LINK (one of Boston’s two MLS systems) does currently show that two units are under agreement at the Bryant, and pending the close of these units, building occupancy will inch its way closer to the 60% sold mark.

The last condo to close at the Bryant Back Bay was a three-bedroom three-bathroom 5th floor 2,259 square foot unit that sold for $1,400,000 ($620 per square foot).  Condo sales statistics for the development include:

Bryant Back Condominiums Sold: 25
Average Sales Price: $1,475,920
Median Sales Price: $1,400,000
Average Price per Square Foot: $735

Sales velocity at the Bryant naturally picked up following the October 2009 limited run auction that took place in the development – the purpose of the auction was to jump start lagging sales in the building and to reestablish a price point that the market would absorb.  The flurry of sales following the auction has slowed substantially at this point.

Remove the auction, and the Bryant Back Bay is showing similar tendencies to the Penmark South End, a combination new construction and renovation 60-unit luxury condo development that has diligently pushed sales forward over the course of approximately 3 years, only recently achieving roughly 90% occupancy.

The north side of the block between Dartmouth and Clarendon now appears complete, with a significantly different feel from the blacktop parking lot that occupied the site before construction on the Bryant began in late 2006.

According to LINK (one of Boston’s two MLS systems), 5 unites at the Bryant Back Bay, a 50-unit high-end development on the border of the Back Bay and the South End, have been sold.  These units have an average sales price per square foot of $826, a figure significantly bolstered by the sale of a single penthouse unit at $1,479 per square foot.

On paper, the development has a tremendous amount going for itself.  From a convenient and desirable location to direct elevator access floor-through units.  When construction began in October 2006, the building generated a significant amount of anticipation for sprawling three, and sometimes four, bedroom condos in a new construction Back Bay / South End building.  Yet there were a number of factors that ultimately impacted the Bryant’s ability to drive sales velocity.

The Bryant is a ground-up new construction building, and not unexpectantly, the development pushed out the scheduled occupancy date five times, and in the end, missed its mark of opening by over a year.  Buyers, rightfully so, are hesitant to buy in earlier to a new development, oftentimes signing a purchase and sale agreement months before construction completes, however, if the occupancy date is continuously pushed out, Buyers become even more hesitant to place reservations in a building, tying up personal capital in deposits of anywhere from 5-10% of a unit’s purchase price.  One of the most notable concerns from Buyers was the proximity of the Bryant to the 131 Dartmouth building, and the potential impact it could have on views and light in the Bryant.  If you fast forward to the present, while 131 Dartmouth is immediately visible outside of the Bryant’s bedroom windows, 131 Dartmouth tapers away from the Bryant, and especially in the summer months, this spacing allows light to pour into the back half of units.  Nonetheless, Buyers weren’t able to gain this knowledge first-hand because a model unit was not developed inside the building until late in the Bryant’s sales cycle.  In lieu of a true model unit, potential Buyers visited the sales center adjacent to the Bryant to see a sample kitchen and bath, but unfortunately, could not get a true feel for lighting and flow of an actual unit in the building.

During the latter half of 2007, another luxury condo development, 285 Columbus Lofts, began construction (or more accurately, began redevelopment).  Unfortunately for the Bryant, 285 Columbus Lofts was two doors down the street, and while the two buildings differ on some levels, the property represented direct competition for the Bryant at a lower price point.  It was during the latter half of 2007 and early part of 2008 when the Bryant made its biggest slips.  While the Bryant began pushing out its occupancy date from Spring 2008 to August 2008, 285 Columbus Lofts actually moved their occupancy date up, from June 2008 to May 2008.  And the key here was that 285 Columbus Lofts delivered on their prediction.  This was the first condo development to be delivered on time or ahead of schedule in quite some time.  Price points at 285 Columbus Lofts were lower, and the development was quickly approaching sold out status when it opened its doors to residents in late May 2008.  Nothing should be taken away from 285 Columbus Lofts launching so quickly, and finishing ahead of schedule, but as it relates to the Bryant, 285 Columbus Lofts did have a leg up on the competition by doing a gut rehab project versus a ground up new building construction.

