Atelier 505 (at 505 Tremont Street in the South End) ushered in a new baseline of luxury condo living when it completed construction in 2004. While there have been several other developments before and after it, Atelier 505 remains as perhaps the most coveted concierge building in the heart of the South End. The 103-unit building sees little turnover each year given the amenities, location, and lifestyle that the building offers residents.
In 2008, 5 units at Atelier have sold (408, 309, 417, 202, 506), all of which closed on or after May 30th (Sellers leverage the “hot” summer selling season). The details around the sold statistics are interesting, most notably:
- Atelier listings commanded a 95% sales to original listing price ratio
- Only 2 of the 5 listings underwent a price reduction during the sale process
- Average price per square foot was $847
- Average HOA fees were $0.77 per square foot
- Average Days on Market was 74 (excluding unit 408, it was only 29)
- Sale prices ranged from $700,000 to $1,375,000
- At least one deeded parking space was included in each sale
Atelier 505 sets the bar high for other surrounding condo developments, and will continue to remain one of the premier buildings because it provides a boutique feel while leveraging its medium size (of 103 units) to offer a complete package of amenities (onsite fitness, library, outdoor space, onsite parking, and 24 hour concierge) that other smaller, and sometimes larger, luxury developments cannot boast.
Currently for sale at Atelier 505 is a 691 square foot studio with outdoor space overlooking Tremont Street, listed at $689K (one deeded parking space is included). Contact us for more information.