The Bryant - 301-319 Columbus Avenue

If this is on Charles st north of the common, then their getting what they want. Briv, nice pic and yes Columbus still has some of its character, but its no Beacon Hill.
 
Shepard said:
^ Agreed with Jass. I didn't mean to imply that they did their market research wrong with regards to luxury buyers; I meant that they did their market research wrong if they thought luxury buyers were a prime growth platform. As Jass said eloquently, many more people would live an urban lifestyle without under-the-roof frills for a price tag that can still be worthwhile to developers.
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True, the developers took a risk here and obviously lost.

Their market research obviously failed if they had to go to auction.
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I don't think it was the research that failed so mush as the their market dried up.
 
vanshnookenraggen said:
True, the developers took a risk here and obviously lost.
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Have there been any developments that actually downgraded from luxury to midrange and filled in addtional units? Or are the permits and headaches too great to recalibrate at a late stage like that?
 
I don't see it as a sign of anything more than the times. Not an anomaly but also not indicative of the state of the market. Even today, if you asked me, "Is there a market for 2,000 SF three-bedroom homes in downtown Boston," I'd say, "Yes."

You can't find a comparable property of the same size for the same price. The only difference is, the Bryant is in "no-man's land" between South End and Back Bay. But, compare it to 285 Columbus, just half a block down the street - they were able to sell 60+ units in less than 2 years. Some would say 285 Columbus is WORSE being that it is up against (over?) a subway & Amtrak rail line (and now has CVS as its anchor tenant - great place to pick up your Antabuse).

A fair question is, what kinds of buyers have the resources to close on these deals? Less than 50% sold means no traditional financing. The buyers aren't "rich" in the sense they don't have money to burn. Hope (and assume) they arranged their financing beforehand; don't know if they were able to get a mortgage contingency clause, I doubt it.

Would I buy in a building less than 50% sold? HELL NO.
 
Why wouldn't you buy in a building half-vacant? Because it would be boring, or is there an economic reason? Just wondering.
 
Maybe they overshot the market, but Columbus Ave in the South End is still quite a desirable location, near lots of restaurants.
 
It would have sold better if Columbus Center was under construction. Sitting next to a wasteland of highways doesn't help that stretch of Columbus Avenue in the slightest. Then again, the UFP would kill everyone and possibly cause a zombie outbreak, bankrupt the nation more than a few bailouts and stimulus plans, in addition to carnivorous shadows and deadly winds, so maybe this is the best we can get.
 
kennedy said:
Why wouldn't you buy in a building half-vacant? Because it would be boring, or is there an economic reason? Just wondering.
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FHA and Fannie Mae have recently tightened up standards making it more difficult for buyers to get financing to buy condos. Aslo, even if a buyer gets financing, they may be worried whether other potential buyers can do the same.
 
It's a bad idea to buy in a half vacant building because of condo fees as well. If half the units are unoccupied, someone still has to pay for the upkeep of the building. I doubt anyone likes the idea of having their fees doubled because half the units are empty and the bills still need to be paid.
 
Developer is typically still on the hook to pay the condo fees for the units he still owns. Of course, if the developer is cash strapped . . . .
 
Theres also the issue where you pay listed price and then 6 months later the other units go to auction for 30% less....
 
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If this building just didn't have those off-the-rack looking cornices it would be much better.
 
Do affordable units get a discount on the condo fees? With all the amenities this place has, I'd estimate those fees to be in the $500-$700 range.

Also, how does resale of affordable units work? Is there a cap on the future sales price and if so how is that determined?
 
yes there is a cap...I believe it has to stay "affordable" to someone making the same percent of the median income from when you bought it. IE if the unit was meant for someone making 90% of area median income, that means that 30% of the income for a single person- perhaps 30% of $50k, would go towards a mortgage payment. The value of the unit would be calculated based on the amount available for housing payments in relation to the prevailing interest rate on a 30 yr mortgage. The next time the unit comes up the sales number would be based on the same calculation.
 
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^^Right. And not only does the condo fee count in the "30% of income" housing cost calculation, it also largely absolves the affordable units from pitching in on assessments. This has lead to some lawsuits in situations where affordable units have been denied votes in front of the condo board (the question being, should someone who won't be asked to pay for an assessment be allowed to vote for one).
 
Hypothetical question. Let's say I'm 25 and make a salary qualifying me to buy an "affordable" apartment (I guess if you make more, you're expected to pay too much :rolleyes: ), but I hope to have some upward mobility and make a "non-affordable" salary by the time I'm 35.

Am I allowed to buy the apartment today, or will they look at my current job performance and likelihood I may get a raise and prevent me from doing so? And if I buy the apt and I do get that raise 5 years down the road, will I be kicked out of the apartment I own when I get it?

This seems like such a bizarre, opaque and convoluted game (no wonder Charlie Rangel owns a small town of "affordable" apartments). Me no understand.
 
Unless I understand wrong, this just sounds to me like an expensive game of rent with closing costs. If you can only sell it within "affordable" guidelines based on what you described, then you'll never profit on it beyond inflation. You'll be paying interest and condo fees with no upside.
 
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