When it opened its doors to both residents and guests in 2001, the Ritz Carlton Hotel & Towers Boston Common offered a new level of luxury to Bostonians who sought the comforts of the condo-hotel lifestyle, the aura of the Ritz Carlton name, and some of the most prominent views in the city.  Eight years later, the development remains one of the most popular luxury buildings to call home in downtown Boston, but, have the high-end accommodations lost some of their mystique?

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.

In March of this year, we noticed that the inventory of available Ritz Carlton condos was growing (see Ritz Carlton Flush with Available Condos), and since that time, there has been approximately 28 units at the two building development that have either gone Under Agreement or have Sold. Today, the inventory level of condos for sale in the Ritz Carlton Boston is now sitting at 23 units, priced from $540,000 to $4,250,000.

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.

After a recent price reduction of $50,000, duplex penthouse unit 7F at the Lafayette Lofts development in Boston’s Midtown neighborhood is sitting at just under $800 per square foot. The unit provides outdoor space with excellent city views in a boutique like 42-unit development at the corner of Essex and Kingston Streets.

The above photo is of the front upstairs bedroom, complete with double exposure and commanding city views. The two upstairs bedrooms have their own bathrooms, and are separated by an open and bright sitting / office area with tall ceilings and an overhead skylight.

Listed at $1,449,000 and boasting 3 bedrooms and 3.5 baths, this 1,827 square foot unit offers all the perks of Boston penthouse living (including outdoor space) in a sophisticated building. HOA fees are $759 and include Heat, Hot Water, Gas, Water, Sewer, Master Insurance, Elevator, Exterior Maintenance, Snow Removal. Perhaps the only downside to this unit is that it does not come with deeded parking – rental garage parking is available for $385 per month. Lafayette Lofts is a pet-friendly condo development, has two elevators, and offers secure keyless entry (but no concierge). Boston property taxes are estimated at $10,296.44 (not including the Boston residential tax exemption).

Our Featured Open House will take place at Lafayette Lofts (88 Kingston Street Boston, MA 02111) on Sunday, June 08, 2008 from 1:15 PM to 2:15 PM. Also, an additional open house will take place on Monday, June 09, 2008 from 5:00 PM to 6:00 PM for those of you who work in the city and can pop in after work.

For more information about this Boston midtown penthouse at Lafayette Lofts, or the other two units that are currently available in the building, contact us using the link at the top of this page.

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.

Lafayette Lofts is a 42-unit loft-style development in Boston’s Midtown neighborhood, completed in 2005. Units seem quite rare to come by, which makes this an interesting time, as there are currently two lofts available in the building.

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.

They started with 54 available condos at the 210 South Street condo development in the Leather District, and they now have 11. The development team has been coming up with new buyer incentives what seems like every quarter that the remaining units go unsold, including some significant price reductions back in August.

Currently, when you buy a 210 South Street loft-style condo, the development team will pay for one year of condo fees and one year of rental parking. Depending on what unit you are looking at, this could add up to almost $10,000 – would you rather just have the money?

The 11 remaining units at 210 South Street are priced from $575,000 to $1,450,000, and range in size from 1,119 to 2,759 square feet. The penthouse level has exquisite arched windows, with excellent views of the city. For more information on 210 South Street, or other Leather District condos and lofts, contact us using the link at the top of this page.

Our Featured Open House for this week is 111 Beach Street #31, a $734,900 loft in Boston’s Leather District boasting 1,475 square feet and two bedrooms and bathrooms. This unit is one of nine (9) that are currently available at 111 Beach Street, which is a complex of 46 high-end Boston lofts with gleaming hardwoods and exposed brick and beams. Pets are allowed at 111 Beach Street, however, only one of each type of pet is allowed (i.e. one dog and one goldfish are ok, two dogs are not).

The open house is scheduled for Sunday, September 9, 2007 from 12:00 PM to 1:30 PM. For more information on this unit, or any of the other Boston lofts that are available at 111 Beach Street, please contact us – for all your Boston real estate needs.

Perhaps the developer thinks that the Labor Day weekend will bring out hungry buyers, as prices for the lofts at 210 South Street were slashed this morning, some units seeing up to $100,000 markdowns. With the return of college students and hordes of families in town this weekend, it might make sense to throw all caution to the wind and hope for the best in selling the last nine units at the new 54-unit concierge Leather District building.

Price per square foot on remaining units hovers at, and below, $500. 210 South Street (Google Map) currently has one-bedroom, two-bathroom units, some of which could facilitate being turned into a two-bedroom by adding a wall (which we can work into an offer for you). Current prices run between $575,000 to $750,000 depending on size and floor level within the building (penthouse units, with the beautiful arched windows, still remain). All units remaining are over 1,000 square feet, with the majority around the 1,300 square foot mark (a single unit remains that is 1,700 square feet).

210 South Street loft condo fees currently run between 40 and 60 cents per square foot, and include heat, water, sewer, master insurance, security, elevator, exterior maintenance, snow removal, exercise room, and extra storage.

Please contact us for more details and to setup a showing.

The newest condo development to hit the Leather District, 210 South Street, has announced new buyer incentives in order to help move the final 9 units off the market.

For a limited time, 210 South Street is offering one-year of fully paid condo fees (roughly an $8,000 value) or a Wells Fargo mortgage buy-down program to entice potential buyers.

The 9 remaining condos are all large one-bedroom units in the 54-unit building. For more information, please contact us.

The Leather District is offering some great price per square foot deals on new construction these days. We visited the 210 South Street Condos today, and for prices starting at $500 per square foot, these newly completed loft-style condos deliver some bang for the buck.

Grand windows and views are throughout, with the penthouse floor incorporating gorgeous arched windows that offer a unique flair to each unit. There are currently 10 units remaining in this 54 unit secure concierge building, and the developer has been running financing specials, and most recently, discounts on particular units. All remaining units are one-bedroom, two-bathroom loft-style condos, offering 1,119 to 1,709 square feet, priced from $595,000 to $795,000.

There has been a lot of new development in the South Station area lately, either coming online, or already completed, including the new FP3 Condos, and the Lafyette Lofts.

For further information on availability and current prices for the 210 South Street condos (pictured below), please contact us.