Garage Parking Space for Sale at Boston Ritz Carlton

Perhaps one of the most unique property ownership opportunities in Boston has emerged once again with the listing for sale of a Ritz Carlton self-park secure garage parking space for $110,000.

What’s so unique about a garage parking space available for sale in the middle of downtown Boston?

Well, a lot.

Boston garage parking space B3 16 in the Ritz Carlton garage carries no real estate taxes, no HOA fees, and no expenses of any sort, in perpetuity.

Not your standard piece of land in the middle of Boston, by any stretch of the imagination!

Boston Ritz Carlton Parking Garage Entrance

The Ritz garage offers owners the ability to self-park, something nearby condominium developments like Tremont on the Common or Grandview do not allow, which creates parking spaces that trade for less than $50,000, but carry exuberant monthly expenses (as an investor, it’s really hard to make the numbers work).

The Ritz Carlton garage has no residency requirements, so while it makes sense for a building resident to marry another parking space to their condo, investors, and even commuters can get in on the action at the Ritz.

Ritz parking space B3 16 is a reserved parking spot located near the garage elevator on level B3, and is a single non-tandem space.

The secure Ritz Carlton garage is located east of the intersection of Boylston and Tremont Streets, available to enter by vehicle on the north side of Boylston Street, while also accessible by foot via elevator off Avery Street. An Orange line T stop is adjacent to the garage.

For more information regarding this Ritz Carlton parking space for sale, listing your parking space for sale, or buying a downtown Boston garage parking space, contact us today.

2 Avery Street Ritz Parking Garage

Boston Parking Space Sales Heat Up

During a heat wave you are probably not thinking about New England winters, but perhaps you should ponder it a little – do you remember how difficult it was to find a parking space in December during a New England nor’easter?  Remember the snow bans, spending hours digging yourself out of your on-street parking space and then having to worry about if it would be available upon your return?

Be proactive this summer, and purchase piece of mind by acquiring a Boston parking space in a secure and covered garage.  You will thank yourself come the dead of winter when you are driving your car out of the garage!

Recent Boston Garage Parking Space Sales

I have recently sold two parking spaces in both downtown and the South End areas of Boston.  My clients purchased parking spaces because they have seen the population growth in their living areas, found finding a place to park in the evening increasingly more difficult and have experienced car vandalism when parked on the street.  Now, with their covered and secure garage parking spaces, they can enjoy city living with more ease and not be burdened with the parking hassles and owning a car.

Boston Parking Space Investments

Parking spaces can also serve as great investment tools for those people looking to purchase real estate but do not want the headaches of being a landlord of homes.  Parking spaces can appreciate much in the same way as other property with lower entry costs and lower maintenance expenses.   Parking spaces are investments that do not require much intervention once you own them; find a renter and then begin collecting the rent checks.

Parking spaces can be found in various parts of the city including the West End, South End and Downtown Boston.  Some spaces require you to pay real estate taxes and garage fees also called HOA fees.  Taxes range from $800 to $1000 per year and garage fees can range from $60 to $300 a month.  However, there is at least one unique space in downtown Boston at the Ritz Carlton Millennium Tower garage that does NOT have real estate tax or garage fees associated with it – the Ritz Carlton garage parking space is a new listing of mine.  No monthly fees along with a current tenant leasing this space makes this Boston Ritz Carlton garage parking space highly attractive to potential buyers looking for a solid investment.

If you have interest in either buying or selling a garage parking space and want to speak more about what I’m seeing in the market right now, contact us here on the Boston Real Estate Observer.

Boston Ritz Carlton Parking Space for Sale

One of downtown Boston’s most recent listings is at the Ritz Carlton Boston. Not a condo, but a parking space for sale in the exclusive Ritz Carlton Millennium Tower.

Own a piece of the highly sought after Ritz Carlton, free and clear by purchasing a Ritz Carlton garage parking space that can be for personal use or as an investment tool. Many garage spaces in Boston require that you pay a monthly HOA fee and real estate taxes, not the case here. The new parking space listing at 2 Avery Street, parking space B2-#6, does not carry any corresponding HOA fees or real estate taxes.

The garage is secure and conveniently located in downtown Boston behind the Ritz Carlton residence entrance. The Ritz Carlton space is self-park, so when it is time to leave ,no need to call ahead just drive out of the garage.

If you already own a condo residence at the Ritz Carlton this would be a great addition to your existing condominium. The list price of the Ritz parking spot is $93,000. For those looking for an investment, the space is currently rented for $375 per month, with the tenant able to vacate in 30 days.

