Prices Slashed at Mandarin Oriental Penthouses

News on December 2, 2008 of the first price reduction at the luxury Mandarin Oriental was quickly followed by two additional price reductions, this time on the penthouse level.

Unit PH1-C, a 5,100 square foot 3 bedroom 4.5 bathroom accompanied by 2 parking spaces was reduced on December 5, 2008 from $12,500,000 to $9,950,000.  The significant outdoor terrace and deck space (1,000 + square feet) of this unit, now priced at $1,951 per square foot, is much more in line with the average price per square foot of $1,970 for all current resale listings at the Mandarin.

Unit PH 1-D, a 2,000 square foot 2 bedroom 2.5 bathroom unit that is accompanied by 1 parking space was reduced on December 9, 2008 from $7,000,000 to $5,500,000.   Despite the large private roof deck boasting superb views, the $2,750 per square foot price tag is still grossly out of line with other price per square foot numbers in the 50-unit building.

While statistics have shown a luxury market slowdown hitting Boston, these price reductions simply bring units that were priced well above the curve back towards the average of currently available Boston Mandarin condos for sale.

First Price Reduction at Mandarin Oriental

After 49 days on the market, unit W-11A at the ultra luxury Mandarin Oriental is the first resale unit in the building to undergo a price reduction.  Originally listed at $5,570,000, the luxury 3,100+ square foot unit was reduced in price by $420,000 (7.5%) on December 2, 2008 to a new asking price of $5,150,000 ($1,620 per square foot), putting it well below the average price per square foot of $1,970 for current resale listings, but still above the $1,416 average price per square foot mark for the original set of sales in the building.

Unit 11A in the west building is a front-facing corner unit that boasts two bedrooms and an additional library / den space on the 11th floor. The unit boasts a terrace with views of the Charles River and Back Bay, along with direct elevator access, and two deeded garage parking spaces.  Monthly HOA fees for the unit are approximately $3,677.

Statistics for currently available Boston Mandarin Oriental condos:

  • Listings: 10
  • Average Price: $7,489,400
  • Median Price: $6,900,000
  • Minimum: $2,200,000
  • Maximum: $16,990,000
  • Average Price per Square Foot: $1,970
  • Average DOM: 103

Condos at the Mandarin are spread across its two east and west buildings along Boylston Street, above the street level commercial spaces, and the minimum $495 per night hotel rooms.

For more information on available condos for sale at the Mandarin, contact us using the link at the top of this page.

Boston Mandarin Oriental Condos (West Building)

Record Breaking $17 Million Boston Condo

In the midst of perhaps the most anticipated opening of a Boston condo development, the Mandarin Oriental can now lay claim to boasting that it houses the most expensive Boston condo listing to ever hit the resale market in Boston at almost $17 million.  The 8,000 square foot Mandarin Oriental penthouse (not double, but quadruple exposure) is listed at a record breaking $16,990,000.

Details from the Boston MLS: Boston’s most awe inspiring Penthouse ever to be built!!!! 14 stories above Back Bay, this 8,000 sf oasis features floor-to-ceiling windows on 4 sides providing unmatched and unobstructed views of Boston’s skyline, Cambridge and the Charles River. Unique in every way this sprawling top floor residence includes two large terraces and two enormous private decks spanning over 3,000 sf, which can be accessed by private elevator truly allowing the city to become yours.

This new Boston Mandarin Oriental condo shatters the $15 million Trinity Place listing that was the previous most expensive condo listing to hit the Boston market (see Trinity Place Penthouse – $15 Million).  For more information, please contact us using the link at the top of this page.

Mandarin = Affordable. Possible Typo?

The Boston Courant ran an insightful piece this weekend that gave some visibility into the Mandarin Oriental rental apartments that are now available for rent, and ready for move-in shortly.

New housing projects in the city of Boston with more than 10 units are required to include an affordable component with units “comparable” to market-rate units.  The Boston Mandarin Oriental Developer, CWB Boylston, LLC, is leveraging their apartment rental units to fulfill the affordability requirement, and interestingly, decided to bypass the “comparable” piece and make the affordable rental units the same as the market rate rental units.

A two-bedroom market-rate apartment…rented for about $12,000 per month. That same two-bedroom unit, [with the same finishes] will rent for $2,316 a month to a four-person household not making more than approximately $102,950, or 120 percent of the areas’s median income.

