The 1850 to auction 35 South End lofts
An auction of 35 lofts at The 1850, a handsome mid-19th century brick building in the South End at 90 Wareham St., will be held at 1 p.m. Sunday, June 28, at the Westin Boston Waterfront hotel at 425 Summer St.
“This is an extraordinary opportunity for homebuyers,” said Sue Hawkes, president and chief executive officer of Velocity Marketing Services, which will be conducing the closeout auction. Daniel J. Flynn & Company will be the auctioneer.
The five-story building encompasses an entire block along Albany Street, between Wareham and Malden streets.
“Where else in Boston could you find new lofts at this price point? It’s a once-in-a-lifetime opportunity,” she said.
Minimum bids will start at $175,000 for a 679-square-foot condo and a 701-square-foot unit. Bidding for the largest loft at 1,564 square feet will start at $395,000; its original asking price was $799,000.
Buyers will be able to buy a deeded outdoor parking space for an additional $35,000 and fold that cost into their mortgage.
The starting bids are at an “unheard-of price point for Boston and for the South End in particular, where the average price for a one-bedroom condominium is just under $400,000.,” said Hawkes.
“We also have an arrangement with Wells Fargo, in which qualified bidders can receive up to 90 percent financing.”
In Unit 314, the polished concrete floor is white, brightening the open space. The exposed brick is white too, contrasting with the sandblasted beams.
Combined with the currently low mortgage rates and the $8,000 tax credit available to first-time homebuyers, this auction is a unique opportunity for prospective homebuyers, she said.
Hawkes explained that the developer, an affiliate of the Cresset Group, made a business decision to sell the remaining 35 lofts in the 60-unit building in one fell swoop in a 90-minute auction.
“If you look at the sales absorption rate in general, and certainly in the Greater Boston area, it is at a snail’s pace,” said Hawkes.
The developer projected that it would take a couple of years to sell all the units and decided to adjust the absorption, which would allow him to move on.
These are true lofts with exposed brick walls, some painted white, sandblasted wood beams and columns and nearly 10-foot-high ceilings.
Steel beams are revealed in places too. The floors are polished concrete.
Some of the units have been built out, while others are completely open.
Residents can use the development’s preferred interior designer, Terrat Elms Interior Design of the South End, to customize their loft.
A long curtain that hangs from a track in the ceiling defines the bedroom in Unit 406, which has exposed red brick.
“Some people would like a more conventional space and put up walls or a floating wall with storage that could be moved,” said Hawkes.
The 1850 housed the Allied Bolt & Screw Company for more than 40 years before it relocated to Canton seven years ago.
From the late 1880s to 1926, the Everett Piano Company produced fine musical instruments on this site, and John Phillips Souza was among its clients. In between the building served as a warehouse.
Working with Brian Healy Architects, Cresset Development began the condo conversion three years ago, first selling lofts in the pre-completion stage.
The kitchens include stainless steel Frigidaire appliances and granite counters that contrast with the light- or dark-stained maple cabinets.
Buyers began moving into the sleek spaces a year ago, said Hawkes.
In his press release, Cresset Group senior vice president and principal John Baxter said, “This development offers affordable luxury as well as close proximity to downtown Boston and the Boston Medical Center, all of which make The 1850 an ideal address for those who want to experience real city living.”
Information about the auction is available at the Web site, www.The1850.com, and by phone at 617-988-8008.
The lofts can be inspected between 1 and 7 p.m. Monday through Friday and 11 a.m. to 5 p.m. Saturday and Sunday.
To participate in the auction, would-be bidders must register in advance. Details about the terms and conditions of the auction are included on the Web site.
