Harborview in Foreclosure

S

sidewalks

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If there was any doubt that the real estate market is in trouble, this little item should eliminate any doubts...

http://www.pesco.com/servlet/SelectAuction.do?auctionId=2039

If this has already been reported elsewhere on the site, I apologize. Either way, this is a rather incredible event. When a project of this magnitude fails it is indicative that there is more pain to come. I would not want to be selling condos in Northpoint these days...
 
It's incredible, but I wouldn't say it is particularly surprising. The writing has been on the wall since Countrywide (the largest provider of home loans in the country) was being bailed out by the likes of BoA.
 
moving the topic

It's not really a big deal either way...but the building hasn't even been occupied yet. I would think that might qualify it as a 'new development'.
 
Harborview, circa January 2007.

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Amazing

This was a surprise to me.

The way this went was it was going to be condos, then they decided to make them into apartments, instead.

It says "auction" but not "bank auction".

It could be voluntary on the part of the developer - since the company has decided it will be apartments and not condos, it might feel it wants to get rid of the whole thing, not hang on to it and be a landlord.

Disappointing development, that's how I see it, but not necessarily indicative of any looming problems.
 
mortgagee

It says mortgagee's auction...that means the bank is selling the asset for failure to pay.
 
Harborview is finished, and empty. No signs of occupancy, ownership, sale, rent, auction. Now that its done, you can walk around to the water side of the project. The three wings are stepped up, the highest being the south wing. There is a pier and a dock. And for protection against predatory realty pirates, there is at least one cannon.

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Across the street, the future site for the new Spaulding Rehab Hospital is fenced off, but no sign of any construction activity there.
 
has there been any news on the harborview project? last i heard the auction was to take place on May 1st.
 
I'm sorry, where does it say they are now renting? I just see the same old stuff that has been on there for months.
 
right on the front page..."now renting" is in a cursive font.

when i visited this site in the past there was nothing to look at....

links to floorplans, amenities, photos, contacts etc...

did you see any of that previously??
 
The number they list as the contact phone number is disconnected, so I don't think they are currently renting.
 
spoke to a broker yesterday and they are now gearing up for rentals...do a search on craigslist apts and there are pages of ads for harboview.

i'm going to try and get in there this week....apparently they're working on getting accounts set up to begin accepting deposits but will start doing their first showings by later this week or into early next week.

i also saw an ad on craigslist real estate adverting a sale of the individual units (posted 7/11). the ad directed me to the harborview website and i tried calling the number listed in the contacts section. i got voicemail but at least the line is connecting...however, the woman on the vm said "thank you for calling harborview rentals" so i'm not sure if they're doing sales and rentals or just rentals.
 
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