Natick Nouvelle, Massachusetts – Luxury Condos are Auctioned Off

Going. Going - But not totally Gone.

The saga of the Nouvelle at Natick continued yesterday with the auctioning off of 55 of its remaining 178 luxury condos.

Nearly 400 people stood in the excitement-filled atmosphere in the Crowne Plaza Boston ballroom as buyers, each with a $10,000 certified check in hand, scooped up some incredible deals.

The most expensive unit, a three-bedroom three-bath, 2,110-square-foot 12^th-floor unit sold for only $626,000 which was 37 percent of its original asking price of $1,684,900.

Three others of the $1 million dollar-plus units also sold for an average of 37 percent of their asking price.

A one-bedroom, 922-square foot condo which had originally listed for $514,900, sold to a lucky bidder for $281,000.

Bankrupt owner General Growth Properties had previously hoped that its $170 million condo development adjacent to the Natick Collection Mall, with its top of the line finishes, world class sports club and designer rooftop garden would be a hit in the suburbs.

However, prior to yesterday's auction, only 37 of the 215 units had been sold or were under agreement. This was their situation, despite a great deal of hype which had initially surrounded the project.

The original concept was for a pampered life in a protected and luxurious environment with close proximity to shopping and restaurants. Promoters compared it to a downtown existence with the benefit of being in the suburbs.

There were a number of problems with this theory but two specifically glared out at me when I wrote my post last year cautioning against buying into this complex:

• A life at the intersection of Speen Street and Route 9 is not something that can be compared to downtown Boston. It is far from being an attractive area with the closest cultural venue being the General Cinema Movie Theatre.
• The price tag for these units was much too high for the area.

Unfortunately, the buyers who purchased the 37 units at their original asking prices are left in an unenviable situation. If they financed these units, they are or will soon be under water as property values at this complex plummet.

The Natick Nouvelle would appear to be the latest casualty of the recession, possibly combined with some poor planning and unrealistic expectations.

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