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Lien put on mall condos - Builder seeks $12.6M for Nouvelle

 
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news



Joined: 14 Jul 2007
Posts: 0
Location: Greater Boston

PostPosted: Thu May 21, 2009 1:05 pm GMT    Post subject: Lien put on mall condos - Builder seeks $12.6M for Nouvelle Reply with quote

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Description: Lien put on mall condos - Builder seeks $12.6M for Nouvelle at Natick
URL: http://www.bostonherald.com/business/general/view/2009_05_21_Lien_put_on_mall_co ...truncated...
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=2368

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JCK



Joined: 15 Feb 2007
Posts: 559

PostPosted: Thu May 21, 2009 1:14 pm GMT    Post subject: Reply with quote

This sounds awful. That buyer they're quoting seems pretty pleased with his purchase, but he's got a property he can't delivery clear title to, should he need to sell. And now no one can even buy in, at this point, until this lien/title issue is resolved.

I've frankly never understood the concept of expensive suburban mall condos. If you've got $1.5m to drop on a condo, wouldn't you be living in Back Bay or the South End, not out in Natick?

And, if you prefer suburbs, wouldn't you want to be in a nice SFH, rather than at the mall?

And if you do prefer the suburbs and want to live in condo, wouldn't you'd rather be doing it on the cheap, rather than paying a huge premium?

I think their profile buyer (I want to live in an expensive condo, prefer the suburbs, and like living in/near a shopping mall) is a very limited number of potential buyers.

Just a flawed concept from the beginning.
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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Thu May 21, 2009 4:06 pm GMT    Post subject: Reply with quote

I was excited when I heard about it because I like condo living. As an engineer, none of my jobs are in the city and moving to the city means dealing with city problems (tolls and traffic) much less the extra commute. The problem is they priced these really high. They should have been more along the lines of Repton Place: ~$300k for a 2br, $400k for a 3br. It's not a bad idea they just either targeted the wrong market or, after having looked at what houses cost around the 128 belt, thought that the typical middle class worker could afford these prices.
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JCK



Joined: 15 Feb 2007
Posts: 559

PostPosted: Thu May 21, 2009 5:22 pm GMT    Post subject: Reply with quote

Yeah, this is exactly what I mean.

The prices are just out of whack for the area. There are certainly advantages to condos, I just don't see the value in this development.

And I understand why you wouldn't want to live in town, but why would someone pay downtown prices to live at the mall?

And don't forget that these aren't even in the 128 belt; Natick Mall is a good distance outside 128.
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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Thu May 21, 2009 11:51 pm GMT    Post subject: Reply with quote

It's the first exit on 90 after 128 though. Very good highway access, which is rare for Boston.
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