Foreclosure sale at The Common

1465 East Putnam Avenue

Unit 527, in a bidding war, even: bank asked $324,400, the buyers paid $325,000. The previous owner (represented by an out-of-town agent) paid $445,000 in 2006 for this one bedroom unit, That was a mistake, but an even bigger mistake was made by American Home Mortgage, which financed $436,500 of that, or 98% of the purchase price. That bank's gone, and Deutsche Bank got title to this one.

Still, this selling price should be welcome news to clients of mine who bought a two-bedroom unit here in far better shape for, I think, $335,000, post-crash. They, too, bought it from an owner who'd paid in the mid-fours, but two-bedrooms are scarce over there, and sell at a premium.

Gourmet kITCHEN AT THE COMMON