New Custom Interior Mandarin Oriental Condo for Sale

One of the most interesting features of the luxury Mandarin Oriental condos overlooking Boylston Street and all of Back Bay is that the majority of the interiors have been custom built, with little to no “stock” finishes.  Oftentimes in large-scale condo developments, you have a handful of units that Buyers purchase early in the project lifecycle and custom build, while the Mandarin took the trend of custom buildouts to the extreme as almost every unit in the complex either has been heavily customized, or is a shell and awaits customization.

Unit 9C in the east tower recently hit the market for sale, and its custom finishes abound.  The 2,915 square foot 3 bedroom 2.5 bathroom unit has over $1 million of finishes by New York City designer Foley and Cox, and boasts an upgraded Poggenpohl kitchen, Supai limestone flooring, and custom carpets.  Unit 9C at the Mandarin Oriental offers unobstructed views of the Back Bay and Cambridge in the distance..

Currently listed at $4.95 million ($1,698 per square foot), unit 9C joins 6 additional units for sale in the luxury Back Bay condo development – currently for sale Mandarin Oriental condos have an average listing sales price of $1,650 per square foot, with an average and median listing price in the building of $6,122,857 and $4,950,000 respectively.

Boston Mandarin Oriental 9C

Boston Mandarin Oriental 9C

Movement at Luxury Mandarin Oriental Condos

After a hiatus of approximately 3 months, and shortly after residents took occupancy of units late last year, the Mandarin Oriental recently saw another luxury condo resold.  Unit 11E in the east tower, a two bedroom two bathroom unit, sold for $2.5 million ($1,280 per square foot) on July 15, 2009.

In addition to the sale of 11E, unit 9D in the west tower yesterday underwent its third price adjustment after being listed in April for $3.95 million.  This latest price reduction brings the unit a full million dollars lower than the original asking price to $2.95 million, with a price per square foot value of $1,217, which is more in line with the average price per square foot for units that have sold in the building in the past six months ($1,111, a figure substantially brought down by resale of an unfinished shell that sold at $714 per square foot).

Currently available condos for sale at the Mandarin Oriental are priced from $2,625,000 to $16,990,000 and carry a minimum of two bedrooms and two bathrooms and at least one deeded garage parking space.

Mandarin Oriental Condos for Sale: 8
Average List Price: $6,132,500
Median List Price: $5,025,000
Average $/SF: $1,759
Average DOM: 270

Mandarin Oriental Boston Condos for Sale

Are Mandarin Oriental Condos Selling?

The luxury condos at Boston’s Mandarin Oriental sold out well before construction was complete, one of the first condo developments to pull off such a feat in the city.  Once closings took place in the September / October 2008 timeframe, roughly 10% of the units in the building went up for resale, even before owners moved in.  Approximately 20% of the building (11 units) is now for sale.  Buyers seem to have a fair amount of choice, in terms of unit styles, location, and amount of finishing (some units are being delivered as shells), however, Sellers at the Mandarin Oriental aren’t seeing their product move that quickly.

Despite the overall lull in sales activity, unit 9H in the east building may be the forerunner for future sales, after being listed in late January 2009 for $2,600,000, it went Under Agreement last week.  9H would represent the first resale following project completion.  The unit is a 2-bedroom 2.5-bathroom 1,906 square foot unit that includes one deeded garage parking space (valet).  Condo fees for a unit like this are approximately $2,800 per month.  Closing at or around the list price would maintain the $1,000+ price per square foot that has been seen at the Mandarin, one of a (growing) handful of condo developments in downtown Boston that commands a four digit price per square foot.

Boston Mandarin Oriental East Building

In addition to unit 9H, there are currently 10 condos for sale at the Mandarin, ranging in price from $2,554,000 to $16,990,000.  Units at the ultra luxury development have been sitting on the market for an average of 163 days, with that average somewhat bloated by a listing that has been available since January 2008 (or approximately 420 days).

Why did unit 9H go Under Agreement while the others sit on the market?  As always, it depends, but price surely had something to do with it.  At $2,600,000, unit 9H is offered at approximately $1,364 per square foot, while the remaining condos for sale in the building have an average price per square foot of $1,846.

Boston Mandarin Oriental East Building

Boston Mandarin Oriental

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.