I was speaking to a few friends of mine at the Kennedy House. I hear they are having quite a few problems selling units there. The problems seem more severe than the real estate slowdown that has been going on. 1 bedroom Units that were listing for 350k and up are lucky to get an off in the 2's I hear. Part of the problem, is the Board requires 33% down. That is bizarre considering all of the new condo development going up . Condos are 10% down. Plus, I hear the board is very hard on prospective buyers, buyers have waited more than a month for an answer. It has been a nice building, but it looks like it is going down. Does anyone else have any insight on this?

I have heard the same thing about the Kennedy House. Their board is insanely hard on prospective buyers. I think the units there are way over priced to start with. On Craigslist I have been seeing the same Jr 4 listed for sale, $439k I think is the asking price, since February. Most prospective buyers don't want to deal with the board and 33% down is outrageous. If I had that kind of cash, I would buy condo.

I can tell you lots about the Kennedy House board.

I was turned down despite incredible fifnancials--at the interview the Board came on like attack dogs. We were totally honest and they acted like they didn't believe anything and were incredibly nasty. They turned us down.

We got into a simialr-type coop easily, nice board, who all agreed we were ultra-qualified, as we are. It's like they don't want you to succeed at Kennedy. They're digging their own grave.



Prospective buyers--don't bother--not worth the effort.

The Kennedy House board is way too difficult for the size of their building. Add in the 33% down payment requirement, and you will have an extremely difficult time moving the 1brs and Jr4s that are mostly starter apartments for younger buyers or even older buyers without much by way of new income. There is a junior 4 for sale for $439,000 thats been listed forever. There are also newer listings of Jr 4s in the high 3s. Some 1brs are listed in the high 2s. I'm not sure what they will go for, but time will tell.
2007-06-04 13:52:02

Thadeus,

Why are the Gardens apartments likewise overpriced? The ones I have seen are asking $500/sf, when they probably would be a tough sale at $425/sf. As far as I can tell, no one has or will pay that kinda money.

You are right, some on the market now in the Gardens are way overpriced. I can tell you, I'm not sure which Gardens realtor Terrace, Madeline, Sarah Jones) has the listings now, but two 1 bedroom apts I know of have been sale for nearly a year now. They are asking around 350k or above. These are in 20 Continental, a nice building. One of the units listed at Sarah Jones, then when no offers came moved its to Madeline, then back to Sarah Jones. The same holds true with a new listing now in 6 Burns, They are asking like 340k or 350k, they will never get that. When the market was at peak, there were units that sold for 320-339ish in 20 continental and figure maybe the high 2's in 6 Burns. Now I would say, and I have lived in the Gardens a while having once owned a 1 bedroom, you should figure on paying in a good building in the Gardens(all are good and pretty much the same price range except the inn apts at Station Square, thats a whole other sad story) in the mid to high 2's. Some good ones have recently closed in the 2's, in Darthmouth and 6 Burns. Nice units, I saw them. If you offer more today, I can't see you building any equity for the forseeable future.

What's happening with the Inn's apartments? I don't ever see people going in nor out?

There's a one br (750 or so sq feet) for sale at 20 Continental for $399k from Sarah Jones. It's nicely appointed, but on the second floor and stares out at the air conditioning/ventilation system. That is uber-overpriced.

There are two 650 sf low floor apts in 6 burns on the market for 320k and 344k. At that size, they might as well be studios, and also extremely overpriced.

There is a 2br (900 sf) at 6 burns through terrace that was listed at $459, but is now down to $425k. Its surrounded on two sides by windows into other ppls bedrooms and faces the courtyard on a third side. At 425k its coming somewhat closer to the range of reasonableness, but I doubt anyone would pay that kinda money for what is really jr.4 size.

Then theres a 2br at 150 burns (maybe 1000-1100 sf) that is on the third floor. It's nicely renovated, but the second bedroom looks like it was carved out of a linen closet. It has no fireplace, terrace, brick walls, etc... At 549k it is approaching the most overpriced of the bunch.

I know the 399 one you are talking about. It has been for sale since at least last JUly. I saw it during an open house when I went around with a friend. A woman owns it, she is so unpractical. It is a nice space, nice work done but still will fetch no where near that. The apt is also a high burglary risk since its windows face directly out onto the roof line of the Inn Apts.

As far as the Inn Apts, they are fully occupied pretty much. The story with this building is that it did not keep up with basic maintenance over the years. The building is controlled by atty Len Lombard and his sidekick property manager, Rhona. If you peer into the windows next to the entrance, you will see Len and Rhona working in what is a 6x8 foot office. The problem with the Inn, besides the upkeep which they are trying to rectify to some degree now, is that a large % of the apts are rented out there. In fact, years ago they actually had to go outside the building to get people to go on the board and vote.

Len Lombard is one of the shadiest people I have ever come across. I rented an apartment that he owned. He held himself out as just the realtor when he showed me the place. When I signed the lease, turned over my security and paid the broker's fee I found out he is also the owner. I just think that's shady, taking a broker's fee while renting out your own apartment. When I was moving out, him and Rhona wanted to show the place while I was still living there. I didn't have a problem with that, just give me notice. But they wanted to be bringing people in when I wasn't home and wanted copies of my keys. That's sooooo not going to happen. He gave me such a hard time about that, but I didn't give in. Hell, I was under no obligation to let them show it while I was still living there.

Does anyone have any advice on preparing the board pkg for the Kennedy House building? What about advice on facing the board in an interview as a relatively young buyer?

RE: KENNEDY HOUSEDoes anyone have any advice on preparing the board pkg for the Kennedy House building? What about advice on facing the board in an interview as a relatively young buyer?



don't even bother...put on boxing gloves for the interview..



I can't tell you how much time we spent on our board package..it was perfect..a huge looseleaf..completely honest, we were selling a house, our financials were great...the attack dogs started when we came in...now I realize they did us a favor..we're in a much nicer building, Gerard Towers, we were welcomed with open arms, and are totally delighted.



It's your choice, but this is a warning..



oh, and stay away from a broker named Vivian.

anti-Kennedy:

It seems like your experience with the KH board was quite unpleasant...did your broker pre-qualify you before you met with the board members? How long did the process take before they gave you a decision? When do you get your deposit back if turned down??

We didn't even have to pre-qualify, we didn't need a mortgage as we were selling our house and buying the aopartment outright...we took out a home equity loan as a "bridge" to buy the apartment before selling the house,and already had qualified for the home equity loan...



they didn't want to believe we were selling the house, even though it was listed...trust me, we had no desire to keep the house...their modus operandi seems to be distrust...they seem to want to find something to question and not believe..our brokers were shocked, so was the Kennedy management, that we were turned down...



as to how long it took--well, it took a while for them to schedule the interview,over a month, but then they let us know in a day or so..



Our next experinece, at Gerard, was a delight, by the way...they questioned nothing, asked if we had questions, we chatted...it was a fait accompli, they all seemed to assume we were in...we're very happy there, glad that Kennedy turned us down.

What was the problem with the realtor? She seems to be the main contact for KH, a building I am very interested in.



Also, did you get your deposit back? Seems they should have returned it.