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Auction ! Boston Marriott Custom House 18 Units - Dec. 6

Beaglemom3

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I have put the exclamation point here as it's time-sensitive and wanted to inform those who have inquired via PMs to me of this latest auction.

From the Boston Globe this morning:

Dec 6, 2013, 10:00 AM EST

Custom House, Boston, MA


Mortgagee's Sale of Real Estate at Public Auction

18 various timeshare intervals in the Custom House Leasehold Condominium. All intervals are part of the Marriott Vacation Club. Visit www.pesco.com for complete listing information. Terms of Sale: A deposit of $5,000 per week by certified or bank check will be required at the time & place of sale & balance within 30 days. All other terms announced at sale. Laura White Brandow, Esq., Marcus, Errico, Emmer & Brooks, P.C., Braintree, MA, Attorney for the Condominium Trust

various one week timeshare intervals in the Custom House Leasehold Condominium will be sold individually. Unit 2302, Interval 22 Platinum Unit 404, Interval 40 Platinum Unit 505, Interval 5 Gold Unit 207, Interval 10 Gold Unit 101, Interval 12 Gold Unit 505, Interval 16 Gold Unit 801, Interval 49 Gold Unit 503, Intervals 41 and 42 Platinum Unit 502, Interval 2 Gold Unit 1704, Intervals 14 and 18 Gold Unit 504, Interval 10 Gold Unit 804, Interval 13 Gold Unit 102, Interval 30 Platinum Unit 1502, Interval 29 Platinum Unit 102, Interval 36 Platinum Unit 201, Interval 48 Gold

Terms of Sale: A deposit of $5,000 per interval by certified or bank check will be required at the time & place of sale & balance within 30 days. All other terms announced at sale. Laura White Brandow, Esq., Marcus, Errico, Emmer & Brooks, P.C., Braintree, MA, Attorney for the Mortgagee and Condominium Trust

For further information:
http://www.pesco.com/realEstateAuctions.jsp
 
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Beaglemom3

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As a past successful bidder, here's some info:

Note: They made a wonderful error with me two years ago and I received MRP Platinum pts. with each of my Plat units. I don't think they'll make the same error twice. So, highly, highly unlikely that any MRP points with be with these. So, no MRP points.

Big note: Know that you will be bidding against the auctioneer/attorney as well. She will be representing Marriott's and the HOA's interests. So, some may go high, but some may go low. It depends on if they're being auctioned off for defaulted mortgages or back MFs. Each auction is unique. Your mileage may vary.

Little note: No ROFR. You are buying at a Marriott sanctioned auction. At least, this has what it has been, historically. Again, each auction is unique.


1.. You must bring a cashier's check for $5k (for each unit) with you or you will not be allowed to bid. You can watch, but you cannot bid without your check. It is your ticket to participate. Have the check made out to yourself so that if you are the successful bidder, you will sign it over to the attorney. If you do not win, simply redeposit it back into your account.

2. Be early, be prompt. You will hear the terms of the auction read and be able to ask questions. Also, you will be able to read the listings. Also, you can learn about judicial and non judicial units. It's a good learning experience.

3. Not all units will be $5k. Some more, some less. Ask the auctioneer how this will be handled. I brought only one $5k check with me when I went 2 years ago, but was able to win 2 $4k units. I signed over my check to them at the end of the auction and was given 30 days to mail the rest of the money into the attorney's office.

4. Inquire about recording the title. Ask if they'll (Atty. Brandow's office) record it for you for a fee.

Other info here: http://tugbbs.com/forums/showthread.php?t=154467&highlight=kocarek
 
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GrayFal

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So that is how this came about. Good for you!
 

Beaglemom3

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So that is how this came about. Good for you!

Yep. I was the lone bidder and came early. They announced that 125k MRP points came with Plat units, 100k with gold and 75k with silver units.

I even questioned this saying that I did not think this was right as they were resales, but was assured it was by the auctioneer/attorney. I thought then that maybe because Marriott was reselling them, then MRPs came with them.

Then, I was denied them by MVC. So, after several fruitless attempts, I contacted Mr. Kocarek and Mr. Weisz. Both stellar individuals.The CH manager (another stellar guy) affirmed my story and I got them. !!!!

Fortunately, all "players" involved were honest and the proceedings (auction) were recorded/transcribed (legal doc) as per the law.
 
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Rent_Share

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Do these bypass ROFR ?
 

Beaglemom3

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Do these bypass ROFR ?

Yes. Great question. No ROFR as this is a Marriott sanctioned auction. ETA/Late edit: At least this is what happened at my auction. There could be a minimum bid, however.
 
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Beaglemom3

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I did not have to pay any past due MFs on my units.



This could be a good deal for someone who wants a CH at a good price. Maybe you have Boston/New England ties. Perhaps you have a child who goes to one of the many colleges here. Maybe you want a good trader or enjoy New England at a particular time of the year. It could work for you, but keep in mind that the MFs are high.

An initial bargain could become a burden.
 
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SueDonJ

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Will the new owners be responsible for 2014 MF's due sometime in January? The total is $1,678.24 which includes a (rare with Marriotts) one-time Special Assessment of $300.00.
 

Beaglemom3

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Will the new owners be responsible for 2014 MF's due sometime in January? The total is $1,678.24 which includes a (rare with Marriotts) one-time Special Assessment of $300.00.

Good question and I do not know. I would venture a guess and say "yes" as I had to when I got mine in September of 2011. This was my situation and may not apply here. I was able to have use of my units for the 2012 year once I paid the 2 MFs.

For a definitive answer, I'd contact Atty. Brandow's office.
 
