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Article: For little guy, auction is his ticket out of game
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- November 8, 2009
- Author:
CopyrightCopyright 2009 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Bob Rinaldi is convinced that his 24-unit luxury condominium
complex in Natick would have been a smashing success if only his
timing had been right.
His 20 South development, featuring condos with sustainable
bamboo floors and abundant natural light, sits within spitting
distance of downtown Natick's train station, shops and restaurants.
Instead, his project sits stagnant on the market. Eighteen months
after its completion, only 10 units have been sold, with one more
under agreement.
On Nov. 19, the rest are set to go to auction. But Rinaldi's
property is not in foreclosure. Instead he's taking a chance on a
concept that may signal distress to many but is gaining acceptance
as a legitimate ...