February 9, 2012 | Updated 10:53am

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Archive for March, 2009

Bargain basement shopping at Faneuil Hall

Wednesday, March 4th, 2009

It’s a killer three-for-one deal, brought to you by this abysmal economy.

 

The offers are in for a package of unique urban marketplaces, the Hub’s Faneuil Hall Marketplace, New York’s South Street Seaport and the Harborplace & Gallery in Baltimore.

 

One bidder offered almost $400 million, clearly the high bid of the lot, according to a Bloomberg report. That would likely place a price on Faneuil Hall Marketplace of at least $100 million, if not somewhat higher.

 

It makes you wonder what the other offers were. And while $400 million is likely a good price in our retro, back to the 1930s-style economy, investors were dropping that kind of change for boring, no name office towers back during the boom.

 

If you managed to stockpile cash during the boom, this is a good time to go bargain hunting.

 

Sellers, in this case General Growth Properties, aren’t in much of a position to negotiate. The mall owner has nearly $1.2 billion in “past due debt’’ and has warned it may be forced into bankruptcy, according to the Bloomberg story.

 

 

 

If you own a downtown condo, well stop complaining

Tuesday, March 3rd, 2009

While everyone is wringing their hands over the latest hiccups in the downtown condo market, real estate prices in some of Boston’s hardest hit neighborhoods have imploded.

It’s a subject I delve into in my B&T column his week.

Let’s just say if you own a condo downtown, it’s hard to see you have much to complain about. After all, even if sales are down, prices are edging ever skyward.

But if you bought a condo in Dorchester, Roxbury or Mattapan in the past few years, you might as well have taken all that money, stuffed it into a bag and thrown it over the Longfellow bridge   and into the Charles.

After nearly hitting the $300,000 mark back in the summer of 2006, median condo prices in Dorchester and Roxbury have plunged – really the right word for this – to just $81,500, according to neighborhood housing researcher John Anderson.
That’s a 72.4 percent drop.

Don’t expect to ever see anything like that downtown, even if our embattled economy finally totters over into another Depression.