The 1850 Goes to Auction, and BCG Clients Receive a 50% Discount

Following the trend in which the Folio (Financial District) and Longwood Towers (Brookline) developers undertook, The 1850 Lofts, in Boston's South End, are heading to auction on June 28th. Located at 90 Wareham St, The 1850 Lofts development consists of 60 luxury units, 35 of which will be auctioned off, with minimum bids starting at $175,000 (for units previously priced at $385,000) and ranging up to $395,000 (for a unit previously priced at $799,000). The lofts range in size from 679 to 1,564 square-feet, and offer such features as central A/C, brick and beam construction, deeded parking, large windows, granite countertops, stainless steel appliances, washer/dryer hookups and more.

Important information for bidders: "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 for each residence that they have been approved to purchase. Each bidder is also required to bring a blank personal check. The blank check will then be added to the $5,000 to equal 5% of the winning bid price. Cash Equivalent(s) should be made payable to yourself."

Wells Fargo is representing the developer as the preferred lender for the auction and will offer mortgages to buyers with high FICO credit scores (700 and above). Wells Fargo will be offering 90% loans, with the winning bidders required to put down 10%.

Potential buyers must register for the auction by Wednesday June 24th. The 1850's Lofts are open from now until the auction for viewing, helping prospective buyers decide which unit(s) to bid on. Be sure to secure the assistance of a Boston Condo Group agent when touring The 1850 Lofts. Our Agents will provide you with Professional Representation, ensuring that you fully understand the auction process, and have complete knowledge of this development. Additionally, Boston Condo Group is offering all of our clients the following coupon... A 50% Refund!

*This refund is given off our services if our client(s) purchase a unit at The 1850 Lofts Auction. The commissions paid to Boston Condo Group, the buyer's broker, are paid by the developer, and not by our clients. We will return one half of the commission we receive back to our clients. And, since this cash is determined to be a refund off of services rendered, our clients DO NOT need to pay taxes on this money. See below: past sales at The 1850 Lofts with new auction prices for comparable units.

- Loft # 412: Sold 8/15/08 for $410,000
o Loft #512 being offered at auction for starting bid of $195,000

- Loft # 303: Sold 7/28/08 for $437,500
o Loft #403 being offered at auction for starting bid of $225,000

- Loft # 307: Sold 7/11/08 for $480,000
o Loft #407 being offered at auction for starting bid of $260,000

To learn more about this auction, or to learn about our 50% refund, please email us here, or call us at 800-975-5BCG.

Penny Savings Bank... Not Too Shabby!

When real estate developer Stonegate Property LLC first announced their intention to convert the Penny Savings Bank into luxury condos, many people expressed their doubts and concern. The Penny Savings Bank has long been an architectural icon since it was first built 100 years ago in Boston's South End. The developer proposed to maintain it's 5-story base, built with white marble, and to erect a 3-story addition of clear and translucent glass that will sit on top. South Enders could only imagine the daunting clash of style and architecture that would overtake what is currently a beautiful stretch along Washington Street.

Fortunately, those speculators seemed to of had little to worry about. The project is due for completion this Summer, and the exterior of the building looks terrific. The conflicting styles of a white marble base with glass story's atop hardly look as if they were designed and built almost 100 years apart. Simply put, they compliment each other very well. There are 23 condo units within the Residences at Penny Savings Bank, and they are being bought up fast. On the first floor of the building will be a high-end restaurant and a Citibank. Residents, however, will have a private entry that opens up to a lovely lobby.

Please contact us for more information, or visit our dedicated development page - Penny Savings Bank.