South End condos auctioned at discount - Boston Business Journal:

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Bids for the units, located in a former pianio factory andgeneral warehouse, will startg at $175,000 with some units being sold for as much as 55 percentt below the original asking price. The auctio n will be held at 1 p.m. June 28th at The Westinh BostonWaterfront hotel. The 1850 is a 60-unit project, developed by an affiliates ofthe Boston-based and designed by Mass.-based Brian Healy Executives at the Cresset Group did not immediatelg return a call for comment. The project was completed in 2008. Over the past 18 25 units have sold, said Sue Hawkes, presidentg of Velocity Marketing Services. The units were originallyt marketed for sale forbetweej $300,000 to $700,000.
“This is a developer said Hawkes. “Clearly the decision has been made to sell out the remaininvg units andmove on.” The remainintg units being auctioned at the property range in size from 679 squar e feet to 1,564 square feet and minimum bids will range from $175,0090 to $395,000. Some of the lofts have been turned into one and two bedroomx while others can be customm finished bythe buyer.
Winning bidders also will be able to purchas e a parking spotfor $35,000 which will be added to the new Loft units feature 10-foot ceilings, exposed beams, originalo brick walls, stainless steel appliances, maple cabinets and granited counters among other Prospective buyers can view modelo homes through June 27 at an auction informatiohn center located at 90 Wareham St. in the South End. Bidderws must register in advance.