A picture is worth a thousand words... so here it is. Somerville, MA, located just north of Boston, MA seen the value of multi-family property erode. Hardest hit have been those with 3 or more units. But is it possible that the trend is changing. . . ? The mathematician's out there would likely say yes. My prediction is that by the end of 2010 we should see solid ground.

Located in the South End, one of Boston's most trendy and diverse neighborhoods, are The 1850 Lofts at 90 Wareham Street are now set to be auctioned off on June 28th. The units originally were listed between $350K to upwards of $800K.  Starting bids on the remaining unsold units are going to be ranging from $175K to $395K, or a 50% or more discount!

I previewed these units on the first day of the pre-auction open house and must say that they were nice.  The choice units being on the top floor where the ceilings are anything but average. Some have "bedrooms" in the towers that add a ton of character.

Bidders will be required to bring a $5K cashiers check to the auction and sign the P&S on the spot. Pre-approval for financing is must be completed with the developer's preferred lender and title company, Wells Fargo, who is offering a $750 closing cost credit.

As exciting and advantageous as the prospect of purchasing a unit such as these at auction is, there are many different facets to this procedure - including financing, inspections, bidding and documentation - that are very different from a standard purchase. For this reason, it is recommended, if not imperative that you have an experienced Buyer's agent to guide you. Not suggesting that I hold your hand, but trust me, you will appreciate the assistance. And it costs you nothing. The auctioneer/developer requires that your Buyer's Agent, yours truly, attend your first pre-auction preview of the units. I must also be present during and after your winning bid.