Exterior work at the Boston W Hotel & Condos mixed use development has shown great advances over the past several months, with the steel structure being topped off quite quickly. The glass and steel structure inserts a very unique feel to the area at the corners of Stuart and Tremont Streets (100 Stuart Street Boston, MA 02116 will be the development address), and continues on pace to be delivered to hotel guests and residents later this year.  Reservations are currently being taken for units, for planning purposes, overall price points will be similar to new full-service luxury buildings such as the Intercontinental ($900+ per square foot) and the Clarendon Back Bay ($1,100+ per square foot).  Condos at the W will begin on the 16th floor, and top out at the 28th floor penthouse. The approximate 235 hotel rooms will be on lower floors, garnering condo residents preferential city views. Floors 16 through 27 will house 9 to 10 units per floor, including an occasional 520 square foot studio unit, while the penthouse level will be home to 5 generously sized condos.

New exclusive photos of the Boston W development are below.

Condo hotel developments, where a single development houses a hotel as well as condo residences, continue to leave their mark on the Boston skyline.  Forerunners in the Boston condo hotel space include the residences at the Ritz Carlton, the Four Seasons, and Rowes Wharf, when in the 1980s, they brought five-star hotel living amenities to downtown residential condos in a tidy and sleek package.  The Boston Intercontinental hit the scene in 2006 with 130 condos that sit above 424 contemporary hotel rooms, enclosed in modern shiny glass along Boston’s Waterfront, approximately 200 yards from the Fort Point Channel’s Boston Tea Party site.

Almost 90% of the Boston Intercontinental residences at 500 Atlantic Avenue have been sold since opening to residents in 2006, and a large handful of developer units, as well as some resales, are currently available for sale.  Construction began on the Intercontinental in late 2004, when there was only a handful of condo hotel developments in Boston. Since that time, we’ve seen several more announced to the market and/or delivered, including, the Mandarin Oriental, Battery Wharf, and the Boston W Hotel.  The Intercontinental boasts a unique location along the Fort Point Channel nestled up against the newly opened Greenway and the bustling Financial District – both the hotel and residences make for an excellent home base for business travelers and financial services workers respectively.

While some selective slowdowns have occurred in the Boston ultra luxury market, the Intercontinental has held a steady course, and has demonstrated signs of resiliency from a price per square foot perspective over the past 6 months. Over the past twelve months, 16 condos have sold at the Intercontinental:

Condos Sold (Past 12 Months): 16
Average Sales Price: $1,843,418
Median Sales Price: $1,597,000
Average Price per Square Foot: $922
Average Days on Market: 170

Over the past three months, units seem to be lingering longer on the market, but price per square foot in the building has edged up – this may be a function of the fact that the 3 units that did sell were some of the largest and most prestigious units in the building.

Condos Sold (Past 3 Months): 3
Average Sales Price: $2,978,333
Median Sales Price: $2,935,000
Average Price per Square Foot: $982
Average Days on Market: 290

Part of the approximate $1,000 price per square foot values that the Intercontinental is commanding is attributable to the level of service that residents enjoy.  Luxury services include a 24-hour concierge, spa, fitness center, room service, pet-care, and valet parking – as a resident, many of these services are paid for on a continuing basis through monthly HOA fees that average approximately $1.28 per square foot.

There are currently 22 condos for sale at the Intercontinental, with the following statistics:

Condos for Sale: 22
Average Sales Price: $1,633,036
Median Sales Price: $1,175,000
Average Price per Square Foot: $971
Average Days on Market: 178

The least expensive condo for sale in the development is a 421 square foot studio priced at $369,900, and the most expensive currently is the 4,700+ square foot 4+ bedroom penthouse listed at $6.45 million.  8 of the 22 units for sale are under $1 million, while the remainder are over.

The presence of an in-house concierge in a condo development typically signifies high-end living, and Boston is not running short on luxury downtown condo developments.  For the first time, we bring you a comprehensive list of downtown Boston condos for sale with concierge services (alphabetical order):

