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Boston Foreclosure Homes for Sale Include Luxury Condos

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By : John Cutts    99 or more times read
Lists of Boston foreclosure homes for sale in the coming months will include high-end condos after another luxury condo complex went into foreclosure and another hotel and condo development is facing serious financing difficulties.

The Bryant on Columbus ultra luxury condo complex, developed by Rhode Island-based Wasserman/Vornado, is set to be sold off just one week after the announcement of the auction of the foreclosed condo project Nouvelle at Natick.

The developers of the nine-story Bryant luxury condo were able to sell only 50 units. According to Warren Group, in the first 8 months of this year, sales of condo units priced above $500,000 have fallen sharply by 35 percent.

Condo sales analysts in the Boston area said that the Bryant developers were slow to react to developments in the condo market. They said that while other condo projects such as the condo complex at 285 Columbus were sold out because they responded correctly to the market, the developers of Bryant rejected reasonable offers just below their asking prices.

Bernard Wasserman, head and founder of Providence-based Wasserman Real Estate Capital, said he and his fellow investors expected many empty nesters in the suburbs to move to downtown Boston and buy condos, but because of plenty of Boston foreclosure homes for sale, they were unable to sell their homes to be able to move.

Wasserman also said that he and his son are working out the problem with co-developer, New York-based property investment trust Vornado Realty Trust. But analysts said Vornado has its own financial problems and it wants to eliminate the Bryant condo project from its books.

Other recent condo foreclosures were the 1850 loft-style complex, the 44-unit Broadluxe, the 96-unit Folio and the Natick Collection.

Another hotel condo project which is in limbo is the W Hotel. The city has committed to provide developer Sawyer Enterprises with a $10 million loan to complete the project, but city officials are still demanding more collateral from Sawyer.

Evelyn Friedman, head of the Department of Neighborhood Development, related that city officials are asking three or four more properties as collateral, aside from the W Hotel, in case the condo units do not sell at the projected prices and time frame.

The city approved the development of the condo and hotel project in 2006 and later, the developer obtained a construction loan of $190 million from Prudential Insurance Co.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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