In the spring of 2009, the Bryant was rebranded from the ‘Bryant on Columbus’ to the ‘Bryant Back Bay’, and in conjunction with that, the developers, Vornado Realty Trust and Wasserman Real Estate Capital LLC, switched listing brokerages from Otis & Ahearn to Campion & Company.  The renaming of the development attempted to drive deeper association with the prestige of the Back Bay versus any connotations the development carried sitting on the border of the Back Bay and the South End.  Despite 3 additional units going under agreement relatively quickly following these changes, the shifts still left 90% of the building sitting vacant, and the developers decided to leverage an entirely different strategy to generate cash flow and take out existing debt, an auction.

Accelerated Marketing Partners, led by Jon Gollinger, announced on September 22, 2009 that they would take 10 of the available 45 units from the Bryant Back Bay and auction them off to the highest bidder during an October 17, 2009 auction event.  Gollinger’s thoughts are that rather than drag out the normal listing process, it’s much more effective to sell a bunch of units at once, figure out what the market is willing to pay, and then coordinate prices on any remaining units in the building.  This tactic, of auctioning only a small pool of remaining units in a building followed by trying to sell remaining units post-auction at auction prices (auction pricing without the auction) is a tactic that has been relatively effective for Nouvelle at Natick.  The Nouvelle development recently auctioned off 43 units, and in a week’s time, has sold 17 additional units at prices established at the auction (see Nouvelle at Natick Condo Auction Results).

There will be seven 3-bedroom units and three two-bedroom units auctioned at the Bryant on October 17th, with minimum bid prices ranging from $1,075,000 to $1,475,000 ($476 to $811 per square foot). The appraised value of the Bryant Back Bay condos will be left to lenders, but Buyers can look at average sales price per square foot for the past 6 months in the Back Bay of $746 and the South End of $577 as a very high-level starting point.

Given the legacy of the Bryant Back Bay project, an auction to at least kick start sales velocity for remaining units in the development appears to be the next logical option in the sales process, especially in light of success that the auction sales format has had on other downtown Boston, and metro-Boston, properties.

The building, essentially the first and only large-scale tower condo development in the Back Bay, has come a long way since late 2007 and the early stages of construction (for early construction site photos, see The Clarendon Back Bay Says Me Too!, or look even further back with additional photos, see Clarendon Back Bay Condos Looking Up).

Similar to, but taking a slightly different tact than, the Mandarin Oriental and the Boston W, which both have luxury hotel rooms on their lower floors, the Clarendon Back Bay will have luxury rental apartments (a rental development called One Back Bay) on the first 14 floors of the building.  Accessed via a separate entrance on the Clarendon Street side of the development.  Apartments in the building will boast similar but separate amenities to the for-sale condos above and carry monthly rental prices of $2,695 for a studio to $7,500 for a two-bedroom two-bathroom.

The for-sale luxury condominiums (commonly known as the Clarendon Back Bay) has its separate entrance and lobby on the Stuart Street side of the building, specifically at 400 Stuart Street.  Both Boston MLS systems show units continuing to go under agreement at the luxury condo development, which will be housed on the upper floors of the building – thus, sales at the Clarendon appear strong.  Listings have been consistently advertised at an average of approximately $1,200 per square foot with listing prices ranging from $695,000 to over $4,000,000.

Post 390, the “urban tavern” restaurant which will anchor the corner of the building is currently slated to open in 22 days. The name is a play on the address (390 Stuart Street) and the Back Bay Post Office that once stood on the site. The restaurant, from the owners of Grill 23 & Bar and Harvest, will bring some additional interest and traffic to the building before the building above Post 390 receive occupancy.

Combined with the Back Bay Orange Line transit station (providing T, Commuter Rail, Amtrak, local bus, and regional bus (Mega Bus for instance)) just one block away, the Clarendon Back Bay development brings together a host of living options and amenities in a single package.

It’s now down to a single condo available at the 54-unit 360 Newbury development, a 1,626 square foot two-bedroom unit that has a host of high-end upgrades, but that has been somewhat slow to sell possibly due to the custom upgrades and the upper echelon price per square foot into which the unit has been placed.

Unit 511 at 360 Newbury is currently listed for sale at $1,499,000 ($922 per square foot) and offers two-bedrooms two-bathrooms and boasts double exposure as a corner unit.  Arclinea cabinetry, Bosch, Miele, and Sub-Zero appliances adorn the kitchen, and a custom sculptural wood wall and custom foyer built-ins add uniqueness to the already award-winning 360 Newbury building architecture.