For more information regarding the Ritz Carlton parking space for sale, listing your parking space for sale, or buying a downtown Boston garage parking space, contact us today.

Has Boston Ritz Carlton Lost its Mystique?

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.




Rentals at the Ritz

We’ve been receiving various inquiries related to rentals at the Ritz Carlton’s Avery Street Towers. For those of us with selective tastes, the Ritz is both a glamorous name and a luxurious place to live. The Ritz in Boston attracts residents with more than just its name. In addition to the unmatched service that has come to be expected with the Ritz Carlton brand, there is a health club and spa on the premises, as well as valet parking and 24 hour room service through the hotel. Residents also enjoy other hotel services, including house-keeping services.

According to MLS (which has the majority of the Ritz rentals listed), there are 19 available units for rent with most of the smaller units being in the 3 Avery Street Tower. Rentals include 7 one-bedrooms ranging from $3,500 to $4,200 per month, 9 two-bedrooms ranging in monthly rent from $4,000 to $11,500, and 3 three-bedrooms from $8,000 to $27,000.

Units at 3 Avery Street typically consist of wall-to-wall carpeting, granite counters and white GE appliances, while 1 and 2 Avery have hardwood flooring and stainless steel Viking, Bosch and/or Sub Zero appliances. Move in dates for the current selection of rentals range from immediate occupancy through a July 1st move in.

Condos for Sale in Ritz Carlton Boston

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.

Ritz Carlton Boston condos

Boston Parking Spots with No Fees

A surprise that Bostonians face when purchasing a parking space in the city is that there are oftentimes monthly fees associated with a spot – an HOA condo fee if you will. In addition to monthly fees, property taxes are sometimes due on a parking space as well (somewhat of a nominal yearly sum, but a sum nonetheless). Can you not simply own something free and clear? What’s the purpose in “owning” something if you have to pay a monthly “rent”?

Oftentimes, the monthly fees for a downtown Boston parking space are understandable, perhaps it’s an all valet garage, or there is a significant level of security in the building that you are paying for. Parking spots off of Commonwealth Avenue in alleys have snow removal services for instance. However, every now and then parking spaces come available that involve no fees whatsoever, an opportunity to own a piece of Boston free and clear.

That is the opportunity that is available at the Midtown Ritz Carlton towers, where two self-park garage parking spaces, with no monthly fees or real estate taxes, are currently available. See our Boston parking spaces page for more information on these two parking spaces, and all other  spots available downtown.

Ritz Carlton Garage Parking Spaces

If you are in search of a Midtown parking spot, or are a resident of the Ritz Carlton towers, you may be interested to know that two deeded garage parking spaces have recently come available. For more information about these two new spots, see our Boston parking spaces page.

For an up to date view of available condos for sale in the Ritz Carlton Boston, contact us using the link at the top of this page.

Also recently available is a garage parking space at 168 Camden Street in the South End / Roxbury area for $29,000, located adjacent to Carter Park.

Ritz Carlton Flush with Available Condos

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.

Luxury Boston Condos

There has been a swath of luxury Boston condos that hit the market over the Holiday weekend. These units are trend-setters as we move into the final quarter of 2007. The numbers don’t lie, high-end million dollar + properties in Boston are selling in force this year, and with a selection like the below, there’s no question as to why.

Starting at just under a million dollars, there is a new Boston Ritz Carlton condo at 1 Avery Street that hit the market for $995,000. The unit is a two-bedroom two-bathroom 1,085 square foot high-end full-service living experience. This is a corner unit with multiple-exposures, and a 270 degree view of the Financial District.

In the exclusive Folio Boston development, an 1,880 square foot three-bedroom two-bathroom penthouse unit is now available. With 12-foot floor-to-ceiling windows and multiple exposures of the Harbor and the Greenway. Valet parking included for $2,120,000. The Folio is located on Broad Street, which is turning into a very hot niche of the Financial District, with the recently sold out 65 Broad Street development, and the upcoming completion of the delayed Broadluxe project.

Folio Boston Penthouse

Folio Boston Penthouse

And perhaps the grand-daddy of them all is the recently announced 2,589 square foot developer’s (yes, Pappas himself) unit at Court Square Press in South Boston. The unit features two deeded garage parking spaces, four bedrooms and four bathrooms, and is listed at $2,495,000, including a $200,000 home theater system. This home was featured in Metropolitan Home magazine.

Court Square Press Penthouse

Court Square Press Penthouse

Court Square Press Penthouse

For further information on any of these condos, or any of the other million dollar Boston condo listings, please contact us.