Heard on Boylston Street: Everything that glitters isn’t gold by Sun staff
Time has a way of altering our dreams. A German philosopher once wrote that there is time past, time present and time future. He was smart enough to know that the only thing we own is the moment.
Not too long ago, in the near past, there was a stampede to buy extremely expensive condo units at the soon to be completed Mandarin Hotel on Boylston Street.
Here’s how it worked at the Mandarin early on – the same way it works at nearly all high end condo projects.
A few of the very rich who can afford to buy anything at anytime signed agreements to purchase units at the Mandarin – and at other highly priced condos going up in Boston.
The very rich will buy those units they signed up for.
To the very rich, the Mandarin is an address they want to own, at any price.
Price, however, is becoming a problem – not for them – but a problem nevertheless.
The price for the units at the Mandarin remains the same but the value of the units in the down market has fallen. Again, for the very rich, it doesn’t matter. They will buy their units when push comes to shove.
However, the friends of the very rich, the hangers on who put down large deposits to secure a unit in the belief that the value for the unit was going to soar, are now being placed in a serious position as values are not soaring in the right direction.
Values are going down. They are much lower than they were months ago when many of these deals were struck but not completed.
So now the friends of the very rich who need to prepare to pass papers on their units are facing hostile mortgage lending companies who want more money down for units that are worth less than what they were advertised for when the project was getting underway.
This is problematic.
Many of those who put down deposits will not be able to pass on their units.
Why?
Because they were planning to sell the right to own their units to others for much more money.
By doing so, they’d receive back the money they put down and the difference between the price they were going to pay and the new value of the condo when the price for it had risen.
This is why time is so essential in the making of any real estate deal.
At the time, when everything was going up, everything that glittered was gold.
That time has passed.
The move to limit the number of large events on Boston Common has taken a large step forward.
Mayor Thomas Menino told the Back Bay Sun last week that he agrees with Henry Lee, president of Friends of the Boston Public Garden, with Councillor Mike Ross and with officials from the Boston Parks Department, that too many events held on the Common is destroying the park’s infrastructure as well as its grass and the more fragile elements of its natural composition.
“I will not be allowing a large number of events on the Common in the future,” said Mayor Menino.
“Major events will still take place – but not as many, and not as frequently as in the past. The Common simply can’t take it. We need to preserve this park for the public use and I’m determined to do that,” Menino said.
The mayor was responding to comments made at a public meeting on the future use of the Common held last week at Suffolk University Law School.
At that meeting, Parks Department officials detailed how excessive public use is having an adverse effect on the Common.
Testimony was given that indicated the Common’s ground has been packed as solid as cement in some places due to excessive foot traffic.
“I am committed to maintaing the Common as one of the finest examples of an inner city park in the United States,” said the mayor.
Although the Parks Commissioner Antonia Pollak said the Common should no longer play host to large scale events, Mayor Menino said large scale events will continue to have a place on the Common.
“There won’t be as many large scale events, that’s all,” said the mayor.
Suffolk University Vice-President John Nucci, a former Boston City Councillor, agreed with the mayor.
“Mayor Menino is correct in his belief that large events must be curtailed on the Common. I think that’s a good start to bringing the Common back to its pristine look. Suffolk University will look to help the city in the effort to make the Common what it ought to be. The university feels a responsibility to be part of making the Common as good as it can be,” he said.
City hall will apparently be closely scrutinizing requests for permits use the Common for public gatherings.
“There were 1,000 events held on the Common last year,” said Lee. “The use has overwhelmed maintenance,” he said.
Berklee College of Music awarded Ricky Skaggs an honorary doctorate
on the Grand Ole Opry Stage last night in front of an excited Tuesday
Night Opry audience. Presenting the honor was Senior Vice President
Dr. Larry Simpson with professors Pat Pattison and Stephen Webber
and trustee Jeff Davis. Looking on from the audience were 120
Berklee College students in the music mecca of Nashville for their
spring break. After the special Opry Live event, the lucky students
were treated to a private question and answer session with Ricky
Skaggs and his group Kentucky Thunder.
From left: Berklee College of Music Professors Pat Pattison
and Stephen Webber, Sharon White Skaggs and honoree Ricky Skaggs,
Senior Vice President Dr. Larry Simpson and Berklee Trustee Jeff Davis.
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