square feet, and move upwards to $575K for 1,148 square feet. The new loft-style development offers a host of different floor plans and options in the $300’s, along with some very unique spaces. The majority of the units are loft-style single rooms, but many units are accompanied by floorplans, and are configured correctly for, the buildout of bedroom walls.


Where do they get the name ‘The 1850’? 1850 is the year that the South Bay tidal flats began being filled in, thus creating the land where the condo development sits. The development formerly had the name ‘SoHa Lofts’, but the new name, The 1850, holds a nice hint of seductive meaning.

Parking spaces in an adjacent lot number in the high 30’s, and are available for purchase separately (they run around $35K each +/-). HOA fees will be approximately 47 cents per square foot, and parking will be $30 per month should you have a spot. Kitchens are electric, include granite counters, and stainless appliances (including a Fisher Paykel refrigerator). The building is served by one elevator, and two staircases, and is wired for Comcast cable and Internet. Fifth floor (penthouse) residents will have roof rights, but would have to pursue access and buildout of a deck (and all necessary permitting) on their own (i.e. there is no current roof access for residents, but owners will have roof rights).

For a limited time, before the first official open house (which is approaching quickly) at the 1850, there will be a $3K Wells Fargo financing incentive available to Buyers should they finance through Wells Fargo. Occupancy is tentatively scheduled for early summer.

This is a unique 1887 building, with a lot of character, and a really cool story behind it. It’s in the southern most part of the South End, but a very quick walk away from Harrison, Washington, and Tremont. Closet space is somewhat limited in various units, but this is easily remedied, especially if you plan on building out bedroom walls. They did an excellent job of sound proofing the exterior of the building, and some of the views are very nice. For more information, feel free to contact us.