Twenty Two Liberty @ Fan Pier | 22 Liberty Drive - Parcel C | Seaport

stick n move said:
Are they going to put glass on the crown? They started putting up framing and then just stopped, does anyone know whats going on there?
Click to expand...

I don't think any glass is going up there. I suspect that the framing you're referring to will actually be structure for attaching lighting.
 
crown lighting, the blue and white cycle horizontally

23194595245_f18ee94174_b.jpg


22800443257_1f879c73d3_b.jpg
 
First time I've been in the Seaport in quite a while this past week, and this building's being open is a huge change to the scene down by the water. You walk past the building and onto the Harborwalk park that just opened and it's a pretty stunning difference from the construction site that it had been for so long:
23460258434_06eb6645de_c.jpg


24062414136_3e5e44bb91_c.jpg


It's also fun to imagine this street continuing all the way to Seaport Blvd. along the pedestrian plaza between Seaport Square B and C:
24005859471_9899e38927_c.jpg
 
Globe: Seaport’s newest high-end address already sees units resold

Six of the 118 units were sold by their original buyers before the building even opened at the start of this year — each one for at least $500,000 above the original price. Five more units are currently listed for sale.

[...]

Every flipper netted double-digit returns on the briefly owned condos, according to deeds filed in Suffolk County. A 10th-floor unit that was bought for $4.6 million was resold at $5.7 million.
Click to expand...

The article also lists some famous future tenants:

The biggest sale recorded was to a holding company controlled by New England Patriots owner Robert Kraft, which paid $12.1 million for a pair of penthouses. Other boldface names in the building include technology entrepreneur Paul English and Vertex Pharmaceuticals founder Josh Boger. At least 20 units, including many of the priciest, were bought through trusts or limited liability companies that keep buyer’s names out of public records.
Click to expand...

And some of the flippers (emphasis mine):

Several of the people who bought and sold quickly either declined to comment or did not respond to messages from the Globe.

According to public records they include an orthodontist, a telecom executive, and the retired owner of a printing company in Maine.
Click to expand...

Which makes me think of this Chris Rock skit:
https://www.youtube.com/watch?v=9Kxp9CEJeAg
 
There should be a law against flipping property this quickly, especially since this building isn't even open yet. We'll never solve our housing crisis if investors can just swoop in on the market rate units, and then turn around and sell them at a premium to people who actually want to LIVE there.

This also exemplifies how the rich can invest their money to make more money, (and continue to tip the pie chart in their favor) while the rest of us are stuck not only spinning our wheels, but then paying higher housing costs due to the greed of the rich. Really a discussion for another thread except I just find this whole thing to be sick.
 
DZH22 said:
There should be a law against flipping property this quickly, especially since this building isn't even open yet. We'll never solve our housing crisis if investors can just swoop in on the market rate units, and then turn around and sell them at a premium to people who actually want to LIVE there.

This also exemplifies how the rich can invest their money to make more money, (and continue to tip the pie chart in their favor) while the rest of us are stuck not only spinning our wheels, but then paying higher housing costs due to the greed of the rich. Really a discussion for another thread except I just find this whole thing to be sick.
Click to expand...

There's no "rest of us" in this situation, just rich people and even richer people. What we're seeing here is the 1% making some bucks off of the 0.1%.

Remember that Fallon did all of their sales and marketing for this building in-house. The developer selling to investors who then resell to eventual owners is pretty much the same as a company selling to retailers who eventually sell to customers. The resellers put up their money up front and take on some of the risk, and then are rewarded if the resale price is greater than their original purchase price plus holding costs. This situation could have gone the other way, too, where the market could have soured and the flippers could have lost money.

This shows that Fallon originally underpriced the units relative to today's market. This could have done intentionally in order to move the units quickly and avoid exposure to risk. The developer over at One Dalton is making a point of not selling to investors, only to people who intend to own and live in the units. This could help them to capture more of the value themselves, but it also means the units should sell more slowly and thus the developer will be open to more risk (both upside and downside). There's always a trade-off...

As long as the flippers are actually on the hook for the risks they take and don't get bailed out, there's nothing wrong here; it's just the market at work. Any time a building sells out before it opens (which the developer gets to brag about) there's always a chance that those pre-sold units will be underpriced relative to the the market at opening.
 
Last edited:
^I disagree with some of what you said, if you are interested in continuing this debate in a relevant thread.
 
You must log in or register to reply here.

Back
Top