Luxury condos in the upscale project known as Nouvelle at Natick, Massachusetts are now scheduled to be auctioned off on Sunday, October 4 at Crowne Plaza Boston in Natick.
In a follow-up to a post that I wrote last year, the troubled project continues to struggle in the wake of a bankruptcy petition which was filed in April. The owner, General Growth Properties, has been unable to cover a $1 billion debt after failing to sell some of its property leases, including one at Faneuil Hall in Boston.
The once-touted retail/residential complex has only managed to bring under agreement 37 of its 215 condos and is currently set to sell off the remaining units at 70 percent below their previous asking prices.
The original plan, during the height of the boom, was to transform the old "Natick Mall" into a more upscale shopping environment, adding stores like Neiman Marcus and Nordstrom and a mega complex of condos and luxury spas.
It seems as though others may have shared my sentiment about not shopping where you live.
I understood the concept of living in a protected environment with stores and restaurants in close proximity. The initial appeal was to have a downtown convenience while still having a life in the suburbs. Also, with New England's harsh winters, the idea of living in a mall meant going for morning walks without fear of having to endure the snow and ice.
However, apart from the fact that these residences are located on Route 9 which is neither scenic nor cultural, the price tag for the units may have been a bit prohibitive for most people to consider.
The original sales prices ranged from $379,900 for an 800-square-foot unit to $1.5 million for a larger unit. Even with the all-inclusive health club and designer roof garden this was a hefty price for a condo on Route 9.
With condo fees starting at $600 a month, even the upcoming auction prices may not be enough of a bargain to round out the sales in this ambitious complex.
Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446, E-mail
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