There have been several condo auctions over the past 5 years in Boston, most notably, the Folio auction that took place in 2006.

In May 2008, bidders were poised to make a run for remaining units at the Modern South End as it was scheduled to hit the auction block May 19, 2008 (see Modern South End Auction). However, as you may know, the actual auction event for the Modern South End units was canceled, due to what people say was “early demand”, yet, units (re)hit the MLS following the (canceled) auction, with the same listing agent as before the auction (whether the latter was the right thing to do could be the subject of another blog post).

So what kind of impact does this have on this weekend’s upcoming Broadluxe auction, or more importantly, why can the Broadluxe auction be different than that of the Modern South End?

To answer crisply, location.

The Financial District, historically, has not been known for residential living options, regardless of demand for such housing. It has only been in the past several years that Boston’s Financial District has seen a surge in demand for, and a corresponding limited amount of, residential condominium options.

Broad Street in particular is developing into a popular day and evening (i.e. residential living), hotspot, with the addition of three condo developments (Folio, 65 Broad Street Lofts, and now Broadluxe), as well as a handful of restaurants and bars. Being only steps to the Waterfront, and the Rose Kennedy Greenway, and a stone’s throw from many office workers’ desks, Broadluxe offers a location of convenience.

Furthermore, the Modern South End is actually argued to be in Roxbury, rather than the South End, while Broadluxe finds itself in the true heart of the Financial District, and has been the center of attention (or at least in the back of people’s minds during the property’s hiatus) for some time – we’ve fielded roughly 300 inquiries on the property in the past year alone, perhaps because we stayed close to the property when interest from other media outlets waned.

When downtown Boston condo auctions are a possibility, interest on many fronts surges.

We’ve assembled a very robust set of support materials for the clients we are representing in the Broadluxe auction (for instance, a comprehensive comparable market analysis that lays out the subtle differences between Broadluxe and other comparable properties, and quantitative analysis that makes it simple to draw comparisons, compiled information that you won’t find anywhere else). There is still time to begin working with us, simply use the contact us link at the top of this page. Regardless of what happens this Saturday at the Broadluxe auction, more residential living options in this area of the city will only serve to brighten the community.

The exclusive photos below offer a look at unfinished penthouse shell unit 9B at Broadluxe, as well as the commanding view from its large deck.

We’ve received literally hundreds of inquiries over the past year regarding Broadluxe in Boston’s Financial District, and the time has finally come to announce the condo auction details. Tranzon, an auction company that will represent the seller, TD Banknorth, will be auctioning 44 individual condos ranging in size from 539± to 1,887± square feet at Broadluxe in the heart of the Financial District of Boston.

The auction will be held on Saturday, June 21, 2008 at 10:00am at the Langham Hotel, located at 250 Franklin Street, Boston, MA 02110.

We are providing Buyer representation at no cost to you (i.e. leveraging our services versus “going it alone” does not impact your purchase price). Allow us to setup property previews, guide you with comparable market analysis so you know how to bid, and serve as a sounding board for downtown Boston condo expertise. Contact us for further details on next steps.

Tranzon is requiring a deposit amount of $20,000 per unit or $50,000 for 3 or more units, in cash or certified check, to bid. Deposits will be increased to 10% of purchase prices (TBD) within 5 days of auction close. Deposits will be held by Tranzon during the auction, and the intention is that the Purchase & Sale Agreement will be signed at the auction should you win a unit.

Building amenities include storage, ground level commercial space (restaurant and wine store), elevator, state of the art fire alarm and sprinkler system, concierge (more security level), and professional management. Condo fees will include maintenance, trash removal, professional management, concierge/security, and common area expenses/utilities.

Tranzon will follow 30-Day closings, sold in as-is condition, with no contingencies on the Broadluxe condo auction.

As you know, Broadluxe, a 44-unit condo development in the heart of the Financial District of Boston has gone through a roller coaster of a ride over the past several years. From full steam ahead to foreclosure (see Broadluxe Financial District Condo Update), and now, what looks like auction.

We spoke with our contacts at TD Banknorth (current owner of the entire development after it was foreclosed upon) regarding Broadluxe, and they have confirmed that construction is near completion, and units at 105 Broad Street will go to auction in the near future.

We’ll bring you more information here at the Boston Condo Blog as it becomes available.

For the most up to date Broadluxe condo auction information, see Broadluxe condo auction.

We are continuing to stay close to the Broadluxe development in Boston’s Financial District at 99-105 Broad Street as it moves closer to completion, and perhaps more importantly, available for sale.

TD Banknorth foreclosed on the property several months back, and they brought in Union Construction (a greater-Boston company) to finish off outstanding construction. As of Monday morning, TD Banknorth communicated to us that they were approximately 30 – 45 days out from construction completion. What remains up in the air are title issues that TD Banknorth absorbed when they foreclosed on the property.

Until TD Banknorth can work through the outstanding title issues with the title company, they are not in a position to convey individual units to Buyers (i.e. no units have been sold yet, and none will be until title issues can be cleared). At this point, there is no clear and concise answer as to when the title issues will be handled. TD Banknorth appeared excited that Boston Condo Guy has several interested Buyers, and wished they could convey units immediately.

If you have continued interest in the Broadluxe condo development, please contact us so that we can stay connected with you as things move closer to completion.