Neil and I drove over by the Adams Street School Lofts over off of Shrewsbury Street and there was a few cars parked there. I couldn’t imagine that someone, anyone would buy these over-priced, cheaply done lofts. So I came home and searched the Registry of Deeds for 28 Adams Street to find that indeed a unit had sold. The unit #302 as shown here
It sold for $180,000, first off what the hell was this person thinking. The unit is the size of one of our small units which currently are around 100k for sale, a owner is trying to sell hers for about 90k-something. There is no garaged parking, and the units look like SHIT. The doors for the unit are the original school doors with bad paint, again this renovation was only a cover-up not a re-do.
Seems that the LLC that underwent this development is also doing a portion of the financing. The mortgage taken out was with $26,000 from the LLC. The LLC better have a large amount of capital somewhere because I do not see how they will pay back their almost 4 million dollar mortgage they have to Middlesex Federal Savings.
I know how this will all go down, which is sad. I know what my building has went through in the 2 years of its life. I know how LLC’s handle this mess, they go bankrupt and the bank will own the building soon enough.
Between Adams Street and Kettlebrook (with hug mold issues) my building looks pretty good.
We still have underground parking, the building is structurally sound and hopefully we will have our roof decks this summer….
All things considered, Crystal, you guys are at least a year ahead of the general trend.
They’re renting them now:
“Happy New Year!
2009 is here, and I would like to take this opportunity to wish you a Happy, Healthy and Prosperous New Year!
In one way or another, many of us have had to deal with fiscal challenges that the current economic climate has presented. One way we tackle these challenges is to form changes to adapt to the economic environment.
The condominiums at School House Lofts at 28 Adams Street are now being offered for rent, with an even more advantageous option of renting to own. Since you had previously indicated an interest in these condos, I wanted to personally let you know about this opportunity to rent. Currently there are 8 occupied units, either owner occupied or tenants that have undergone a thorough credit and background check. The remaining 20 units are complete and available for immediate occupancy. If this is something that may be suitable to your needs, please contact myself or Mary Ann Goddard for more information or to set up a date and time to see the condos once again.
With the New Year 2009, we look forward to change, growth and future success.
Sincerely,
Pat Buonopane
Developer
School House Lofts at 28 Adams Condominiums
Phone: 617-628-4900
Email: patb@cmdboston.com
Email: mgoddard@cmdboston.com “
I too got a email from them about renting and someone in the business told me this as well.
As a frequent reader of your blog due to your loft purchase, I have to disagree about you title of this entry. I too was looking for lofts in worcester and had a deposit down on the Fremont lofts but in the end chicken out and bought a house in the Shewsbury St area. With most, my home value went down but Im so glad I did my research on lofts and condos and found that buying a home is much more practical thing to do then dreaming that I can live the city life with my overpriced loft. I too looked at the adams st lofts as I went to school there and knew the building better than the owners..ie…one of the common areas in the basement had doors with glass cracked. That has been there for over 30 years! i do agree that it was done cheap and overprised as home values in that area do not reflect the prices on the condos. Most mutilfamily home are not worth that much. I know becasue my family has a couple of them next to them. In the end the root of the problem is that too many banks gave out mortages to people who couln’t afford to buy a home.
I went through the information in MLS and all I can say and comment in is the fact that according to MLS records the purchaser bought the unit directly from the listing agent, probably with no buyer representation, or at the least, disclosed dual agency, which I doubt. In any case, the listing agent is obligated by law to obtain the highest possible sales price and best conditions for their client, the seller.
Sometimes the public forgets the law of agency when it comes to real estate, and sometimes, sad to say, some real estate agents forget too…
Your title is maybe a tad too generalized??
Irregardless, Happy and Prosperous New Years…
I said there are not “many” smart buyers in Worcester, I didn’t say there were none. And being an opinion blog I can make it just that my opinion. This is the same thing I think about the 18 units that closed at the disaster that is Kettlebrook Lofts. I have an inside connection over there and they are heading to something even far worse than my building or maybe Adams street will experience. They already have a 35k lean on them for not paying Granite Electric the install fees. The developers the Saleba’s live in the building and they will indeed loss the building, time is not on their side.
I have to say University Park Lofts is on the downhill of issues at this point and I am glad not to be dealing with the bs these late bloomer condos are dealing with now.