The 14-story residential tower will house 10 affordable rental units, along with 25 market-rate ones, all between floors four and eight.  While there are affordable units on the rental side, the for-sale condos, which sold out long ago, with some now going through resale (see Buzz Continues at Boston Mandarin Oriental) have no affordability component to them – recent closings on for-sale luxury condos at the Boston Mandarin Oriental include:

  • E-9C    $4,450,000
  • E-10B    $4,095,800
  • W-9D    $2,950,000
  • E-PH2    $13,089,000
  • E-10E    $5,685,420
  • E-10A    $5,616,300
  • E-9C    $4,450,000
  • E-9F    $2,223,920

Buzz Continues at Boston Mandarin Oriental

As the sidewalks around the Boston Mandarin Oriental clear, Bostonians (and beyond) are buzzing about the ultra luxury hotel, rental apartments, and for sale condos that will soon be move-in ready.

Closings of the for sale condos at the property began last week, with several 9th floor units along with a 10th floor unit being recorded as sold – average sales price per square foot has been approximately $1,500.  In addition to the for sale condos in the development, there are 25 high-end luxury rental apartments that are coming online as available.  Opening of the Mandarin Oriental is slated for October 2008.

Boston Mandarin Oriental

In addition to the above-mentioned activity , there are six (6) Mandarin Oriental resale condos that are now available for sale (resale in the sense that they are being resold by owners who have not yet moved into the units).  One of the currently for sale condos available is unit W-10B, a 3,564 square foot 3-bedroom 3.5-bathroom corner unit over Boylston Street in the west building adjacent to the Prudential Center shops – this unit is priced at $6,500,000 ($1,824 per square foot) and includes two garage parking spaces, while HOA fees are $5,500 per month, and include such things as hot water, water, sewer, master insurance, security, elevator, exterior maintenance, landscaping, extra storage, refuse removal, valet parking, and garden area.

The Boston Mandarin Oriental (condos) are perhaps the only downtown condo development that completely sold out well before a prospective Buyer could step foot in a finished unit, and it was done via an almost invite only type sales process.  The six available resale units offer potential Buyers a chance to partake in what will be one of Boston’s most exclusive properties.

A breakdown of the currently available for sale units in the building is noted below.  For more details about each unit, and/or to setup a private showing, please contact us.

  • E-10H 1,437sf 2bed 2bath $2,200,000 (1 parking space)
  • PH1-C 5,000sf 3bed 4.5bath $12,500,000 (2 parking spaces)
  • W-10C 2,683sf 3bed 2.5bath $4,295,000 (2 parking spaces)
  • W-10B 3,564sf 3bed 3.5bath $6,500,000 (2 parking spaces)
  • E-11F 1,830sf 2bed 2bath $3,050,000 (1 parking space)
  • E9-B 2,580sf 2bed 2.5bath $3,995,000 (1 parking space)

Important to keep in mind is that for views of the Charles River (for front facing units) and beyond, one really needs to be on at least floor 10, while the view opens wider on 11 and each floor after that.  Commercial spaces within the complex will be occupied by Gucci, Freete, L’Espalier, and Sel de Le Terre.

Boston Mandarin Oriental

Now Resale at Sold Out Boston Mandarin Oriental

It was somewhat rare that we had a condo development in downtown Boston completely sell out well before doors even opened, and in some cases, before real construction had even begun (granted, the runway for the project was quite long). However, the Boston Mandarin Oriental not only sold out its boutique 50 units, but now, approximately 10% of the luxury condos are available for resale, before the property has even opened. And given the fire that took place on the property earlier this year (see Fire at Boston Mandarin Oriental), a grand opening has been pushed back from July until Fall 2008 – according to many sources, the damage from the fire was quite minimal.

The Mandarin will be the next hot spot in a rolling inventory of super projects that are hitting the Boston skyline, and will give a boost to the already prestigious Back Bay (see Boston Mandarin Oriental Positive Addition to City).

For more information on the available condos at the Mandarin Oriental (6 MB PDF), or to list your preconstruction unit for sale, contact us for more information using the link at the top of this page.

Boston Mandarin Oriental

Fire at Boston Mandarin Oriental

At approximately 7:40am this morning, a four alarm fire broke out at the under construction ultra luxury Mandarin Oriental. Details have been trickling in throughout the day. The fourth floor of the 14-story structure on Boylston Street underwent approximately $2 million in damages. Cause of the fire remains under investigation, however, it is stated that it does not look “suspicious”.

March 11, 2008: As more details, and quotes, became available, the Boston Globe published an additional article on the extent of the fire damage, indicating the fire may cause a modest delay to the Mandarin’s opening, originally scheduled for July 2008.

Boston Mandarin Oriental Positive Addition to City

What does the development of the Boston Mandarin Oriental mean for the local community? Well, aside from casting a shadow on coffee drinkers at the Starbucks outside terrace across the street, it has the potential of continuing to fuel an advancing Back Bay.

