Turnover in the development has slowed over the past several years, while inventory is up, and the number of days it is taking to sell a unit is higher than past years.  There are over 300 luxury condominiums spread across the two Ritz Carlton Towers that sit at the junction of Avery and Washington Streets in Midtown, a stone’s throw from Boston Common.  Since the Ritz’s inception, there have been a large handful of luxury condominium developments to hit downtown Boston, but it was only recently that a large-scale luxury development, 45 Province, came online in the Ritz’s backyard.

“Luxury is not diminished by company.  The entire Boston market has moved toward full service buildings, elevators, concierge, and quality management.  Boston has become a well to do city.  Buyers are looking for and paying for the best of the best of the best,” says William Shirreff, a residential sales agent with Otis & Ahearn, who currently has multiple listings for sale at the Ritz Carlton.

Since 2006, when 56 condos sold in the development (an approximate 18% turnover rate), the number of units that have sold at the Ritz has continued to decrease year on year.  For the first six months of 2009, there has been six (6) sales at the Boston Ritz Carlton condos, significantly behind the pace of 2008 total sales of 36.  Coupled with a high inventory of 35 currently available units in the development, the numbers alone beg the question of whether the Ritz Carlton condos are beginning to lose their momentum as one of the most coveted condo developments in downtown Boston.

“For me it is the location of the Ritz Residences that is the distinguishing difference.  Every full service building has unique characteristic that attracts particular buyers.  I like  the easy access to transportation, e.g. the new ramps to the Expressway at the end of Essex Street,  four “T” transit lines within a block, and short walks to Financial District, Theater District, Charles Street and Copley Square, and the Common and Public Garden at your door,” comments Shirreff.

The median list price for the 35 currently available luxury units is $1,369,000 (while the $1,918,457 average is a much higher number than the median mainly due to the $8.5 million listing price of Manny Ramirez’s penthouse), with an average price per square foot of $980, and average days on market (DOM) of 142.  If compared against 2006 – 2009 sales data (table below), DOM may continue to rise for currently available units given a potentially inflated average price per square foot asking price.

Regardless of the numbers, the classic Ritz name and brand, along with the amenities and location of the development, will continue to drive interest in units at the Ritz Carlton Boston.

“It is the features associated with a particular unit that attracts buyers more than a particular floor plan.  Light, view and terrace or balcony are features most mentioned by buyers.  The particular units I’ve found that “wow” a buyer are the penthouse in the North Tower, the “E” units on high floors in the South Tower, and the units with terraces available in the Ritz III Residences,” says Shirreff.

All current Ritz Carlton Boston Listings: Ritz Carlton Condos (1.9 MB PDF)

For more information on the Ritz Carlton Boston condos, or any other luxury downtown development, please contact us using the link at the top of this page.

Boston is a premier city in the USA, and we are lucky that, despite not having millions of residents in Boston proper (like a Manhattan), there is truly a diverse range of condo development options available to residents who desire to live in the core of downtown Boston.  That said, there are only a small handful of developments that boast a full gamut of finishes, services, and amenities, and 45 Province is part of that elite group.

45 Province will be a full-service 138-unit building that will feature such amenities as a resident only spa (Exhale), a four season pool, hot tub, cold plunge, spa treatment room, and fitness studio. A feature that we are beginning to see more of is a common “parlor” area that features such amenities as a library, lounge, and screening room (The Clarendon Back Bay and the Macallen Building share some of these amenities). 45 Province will offer a roof deck garden with sweeping panoramic views of the city, while the other end of the development will boast a valet parking garage and a 24-hour concierge.

Some of the sample 45 Province listings currently showing available in the Boston MLS include the following (please note that many other floorplans and options are available):

• 1 bedroom 1.5 bathroom (7th floor), 1,132 square feet, $871,000
• 1 bedroom 1.5 bathroom (17th floor), 995 square feet, $1,013,000
• 2 bedroom 2 bathroom (19th floor), 1,405 square feet, $1,621,000
• 3 bedroom 3 bathroom (30th floor), 2,628 square feet, $4,468,000

Given the above-mentioned amenities and services, and with such a central location, Buyers of 45 Province can expect to pay an average price per square foot over $1,000, and HOA fees (which include such things as heat, hot water, master insurance, security, swimming pool, elevator, valet parking) of approximately $0.85 per square foot.

