Interesting Week for Boston Condo Pricing

In addition to 285 Columbus Lofts releasing initial price points on several units (see Prices Announced at 285 Columbus Lofts), the past week saw some interesting things happen with price reductions, and increases, mainly in high-end properties that have been on the market for some time now.

270 Clarendon Street – a two-unit ultra luxury redevelopment (called The Maisonettes) saw its unit 2 get a $200K+ price increase. The unit has been listed on the MLS for over 500 days in total. Talk about bucking the trend.

D4 Condos – the development team chopped prices on two units (5 and 13), almost $100K each, putting one just above $600 per square foot, and the other just below. Quite a surprising move, given the quality of this Philippe Stark building (interesting to note is that the one deeded parking space that came with each unit were removed from the listing, and are now being made available for $70K-$90K). Ultimately, we’re looking at a $10K-$30K price reduction). Also interesting to note, the grand penthouse is now Under Agreement – a truly one of a kind property in the South End, the entire city for that matter, originally listed for $3.2 million, reduced to $2.9 million.

134 Beacon Street – a 5-unit redevelopment (sounds familiar, see 676 Tremont Street for another high-end 5-unit rehab) in the Back Bay saw two of its units (201 and 301) splurge on $400K price increases. Again, quite surprising, especially with the units being on the MLS for 190+ days. Perhaps a conversation with the D4 team is in order?

Harbor Towers – units in this Waterfront megaplex continue to get dumped on the market. We are warning clients to, unfortunately, be very cautious as it relates to Harbor Towers for the immediate future given the situation with the HOA and large ($100K+) assessments currently being sorted out – one of your first questions regarding any unit at Harbor Towers right now should be around how the special assessment is being paid (some Sellers have agreed to pay, others will pass this onto the Buyer, your Buyer’s Agent can provide further guidance). Those who like an interesting situation may be all for Harbor Towers right now as an investment, as many units are selling at a “discount” – there are 21 units to choose from.

For more information about any of these units, or further commentary, feel free to contact us using the link at the top of this page.

Comments

  1. Twenty-one units for sale at Harbor Towers???

    Would some smart investor with money burning a hole in his/her pocket buy them all? Offer 20% less than asking price, I’m sure you’d get at least 2/3’s of the owners to agree to the price.

    Rent them out at market value for three years until construction is completed, then flip them for a huge profit.

    Be serious!

    There is at least SOME value for these units. The current owners are just running scared.