It’s 2012, and the Granite Lofts which are located at 118-120 Holmes Street in N. Quincy, Massachusetts were ready for occupancy starting June 2006.
I remember the advertising for the Granite Lofts at that time. There were loft style complexes in various phases of completion, start of construction, and in dream phase in 2006. From Lowell and Lynn to the north of Boston to Quincy, just south of Boston, there seemed to be a lot of strength and positive sentiment for the loft trend.
In my mind, 2006 was a time when optimism and sentiment in the housing markets were starting to change tack in a manner that caught many home owners, buyers, lenders, and developers by surprise. The Granite Lofts were developed and completed just prior to the game changing events which picked up speed from 2006 and 22 of the 74 units sold in 2006. The developer was stuck with the remainder of the units and still owns 9 units in 2012, although some of those are under agreement as of this post.
2006 = 22 units sold
2007 = 6 units sold
2008 = 7 units sold
2009 = 5 units sold
2010 = 11 units sold
2011 = 3 units sold
The development company, Granite Lofts Condominiums, still owns 9 units as of January 2012 with several Under Agreement and several others Active.
The development company, Granite Lofts Condominiums, still owned 9 units as of January 11th, 2012, with several Under Agreement and several others Active. Most of the sales of these units were above $300k through 2010. However, going into 2011, the sales prices seem to have changed and short sales are starting to appear more frequently. Those who purchased their units from 2006 through 2010, may find it hard to sell for a 20-30% loss.
120 Holmes Street
Foreclosures in 2010:
*Unit 109E sold for $275k in May 2010
Short Sales in 2011-2012:
*Unit 102E (2011-2012)
*Unit 306E (2011-2012)
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