School Street Residences

"Success will not wait. If I delay, she will become betrothed to another and lost to me forever. This is the time. this is the place. I am the man. I will act NOW!" - Nido Qubein
"The person who gets the farthest is generally the one who is willing to do and dare. The sure-thing boat never gets far from shore."
-Dale Carnegie
"Unless you're willing to have a go, fail miserably, and have another go, success won't happen." - Phillip Adams

School Street Residences

School_Street
Project Summary:
130 School Street was acquired in October 2009 from a developer that ran out of funds to complete a condo conversion of the property. Prior to the acquisition of the property by Boston Real Estate Solutions, LLC (BRES), the developer completed minor interior renovations and legally split the building into four condominium units. As of June 2010, BRES has completed 2 Project Phases out of 4 (with Phases 1 and 2 requiring the most work). The rough inspections for plumbing and electrical have been completed and signed off. The interior walls are ready to be insulated and closed. This project plan calls for mid to high-end finishes to attract the growing demand in Waltham for new, quality condo units.

Project Highlights:

Acquisition Price - $431,000 ($74/s.f. based on a total living area of 5,834 s.f.)
Total Potential Resale Value - $1,610,000 (based on market comps of $276/s.f.)
Based on the figures above, the combined project costs relative to the value of the property is 62% (leaving BRES a 38% profit margin).
44 condo units have sold within a 1 mile radius in the last 3 months indicating a strong condo market

Stay tuned for more updates!