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.