All joking aside, the Mandarin residences are a spectacle, and truly a “to be seen at” high profile development, with the minimum condo price coming in near $3 million. It was an invite only affair, and the local condo experts have had relatively little access to knowledge on the building given its hush-hush nature. The core downtown market continues to see multi-million dollar condo developments, with corresponding $1,000+ square foot prices, and it’s amazing that the trend is not stopping – that said, kudos go to Robin Brown, the brainchild behind the Boston Mandarin project, as he has essentially sold out the building well before construction is complete. Arguably, the race is on to finish on time, not upsetting 50 Buyers who plan to plunk down $200+ million for a piece of the new hotspot in Boston real estate.

Boston Mandarin Oriental

We ran a reader poll in 2007 asking readers if Boston needed another ultra-luxury development like the Mandarin Oriental. It’s a fair question, as we receive mail and comments from readers all the time asking us to cover more of the under $500K market. The average condo price in the core of downtown Boston for 2007 was over $600,000. Overall, pollsters said that Boston didn’t need more luxury developments. Given that the Mandarin will indeed be built, what’s it mean for the surrounding neighborhood?

Some could argue that the Mandarin will simply continue to feed the high-brow flame that the Back Bay has commonly become known for, but let’s take a positive approach and look at what it’s going to add to the area. Bear in mind that the Mandarin development will encompass 50 condo units, as well as a 148-room hotel. If you have seen recent tourism figures, you’ll know that Boston is one of several cities in the US that can absorb hotel room capacity (i.e. more tourists are flocking to the city, and hotel rooms are needed, and the Mandarin, much like the upcoming Boston W Hotel & Condos, will take advantage of this). Essentially, with the influx of both upper class condo buyers, and and a consistent supply of affluent tourists, the Mandarin makes the following a reality:

  • High-end restaurants directly across the street, including Atlantic Fish Co., Vox, and others, will be even more busy than they are now. Owners will accept the shadows the Mandarin casts on their terraces for the steady stream of customers looking for a “good meal” in a “foreign town”.
  • The entire Newbury Street corridor will be bolstered with discerning buyers, looking to pick up a pair of boots, or enjoy a scoop of ice cream at JP Licks.
  • Lord & Taylor will finally be connected to the core of Copley Mall via an enclosed pedestrian bridge over Ring Road, thus driving further traffic and sales into the more easily reached store – thanks go to Lord & Taylor for recently beautifying the southeast corner of Ring Road and Boylston Street.
  • The Back Bay will receive an injection of condo related attention, furthering stabilization, and even appreciation, of condo pricing in the area.
  • Residents and tourists will be well-positioned to take advantage of close by shopping and eateries – you remember the difficulty in finding “the” place to eat, or that eclectic shop the last time you were visiting a city you weren’t familiar with. The Mandarin puts you in the center of the Back Bay’s action, and makes selecting a place to eat, oftentimes one of the hardest things to do in a foreign city, easy.
  • And finally, on a lighter note, our understanding is that very high-end Commonwealth Avenue condos and townhouses will become vacant and ready for sale as some area residents make the move to the Mandarin.

Will there be negatives related to the opening of the Boston Mandarin Oriental currently scheduled for a July 2008 completion? Sure, some folks are not impressed with the exterior design of the building, and some might say that the focus in the city should be on trying to build out other neighborhoods with high quality, but more affordably-priced housing, such as deep in the South End. Nonetheless, the Mandarin has a suite of positives associated with it, and we’ll be happy to welcome it into the fold later this year.

Boston Mandarin Oriental

More Boston Mandarin Oriental Photos

We captured the below exclusive photos of the continued progress on the Boston Mandarin Oriental, the ultra high-end hotel-condo development slated for a July 1, 2008 opening. As we stated earlier last week, there is one unit that remains at the development, and it is priced at $5.25 million, and includes outdoor space, and a single garage parking space.

Boston Mandarin Oriental

Boston Mandarin Oriental

Boston Mandarin Oriental

One $5.25 Million Condo Remains at Mandarin

As you may know, the Boston Mandarin Oriental was completely sold out, however, there was a Buyer who was relocated outside of Boston, and their unit has become available again. The single remaining unit at the ultra luxury Mandarin is Unit 11A. Here are the details:

  • Unit 11-A is a three-bedroom, tow-bathroom, 3,200 square foot unit
  • 1 parking space included, additional parking space available for $200,000
  • Underground parking garage is fully secured, and is exclusive to condo/residence owners (no hotel guest mixing)
  • Outdoor terrace space is included
  • Sales price is $5,250,000
  • Occupancy date is slated for July 1, 2008, and is on schedule

The Mandarin Oriental Unit 11A floor plan shows a very spacious and flowing setup. For more information, please contact us.

Boston Mandarin Oriental Condos