The custom upgrades abound, along with practical ones like electric window shades, but where unit 511 seems to be getting hung up is on the price point.  The three units that have sold in the building over the past 12 months have an average price per square foot of $741, while unit 511 is currently (after a price reduction in July) at $922.

Regardless of the exquisite upgrades and custom finishes in the unit, which do deserve a price premium over other units in the building, it’s no surprise that the sale of this particular unit is undergoing additional scrutiny by potential Buyers.

The Back Bay continues to become more populated with high-end luxury developments and remodels, yet with the latest price reductions that took place at the Meads this past week, several never before occupied units are being offered at extremely competitive price per square foot values.

Two units at the Meads of Commonwealth underwent price reductions of approximately 15%.  This move brought unit 1, a 2,820 square foot 3 bedroom 3.5 bathroom moved from $2,399,000 to $1,999,000 ($709 per square foot), which includes a single deeded garage parking space. Additionally, unit 6, a 1,835 square foot 2 bedroom 2.5 bathroom unit was reduced from $1,600,000 to $1,399,000 ($762 per square foot), however, it is not being advertised with a parking space.

According to MLSpin and LINK (Boston’s MLS systems), there have been no sales at the Meads in the past 12 months, yet, the previous 4 sales in the development were at an average price per square foot of $916.  The new price per square foot listing prices in the $700 range represent a significant move off of previously sold units in the building.  Units at the Meads have been advertised for sale for approximately 3 years, both during and after redevelopment.

Craftsmanship at the Meads is exquisite, and the flowing floor-through units offer an open feeling of living, oftentimes hard to find in a downtown condo. Perhaps the only amenity overlooked in this development is concierge services, yet the monthly HOA condo fees accurately reflect it, at levels under 35 cents per square foot.

Unit 9C in the east tower recently hit the market for sale, and its custom finishes abound.  The 2,915 square foot 3 bedroom 2.5 bathroom unit has over $1 million of finishes by New York City designer Foley and Cox, and boasts an upgraded Poggenpohl kitchen, Supai limestone flooring, and custom carpets.  Unit 9C at the Mandarin Oriental offers unobstructed views of the Back Bay and Cambridge in the distance..

Currently listed at $4.95 million ($1,698 per square foot), unit 9C joins 6 additional units for sale in the luxury Back Bay condo development – currently for sale Mandarin Oriental condos have an average listing sales price of $1,650 per square foot, with an average and median listing price in the building of $6,122,857 and $4,950,000 respectively.

In addition to the sale of 11E, unit 9D in the west tower yesterday underwent its third price adjustment after being listed in April for $3.95 million.  This latest price reduction brings the unit a full million dollars lower than the original asking price to $2.95 million, with a price per square foot value of $1,217, which is more in line with the average price per square foot for units that have sold in the building in the past six months ($1,111, a figure substantially brought down by resale of an unfinished shell that sold at $714 per square foot).

Currently available condos for sale at the Mandarin Oriental are priced from $2,625,000 to $16,990,000 and carry a minimum of two bedrooms and two bathrooms and at least one deeded garage parking space.

Mandarin Oriental Condos for Sale: 8
Average List Price: $6,132,500
Median List Price: $5,025,000
Average $/SF: $1,759
Average DOM: 270

With the arrival of a new CVS Pharmacy, gone is the potential amenity of on demand gourmet meals for residents that accompanies condos with an onsite restaurant.  However, there are some condo owners who would prefer not to have food, and everything that comes with having a restaurant below you, in the building.  Certain condo developers purposefully construct buildings with the intention of not having food on the ground floor commercial space, take the Lofts at 36 A for instance, which intentionally limits the types of tenants that can occupy its ground floor commercial space. 

Buyers won’t be able to find a classic exposed brick and beam loft-style condo in the Back Bay, it’s just not really an option.  What condo buyers do have access to is 360 Newbury, which represents probably the most modern and contemporary living option in the Back Bay, and gets you the closest to Back Bay lofts. From the entrance (picture below), and up through the elevator ride to the units with big windows and big views, 360 Newbury exudes the hip, slightly edgy, but luxurious feel of loft-style living.

Turnover in the 54-unit building is relatively low, however, there are currently four units available for sale at 360 Newbury, two one-bedroom units and two two-bedroom units, ranging in size from 869 to 1,626 square feet, and in price from $699,000 to $1,599,000.