6 Responses to “Developing: The Modern goes to the auction block” »»

1. anon
   Comment by anon | 04/22/08 at 6:52 pm

   Seems kind of quick. When were the first closings at the Modern? Makes one wonder about the other slow to sell projects in South End such as the Penmark and PSB. What do the current inventory numbers look like for these two projects, 700 Harrison, and 1850? A flood of cheaper priced condos to the South End market would not be healthy.

2. Bill
   Comment by Bill | 04/22/08 at 6:55 pm

   I posted a longer version of this question on your Under Construction and Proposed blog entry, but it seems more relevant here:

   What do you foresee in terms of South End development expanding across Mass Ave., into Roxbury?

3. John A Keith
   Comment by John A Keith | 04/22/08 at 7:06 pm

   Bill, I’m trying to get to your question, but I’m on deadline!

   And, anon … explain, please!!! I would LOVE to see cheaper condos in the South End.

   Selling Penmark and Modern for $400-$500 per square foot would make me so happy.

   Yes, it would bring down “average” and “median” prices, which would freak out a couple people, but I want more people moving in, at every income level. (Meaning, rich and richer, I guess. LOL!)

4. John A Keith
   Comment by John A Keith | 04/23/08 at 1:38 am

   I don’t think there will be any development of any substance on the other side of Mass Ave. I expect Northeastern to maybe add a couple low-rises, perhaps some apartment buildings? But I don’t see much demand for that area ever developing, beyond what’s already there.

   Well, expanding on that, I don’t see anything going up on Columbus Ave, toward Northeastern. And, not on Tremont, either.

   Maybe on Washington, though, or Albany. But it’s such a no-man’s land. Something of size would have to go in there to make a difference.

   Perhaps Liquor Land’s new owners can build a nice big apartment / condo complex to house the medical students?

5. Carl
   Comment by Carl | 04/23/08 at 7:56 am

   If the Modern is going up for auction, what’s to stop the other South End developments from doing the same? Everything I’ve read about the 1850 is that it’s going to start closing real soon, but everytime I’ve asked the sales people when the first closing are going to happen, it keeps getting delayed. Will this lead to the 1850 unsold units (which there seems to be many) to be auctioned off? I’ve been interested in those lofts, but it seems risky right now.

6. John A Keith
   Comment by John A Keith | 04/23/08 at 8:52 am

   Being “first-in” in a new development is probably not a wise idea, in this world.

   I don’t know anything about the state of 1850 pre-sales. They don’t have all their listings in MLSPIN, so under agreements vs for sales are not available.

   The auction at The Modern is not a result of any foreclosure or anything of the sort. It is simply a way to unload the rest of the units. Presumably, the prices of the units will be less than what others have already paid, which will hurt the resale list prices of those owners, but not so much as if there was some sort of fire sale.

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