Boston Developer Selects Tranzon Auction Properties to Liquidate Luxury Condo Project

Tranzon Auction Properties has been selected by a Boston Developer to liquidate five newly renovated luxury residential condominium units. The Lofts@Broad project (located in the Financial District at 65 Broad St.) has been marketed through the traditional brokerage method for only a short time, but the developer says he’s chosen the auction method in order to satisfy some immediate cash requirements.

In an aggressive move that indicates just how serious the developer is, one of the units is being offered with no minimum and no reserve. What’s more, the no minimum no reserve unit is “bidder’s choice”. “Essentially, bidder’s are in a position to pick their unit and then offer their price” says Brecht Palombo, an auctioneer with Tranzon Auction Properties.

Broad Street is a location that is positioned next to the forthcoming Rose Kennedy Greenway. The street is currently slated for major improvements by the Menino administration including changing the street to a one-way, planting trees, and widening the sidewalks to provide space for outside dining. Broad Street is also the location where a number of residential condos were auctioned several months ago.

Auctions have been gaining considerable popularity both with sellers and buyers in this changing market. Auctions offer a seller a definite date on which they can sell their property. Buyers are seizing the opportunity to pay a fair price without the usual back and forth. The real estate segment of the auction industry grew by 12.5% in 2006.

For more information on this sale happening April 17th, 2007 at 6:30 PM at the Langham Hotel at 250 Franklin St. Boston MA, visit www.tranzon.com; call 866-236-8930 Ext 2632; or email Brecht Palombo at bpalombo@tranzon.com.