For more information, including private tours of the sales center, contact us using the link at the top of this page.

Construction crews are making way for the preservation of, and renovation to, the existing eight-story Filene’s building at the corner of Washington and Summer Streets, and the nine-story building at the corner of Hawley and Franklin Streets, combing to form a new mixed-use development called the One Franklin Tower at 426 Washington Street.  One Franklin will boast over 1,200,700 square feet of hotel, retail, office, and residential Midtown condos.

Fast forward to this past weekend, August 2008, and you will see the exclusive photos below show significant progress (or lack of, depending on how you look at demolition) on the One Franklin project site.

Home Sweet Home in Downtown Crossing
Saturday, May 10
11:00 a.m. – 5:00 p.m.
Downtown Crossing
T Orange/Red Lines to Downtown Crossing

Tickets are available in advance for $20 and on the day of the tour for $25 at 520 Washington Street (near the intersection of Washington and West Streets). You can purchase your tickets online now at the following URL:
http://www.downtowncrossing.org/homesweethome/

There aren’t too many developments that rival the Ritz in terms of size, and availability of units, perhaps Harbor Towers is the only one (see Interesting Week for Boston Condo Pricing for further commentary on what is happening at Harbor Towers). The Ritz, however, is a classic concierge property that has a strong brand name going for it. Price per square foot is currently all over the map at the Ritz, stretching from $570 to $1,600 (list prices from $699K – $5.295 million).

All Ritz Carlton Listings: Ritz Carlton Condos (23.9 MB PDF with photos)

Why the build up in inventory at the Ritz? Quite possibly we’re seeing such a trend because of the new ultra luxury developments that are hitting the market, be that 45 Province right nearby, the Clarendon Back Bay, Mandarin Oriental, Bryant on Columbus, Battery Wharf, or even the Intercontinental, which is quite similar in genre to the Ritz. The Ritz was built in 2000, so it is a relatively new property, but perhaps does not have the same freshness, ceiling height, amenities, or location of other new developments in downtown Boston. There are many different unit types and styles at the Ritz, yet a fair amount of the units have more of an old world type charm to them versus some of the cleaner lines of more recent developments. Nonetheless, the higher units provide commanding views of the city, the Common, the Charles River, and the Harbor.

Check out these 45 Province sample listings (133 KB PDF) to get a feel for unit pricing, square footage and amenities. For more information, or to setup a tour of the 45 Province sales office, please contact us.

Also interesting is that these units represent the low and high price points at Lafayette Lofts, with a $479,000 one-bedroom in Unit 4D, to the $1,550,000 three-bedroom penthouse duplex in Unit 7F. Both units have sleek lines, and are available with rental parking, and the penthouse unit has some fabulous outdoor space which receives excellent afternoon light. The hip Midtown location puts you steps away from all corners of the city.

Unit 7F (the penthouse) will have an open house on Sunday, February 10, 2008 from 1:30 PM to 3:00 PM.

For more information about both listings: Lafayette Lofts Condo Information (PDF). To setup a showing, or obtain further details, feel free to contact us.

Just when you thought (or rather, you are being fed the message by the popular press) that the housing market is in a downturn, Boston goes and breaks ground on a $200 million development that will change the skyline of the Theater District, and inject true upscale class and style in living accommodations for visitors and residents of Boston.

The Boston W Hotel & Condos has now broken ground, and we are providing you exclusive construction photos of the job site. The Boston W will sit at 100 Stuart Street among midtown theaters, Chinatown, the Metropolitan, and One Charles, and will boast 350,500 square feet including a 235 room hotel, 123 residential condos, 12,000 square feet of retail space, restaurants, a spa and a 142-car underground garage.

The Boston W Hotel will continue the theme of full-service hotel-condo living that has been made so popular in other cities in the US, most notably, New York. Similar to the Boston Intercontinental and the soon to be completed Battery Wharf, the W will offer residents a condo lifestyle, with high-end amenities above and beyond what can be found in many of the concierge level buildings of Boston.

Construction on the W Boston recently began on the south side of Stuart Street in between Tremont Street and Warrenton Street. We will stay close to this exciting new Boston W Residences development as more information on pricing, occupancy date, and unit details become available.

There are currently eight (8) units available at One Charles – from a 1 bedroom, 1 bathroom up to a 2 bedroom 2.5 bathroom, ranging in price from $625K to $2.295 million.