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TheTimeTraveler

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As an owner here, I can tell folks that this is a great opportunity to purchase a first class historic property at likely a reasonable price. All potential buyers should be made aware that these will trade as two bedroom Villas in Interval International (even though they are all one bedroom units).

My guess is that the new owners will be responsible for the association fees beginning in 2014.

In 2014 there is a one time special assessment of $300 per week as Susan correctly pointed out. These monies will be used to do extensive repairs to the facade to prevent any exterior deterioration.

From a history perspective; the original building was built in 1847, with the tower addition added in 1914. The Boston Custom House remained the tallest building in Boston for over 30 years between 1914 and 1947.

When you visit the observation deck on the top floor you have the feeling you are in a 52 story building even though the building is actually 26 floors. The trick here is that the ceiling height on each floor is exceptionally high which in turn causes the building to be very tall.

Happy bidding!



.
 

Beaglemom3

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As an owner here, I can tell folks that this is a great opportunity to purchase a first class historic property at likely a reasonable price. All potential buyers should be made aware that these will trade as two bedroom Villas in Interval International (even though they are all one bedroom units).

My guess is that the new owners will be responsible for the association fees beginning in 2014.

In 2014 there is a one time special assessment of $300 per week as Susan correctly pointed out. These monies will be used to do extensive repairs to the facade to prevent any exterior deterioration.

From a history perspective; the original building was built in 1847, with the tower addition added in 1914. The Boston Custom House remained the tallest building in Boston for over 30 years between 1914 and 1947.

When you visit the observation deck on the top floor you have the feeling you are in a 52 story building even though the building is actually 26 floors. The trick here is that the ceiling height on each floor is exceptionally high which in turn causes the building to be very tall.

Happy bidding!



.


TTT, great info.

Are you going ? I hope to, but I am at the Moakley Courthouse that day - Oh, so close, but so far away.................

If anyone can go just to learn, it's a great opportunity to see how these things work.

I am a "seasoned" auction attendee. Bought my first property in 1993, Quechee Vt. at an FDIC foreclosure auction. Have attended many R.E. auctions and have come up short, did not bid or won a few times. Most of my antique furnishings have come from Skinner, WIllis Henry or Eldridge Auctions. Yes, I'm an auction junkie. Oh, Ebay, too.

Please go prepared and study up prior to bidding.
 
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Beaglemom3

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Need to add this ,,,,,,,,,,, another nice benefit of CH ownership.


If you're an owner at the CH, you can rent the rotunda floor and counting room for 4 hours (I think) for 20% off the room rate of $1500. This is good for graduations, weddings, anniversary parties, etc.

Should I take the plunge again, this is where I'll hold my wing-ding
 

SkyBlueWaters

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When my children go to Harvard

I will remember that.:D

Fortunately, that won't be until many years down the road.
 

urban5

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Cost of resale units

On Redweek.com there are thirteen units for sale all from $1950 to $4999 with the majority of them below $3500. Seems like asking for a $5000 check is a little over the top.
 

Beaglemom3

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On Redweek.com there are thirteen units for sale all from $1950 to $4999 with the majority of them below $3500. Seems like asking for a $5000 check is a little over the top.




They're not asking for $5k per unit (not for a selling price, just to qualify to buy). Once more, that's just "earnest" upfront money. It eliminates those who aren't serious about following up on their winning bid. It's what binds the deal.

It's customary in all real estate auctions. It weeds out the serious bidders from the others. Eliminates those reneging.

Remember that there are no fees other than the recording fee at the Suffolk courthouse and no other closing costs (they haven't been any so far for the 3 auctions held). One should factor all of this in. You may have to do the recording yourself (or hire someone), but do ask if Atty. Brandow's office could do this for you for their fee.

As posted, my two platinum weeks were $4k each. Some other units went for much lower, some higher. I got the two weeks that I wanted, in the locations that I prefer. The golds and silvers went for less.

No ROFR concerns and you are buying from a reputable source = priceless.
 
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Beaglemom3

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Henry, good luck ! Hope you do well. Remember that these auctions come up from time to time, so if you get shut-out, there might be more.

If you can, please post some of the prices realized and for which units. This could be helpful to Tug members.

Get there early to hear the instructions.

Oh, as you most likely know, parking is pricey, so plan your trip ahead of time.
 
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shalako2

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Is the Marriott Auction That Great of a Deal?

I went to the auction in June of 2012, and Gold weeks were auctioned off at the $3500+ range and Platinum weeks at $4000+. I was outbid at the Boston auction and ended up buying a Gold week on eBay for about $1000 (by the way, I'm very happy with the Custom House and my week--I was just there over Thanksgiving). If last year's prices hold for this year's auction in Boston, you may be better off looking to eBay instead of the Marriott auction, particularly where a Platinum week just sold on eBay for $995 http://www.ebay.com/itm/141125532560?ssPageName=STRK:MEWAX:IT&_trksid=p3984.m1438.l2649

There is definitely a benefit in buying directly from Marriott, but I don't think it's worth an extra $2k or $3k.
 

Beaglemom3

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I, too, had seen better prices on Ebay and private sales, however, I could not find exactly what I wanted.

I found, at the auction, the weeks and unit locations I had been looking for.

Also, no ROFR worries, no closing costs, no waiting for someone to respond as I dealt with the auctioneer/lawyer who was handling the transaction in person (and by email later).

Basically, I got what I wanted within my comfort level in closing a deal.

Not dealing with a group like redweeks4less/redweekforless or other less than reputable sellers = priceless.
 
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Patri

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Good for you. Glad you got what you wanted. Enjoy.
 
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