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As a Cambridge real estate agent, the city squares of Cambridge, Somerville and Medford and the town centers of Arlington, Watertown and Belmont, Massachusetts are my home turf. And as a lifelong New Englander who’s lived within twenty miles of Boston most of my life, I can introduce you to other nearby towns as we search for your new home. If you’re planning to sell your home in Cambridge, MA or nearby you’ll find plenty of info about the home selling process here too. Questions? Send me an email or call me at 617-504-1737.

Luxury Condo Auctions – Now The Nouvelle, Then The Esplanade

The Esplanade Condos - 75-83 Cambridge Parkway

The Esplanade Condos - 75-83 Cambridge Parkway

I couldn’t help but think of the Esplanade condos in Cambridge when I read on the front page of today’s Boston Globe about the upcoming auction of condos at the Nouvelle in Natick.

The Nouvelle condominiums are the luxury condos built as part of the reworking of the Natick Mall into a luxury mall, the Natick Collection.  I haven’t visited the mall yet – I just can’t wrap my head around it since the good old Natick Mall (and its next-door neighbor -now gone – the very cool Shopper’s World) was “my mall” when I was a kid. 

Unfortunately for the condo project, the recession, the real estate slow down, and also perhaps the pulling back from conspicuous consumption caused sales to slump. 

Owners who did buy condos at market rates should take heart however. 

The last slow down in real estate, in the early 1990s, also resulted in auctions of luxury condos.  In Cambridge, unsold condominiums at the newly built luxury building, the Esplanade at 75-83 Cambridge Parkway, were sold at auction in 1991. 

It’s always hard for us to imagine what real estate values will be in the future.  I’m sure that early buyers at the Esplanade were distressed when unsold condos were auctioned.  After looking at Esplanade condo values in the years after the auction it would seem that time has healed all wounds.  Recent sales in the building have ranged from $435,000 to $1,940,000.  The condo that sold for almost 2 million dollars had sold in 1991, the year of the auction, for $540,000.  Who would’ve thunk it?!



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