Boston Real Estate for Sale

Boston Real Estate: It’s called a car wreck, people. In slow motion.

What a ridiculous turn of events.

From today’s Herald:

A New York investment firm is playing hardball in talks to buy the troubled NorthPoint project, casting a cloud over plans for the largest single development ever proposed in the Boston area.

In a letter sent Jan. 17, Archon Group said it was terminating a $177 million-plus agreement to buy plans and land for the 40-acre-plus city within a city in industrial East Cambridge.

Just a week before, Archon, the real estate investment arm of Wall Street firm Goldman Sachs, had executed a purchase and sale agreement for NorthPoint, court documents state.

So, you have two owners who, I think, both want to sell, but they can’t come to an agreement on terms. Meanwhile, you have a buyer who put down a deposit, but now wants to either pull out, completely, or renegotiate.

Last week, a reader of this blog sent me a note, saying that he/she had been told that the developer could not foresee closings anytime soon. The reader therefore requested his/her deposit back.

Closings in the first building were originally scheduled for April, 2007, to the best of my recollection.

Well, at least people are getting their money back, right? And they certainly have a better selection of condos from which to choose, at lower prices, right?

Or am I just being too optimistic?

Funny story, actually. One of my agents was in the North Point sales office a couple weeks ago. My agent told the salesperson that he worked for me. The sales agent said, “Oh, John Keith. He used to love us. I don’t know what happened.”

Really?

No, really?

Source: NorthPoint buyer backs off – By Scott Van Voorhis, The Boston Herald


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