Ocean Front Condo’s for less than 250K - Really?

Posted by admin under: Main Feb 18

February 18th, 2008 by James Morrison

Is your goal is to wake up every morning to the aroma of wind swept salt air and panoramic ocean views? Maybe in retirement? A second home perhaps? Why not now?

Our good friends at the Boston Globe chose to highlight an auction of condominiums going on March 9th by the Atlantica, a beautifully styled piece of New England architecture, located directly across from the Atlantic Ocean. These one & two bedroom units will required bids starting from $215,000 to $315,000 depending on the size and location in the building.

Seems like a great buy. Currently according to the Atlantica sales office a 641 sq. ft. 1 bed 1 bath would run you $300,000 not bad if you can purchase the unit at the opening bid of $215,000. The same holds true for a 1289 sq. ft. 2 bed 2 bath that is priced at $449,900. Thats over $134,900 in savings if your the only bidder.

I say only bidder because it is possible you may be. The Atlantica is located in Revere, right along Revere Beach Parkway. I am not looking to bash Revere tonight. Actually I think the buyers of these units will be pioneers. Revere gets beat up pretty badly in Real Estate cycles. Look no further than to your neighbors at the multi-colored St. Georges Condominium Complex. This south beach inspired building fell to the same fate in the 1980’s. Dress Shoes without socks anyone?

To get back on point, the buyers at this auction will be purchasing at the bottom of the latest real estate cycle. Not a bad place to pick up real estate considering that we’re not making anymore ocean’s. Add in a possible casino (Wonderland Park down the Street is competing for a casino license) and suddenly Revere may become a destination town again. See if those condo’s are still selling for less than 300k then.

Again this will require a pioneering mind. The casino may never come. But then again the Ocean isn’t about to leave.