In addition to the 8 current for sale listings at the 2007 700 Harrison condo development, some units in the building have turned to rentals to fill vacancies. Rather than let the newly constructed condos remain empty through typically a slow season for sales, Mitchell Properties LLC has opted to allow prospective tenants to sign 9-12 month leases with the option to sign a “lease to purchase contract” to contribute some of their rent towards a future purchase. Even if renters decide to stick with a standard lease, it gives the developer the ability to have positive cash flow until they can try out the luxury condo market again next year.

The opportunity for renters in a lease to buy situation is compelling. With rents starting at $1,950 for a 1,081 square foot two-bedroom two-bathroom unit on the fourth floor, renters can live in luxury with floor to ceiling walls of glass, sweeping skyline views, open and contemporary kitchens, laundry in unit, as well as beautifully architect-designed baths, all for an affordable price.

To put this in perspective, the average rent for a two-bedroom unt in the South End is approximately $2,600, and will most likely not compare in size or finishes to what is being offered at 700 Harrison. For instance, a comparable rental unit at 216 West Springfield Street, which was recently rented for $2,500, had only one bathroom and 610 square feet of living space. A high-end contemporary option for South End renters, Church Park, which is located at 221 Massachusetts Avenue boasts between 954 and 1,275 square feet of living in their two-bedroom two-bathroom apartments for $2,950-$3,800 depending on the size and view.

The only downside is that at such an attractive price point and in such a great location, 700 Harrison condo rentals are moving fast. Since last week, four units were rented after being on the market for only three days. There are still two-bedroom units available for $2,200-$2,300 with immediate occupancy.

- Jay Alberino is the Founder & CEO of Eleven Park Realty, and has recently launched myCityApartment, a guide to houses and apartments for rent in Boston, Brookline, and Cambridge.

The 84-unit 700 Harrison condo development in Boston’s South End is now complete, and open to residents. 700 Harrison is our Featured Open House this week as well. There are currently 6 units available at 700 Harrison, ranging in price from $469,000 to $659,000 and in size from 752 to 1,199 square feet.

Some units include private roof deck vestibules with great views of the Back Bay and downtown skyline. Units feature floor to ceiling walls of windows, open and contemporary kitchens with Bosch appliances and gas cooking.

The Open House, located at 700 Harrison Avenue will take place Sunday, September 30, 2007 from 2:00 PM to 4:00 PM. Please let the Listing Agent know that Boston Condo Guy sent you. If you would like Buyer representation on the purchase of one of the units, please contact us.

We have received a significant amount of requests around what is still available at the high-end Penmark Condos in Boston’s South End at 21 Father Francis Gilday Street. Out of the 60 units in the Penmark, there are currently 6 units for sale, ranging in price from $584,000 to $1,125,000, and in size from 991 square feet to 1,726 square feet.

Unique to the Penmark are rather large and distinguished windows in several of the units. Garage parking below the development is included with most units. Nearby new developments include ArtBlock Harrison, and 700 Harrison.

Currently available Penmark condos: Penmark Condo Listing Details

For more information on the Penmark Boston, or to setup a showing at one of the available 6 units, please contact us.

The 700 Harrison condo development is nearing completion, poised for a late September (perhaps October) 2007 occupancy, and there are only 18 units remaining in the building. All but 3 of the units have a vestibule roof deck included, and nothing is priced above $669,000.

Of the remaining units, there are only 3 penthouse (6th floor) units left, two with south, and one with north, facing views. Direct elevator access garage parking is additional. For more information, don’t hesitate to contact us for buyer representation.

We had the pleasure of touring one of the latest condo developments nearing completion in the South End, 700 Harrison. The six-story development with 84-units sits on Harrison Avenue in the South End, in between ArtBlock Harrison (recently opened new condo development at 735 Harrison), and several buildings down from the new D4 Police Station. The new development at 700 Harrison gets great natural light, and offers solid views of Back Bay and the greater downtown area from its north, and northeast facing units. Construction is moving along on the development, and 700 Harrison has a tentative occupancy date of September 2007. A summary of the South End condo development at 700 Harrison, as well as exclusive photos, are below.

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