• 210 South Street (Leather District)
• 285 Columbus Lofts (Back Bay)
• 360 Newbury (Back Bay)
• 44 Prince Street (North End)
• 45 Province (Midtown)
• 75 Clarendon Street (South End)
• Albert A. Pope Building (Back Bay)
• Atelier 505 (South End)
• Battery Wharf (Waterfront)
• Boston W Hotel & Condos (Midtown)
• Broadluxe (Financial District)
• Burroughs Wharf (Waterfront)
• Channel Center (Seaport District)
• Charles River Park (West End)
• Constellation Wharf (Charlestown )
• Court Square Press (South Boston)
• D4 Police Station (South End)
• Dockside Place Condominiums (Seaport District)
• Flagship Wharf (Charlestown)
• Folio Boston (Financial District)
• Four Seasons Place (Back Bay)
• FP3 Condos (Seaport District)
• Fulton Court (Waterfront)
• Greenway Place (Financial District)
• Harbor Towers (Waterfront)
• Heritage on the Garden (Back Bay)
• Intercontinental Residences (Waterfront)
• Lewis Wharf (Waterfront)
• Macallen Building (South Boston)
• Mandarin Oriental (Back Bay)
• One Charles (Back Bay)
• Parkside (Midtown)
• Parris Landing (Charlestown)
• Penmark Condos (South End)
• Ritz Carlton Towers (Midtown)
• Rowes Wharf (Waterfront)
• Strada 234 (North End)
• The Belvedere (Back Bay)
• The Bryant on Columbus (South End)
• The Charlesview (Back Bay)
• The Clarendon Back Bay (Back Bay)
• The Grandview Boston (Midtown)
• The Mariner (Waterfront)
• The Metropolitan (Chinatown)
• Tremont on the Common (Midtown)
• Trinity Place (Back Bay)
• Wilkes Passage (South End)
• Zero Marlborough (Back Bay)

This list complements another information-based article published recently about move-in ready condo developments (see Move-in Ready Luxury Condo Developments).  For more information about luxury Boston real estate options with in-house concierge services, contact us using the link at the top of this page.

With construction of the Boston W Hotel & Condos moving quickly (see exclusive video below), the developer’s sales center has recently opened its doors, and is now ramping up its staff to accommodate interested Buyers – please contact us to setup an appointment.

On Tuesday, October 14, 2008, with the final piece of steel being put in place, the “topping off” ceremony marked the end of steel construction on the Boston Hotel and Residences – work with now continue on the facade and interior.

Unlike some of the other high-end developments in the city, the developer of the W Boston Residences has decided to immediately release all units in the building for sale under preconstruction pricing (most oftentimes, you will see a phased release of units into the market). Bear in mind that (preconstruction) prices will tend to fluctuate as residences are sold, and rather than releasing a price list to the public, unit prices are provided as interest in specific residences is shown through sales center appointments. For planning purposes, you can assume that overall price points will be similar to new full-service luxury buildings such as the Intercontinental ($900+ per square foot) and the Clarendon Back Bay ($1,100+ per square foot).

Construction is still on track for a Fall 2009 completion. Condos at the W will begin on the 16th floor, and top out at the 28th floor penthouse. The approximate 235 hotel rooms will be on lower floors, garnering condo residents preferential city views. Floors 16 through 27 will house 9 to 10 units per floor, including an occasional 500+ square foot studio unit, while the penthouse level will be home to 5 generously sized condos, 3 of which will offer commanding views.

We oftentimes work with clients who need to purchase and physically move into a condo almost immediately.  With those circumstances in mind, the typical one to three month real estate transaction life cycle is simply too lengthy, and alternative options need to be considered to expedite the closing process.  For the majority of Boston condos, there is an individual Seller associated with each unit, and oftentimes, when the Seller’s timeline is taken into account along with the Buyer’s desired (expedited) timeline, there’s simply a mismatch.  Situations like this can be specifically addressed by what we call move-in ready condos.

Move-in ready condos (in the sense that a Buyer can move in immediately versus simply being in good physical condition) are typically only found in new condo developments that have completed construction (a certificate of occupancy has been issued), and there are available units in the building still owned by the developer.  In situations like this, the only thing between you and sitting down in your new home is a Purchase & Sale Agreement, and financing if it will be a part of the transaction – essentially, any roadblocks and/or delays that would be due in part to (traditionally) dealing with an individual unit owner are removed, and the Buyer is the only party that is truly throttling the speed of the transaction.

There are over 100 either new, or relatively new, condo developments in downtown Boston, however, the list of truly move-in ready developments (as described above) is significantly shorter.  We’ve assembled the below list of the top move-in ready Boston condo developments.  Contact us using the link at the top of this page for more information about available inventory in each building.  Click on any of the developments below to get more details (including a google map) of the property.

• Lofts at 36 A (South Boston)
• 285 Columbus Lofts (Back Bay)
• Meads of Commonwealth (Back Bay)
• Broadluxe (Financial District)
• Macallen Building (South Boston)
• 700 Harrison (South End)
• The 1850 (South End)
• Penny Savings Bank (South End)
• D4 Police Station (South End)
• Claflin Building (Beacon Hill)
• Intercontinental Residences (Waterfront)
• FP3 Boston (Seaport District)
• Allele (South Boston)

Fronting the new Rose Fitzgerald Kennedy Greenway, Russia Wharf has had several owners thus far, but regardless, the building is still pressing forward in construction. Russia Wharf will be a mixed use development that will house financial juggernaut Wellington Management, as well as offer approximately 200 residential condo units.

Situated next to the rather new Boston Intercontinental, Russia Wharf will be in good company, and will add to the live-work mix that is developing in the Waterfront area of the city adjacent to the Financial District. With the exclusive photos below, you get a feel for the preservation of historic building exteriors that will be part of the project slated for 2011 completion.

We had the opportunity to tour some Waterfront and Midtown properties with John Keith yesterday. Of specific interest was the luxury condo-hotel Boston Intercontinental Residences nestled in between the Rose Kennedy Greenway and the Fort Point Channel.

There are currently 17 units available at the ultra-luxury Intercontinental condo development, built in 2006 – the development houses 130 residences with their own separate (from the hotel) multi-room lobby and 24 hour concierge. Residents are pampered with calm sophistication throughout the development, and the views of both the now green Rose Kennedy Greenway, and the Fort Point Channel, complement the units nicely (see the exclusive photos below).

The 17 units currently available at the Boston Intercontinental are priced from $369,900 to $3,950,000, and range in size from a 421 square foot studio to a 3,020 square foot 3-bedroom 4.5 bathroom duplex. Deeded parking (a coveted asset in the Waterfront / Financial District area) is included with most units, except the studio, and HOA fees run approximately $1.15 per square foot – bear in mind that condo residents have full access to all hotel amenities, including room service, the pool, etc.

For a full listing of units: Current Boston Intercontinental Listings (13.4 MB PDF)

Views are commanding in most units, offering residents either a city center skyline view, or the more calm Fort Point Channel and Seaport District view. For those who want a second home steps from the Financial District, to empty nesters who want every need pampered, the Boston Intercontinental has a lot to offer every demographic. For more information about buying or selling at the Intercontinental, please contact us.

In between the hot dogs, Indy 500, Earthfest, and watching the Celtics go 1-1 over the weekend, 12 downtown Boston properties went Under Agreement (view the details 10 KB PDF).

We’re in the midst of the buying and selling spring and summer season, and even with a holiday weekend keeping many other things on our minds, real estate transactions continued to progress forward. 2 units at the Intercontinental Boston went Under Agreement, along with one of the still standing 210 South Street Leather District lofts. All said, the average listing price per square foot was $615 on these properties (actual sales price per square foot is pending on the close of each property).
Gas prices are topping $4 per gallon across the country, and the “rise of the city” is something that is becoming more of a reality every day (more thoughts on this soon).

The number of available condos at the Boston Ritz Carlton Towers have continued to tick up over the past several months, with 16 currently available units for sale, and another 6 currently Under Agreement – there has been a lot of action at the luxury Midtown location.

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.

For an up to date look at condos for sale at the Intercontinental Boston, contact us using the link at the top of this page.

If you have picked up a Boston Homes newspaper anytime in the past year, you have more than likely seen the ad the Intercontinental runs on the inside cover page (not a cheap undertaking) every single week. We’ve been writing about the hotel-condo luxury residences at the Intercontinental (see Boston Condo Blog Intercontinental posts), but it’s about time we included them in the mix on our weekly Featured Open House.

This week, Unit 16, at the Boston Intercontinental will be held open at 500 Atlantic Avenue. The unit features 1,132 square feet, one bedroom, and two bathrooms, and includes one deeded garage parking space (parking is a luxury along the Waterfront). The unit is priced at $965,000 ($852 per square foot), and carries a $913 HOA fee – you get a fair amount in that fee, from storage to hotel services. Unit 16 has been on the market for only 11 days.

There are a total of 14 units available at the Intercontinental, a mixture of developer units, and resale. The open house at Unit 16 will take place on Sunday, January 13, 2008 from 12:00 PM to 1:00 PM (it’s a tight time slot, so plan accordingly). For more information about Boston condos at the Intercontinental, please contact us.