Macallen Building Featured Open House

Our Featured Open House of the week is taking place at South Boston’s green Macallen Building. From Noon – 2 PM on Sunday, December 16, 2007, Pappas Properties will hold open units at not only the Macallen Building (141 Dorchester Avenue), but their adjacent Court Square Press loft development.

This weekend provides you the opportunity to see two of the finest properties in northern South Boston. Let them know that Boston Condo Guy sent you, and if you need Buyer representation on a purchase, please contact us.

If you act fast, you can still take advantage of the Macallen’s year end clearance sale (see Buy at Macallen, Get a Free Hybrid Car).

Buy at Macallen, Get a Free Hybrid Car

Forget about a free plasma TV, or a year of HOA fees, we’re talking about a free hybrid car as a buying incentive at South Boston’s Macallen Building. Pappas Properties, the developer of the 140-unit green Macallen Building is offering a year-end clearance sale to entice Buyers into their units, and wow, are they going all out.

On a limited number of available units, prices have been slashed by upwards of $200,000 (for instance, unit 119 was listed for $1,160,000 and is now $929,000), putting price per square foot ranges on some units into the $500’s. If a Buyer reserves a unit before December 31, 2007, and closes on the property before March 1, 2008, the developer will give the Buyer a Toyota Camry Hybrid car, or, $30,000 if a car is not desired.

We’ve talked a lot about the Macallen, it being the first LEED certified green development in Boston, concierge building with amenities galore, truly setting a new baseline in northern South Boston, if not the city. And they continue to set a new baseline with unheard of Buyer incentives.

Please contact us to learn more about how to take advantage of this opportunity.

Macallen Building Lap Pool

Macallen Building Patio

Macallen Building

Macallen Building

Macallen Building

Is Now the Time to Buy at Macallen

It’s approaching six months since the ultra-modern, green, Macallen Building opened to residents. The building has been well-received by all walks of life, yet, there are still 29 units that currently remain for sale at the 140-unit northern South Boston development.

We’ve discussed the Macallen, at 141 Dorchester Avenue, numerous times (click the ‘Macallen Building‘ tag just under the title of this post for more blog posts on the Macallen), the development is clever, and the absorption rate, as we predicted, would take time given that the Macallen is the first LEED certified condominium building in Boston real estate, and prices are consequently higher then neighboring developments. But are the prices staying locked?

As we begin to enter the winter stretch of home buying, sources state that there is room to maneuver at the Macallen related to pricing, with $50,000 price negotiations not uncommon among the moderately priced units. If you are at all tempted by the new baseline for green living in northern South Boston offered at the Macallen Building, contact us using the link at the top of this page for more details on the units currently ranging in price between $475,000 and $1,680,000 at this Massachusetts LEED condo development.

macallen-building-condos-19

Boston Macallen Building Flooring Issue

We have received almost 10 visits in the past several hours from readers who are looking for information on the bamboo flooring issue at the Macallen Building.

To shed a little light on the subject. Pappas Properties (the developer of the Macallen Building) has been back and forth with the company who laid some of the bamboo flooring in parts of the building after some units experienced buckling problems with the bamboo floors. We recently visited a studio/one-bedroom for sale overlooking the exquisite green terrace and lap pool, where the flooring issue was evident.

Needless to say, it’s an issue. Pappas has committed to rectifying the problem in all impacted units, and is working towards a settlement with the flooring company.

Prices at Macallen Building

We’ve received a number of requests from clients interested in pricing levels at the recently opened Macallen Building, the green LEED-certified 140-unit luxury development in South Boston.

There are currently 32 units that are available in the development, with pricing starting at $475,000 (approximately $600 per square foot). Units include very high-end amenities, and access to a host of services provided by the dual-access Macallen and Court Square Press buildings (gym, heated pool, screening room with kitchen and bath, garage parking, etc.).

For more information: Macallen Building Pricing Information (PDF)

For more information on any of the individual units at the 141 Dorchester Avenue Macallen Building, or to setup a showing, please contact us. Dig a little deeper and learn more about the history of the neighboring Court Square Press building, and where the Macallen Building got its name.

Macallen Building

Green Mortgage Incentives Match Green Condos

With the recent launch of the Macallen Building in South Boston, the first LEED Certified Green Building in all of Boston, and rumors of more green buildings to come, the mortgage industry is following suit with their own green mortgage incentives.

The Wall Street Journal recently reported that lenders are the latest group to jump on the environmental-marketing bandwagon by pitching mortgage products that offer homebuyers bigger loans or discounts if they are making energy-efficient improvements — or if their new home meets certain efficiency standards. Last month, Citigroup Inc.’s mortgage division launched a program that offers $1,000 off closing costs with its energy-efficient mortgage through the end of the year. Also last month, Bank of America Corp. launched an Energy Credit mortgage, which offers a $1,000 credit toward closing fees for mortgages on new homes that meet efficiency requirements set by the government’s Energy Star program. J.P. Morgan Chase & Co.’s mortgage division recently began offering Expanded Energy Conservation Mortgages in some markets that give borrowers more credit, as well as $500 off closing costs, if they find a builder who will use a specific type of spray-foam insulation.

While energy-efficient mortgages have been available from many lenders for some time, they are receiving renewed attention. They allow borrowers to qualify for bigger loans because lenders permit the estimated savings on utility bills to be added to the borrower’s qualifying income. For example, energy-efficient improvements could save a homeowner $50 a month. The $600 extra a year could allow a person to borrow about $10,000 more on a 30-year mortgage, depending on the interest rate.

The new products and incentives are aimed at a market worried about increasingly high energy prices. And amid the turmoil in subprime lending, analysts say, energy-efficient mortgages can be a more secure way to qualify marginal borrowers, since these homeowners are saving money on utility bills.

Based on our recent conversations with Pappas Properties, the developer behind much of the green building trends in Boston real estate, there are almost 30 units still for sale at the 140-unit green Macallen Building. Some of these units are teed up and ready for purchase by Buyers who are awaiting the sale of their existing homes. Important to note, as we’ve stated before, the absorption rate for a green building (let alone the first of its kind in Boston) is going to be somewhat slower than normal as Buyers hold an environmentally conscious debate in their heads on green versus non-green living, and pony up for slightly higher prices per square foot that accompany LEED certified condo developments.

Boston Macallen Building

The Three South Boston Amigos

If you like new developments, then the area surrounding the Broadway Red Line T-Stop is your new hot spot. 2007 has seen the completion, and near completion, of what we are calling the Three South Boston Amigos – the Lofts at 36 A, the Macallen Building, and Allele Boston.

These three condo developments are setting a new baseline for high-end living in the northern part of South Boston, with existing standards (Court Square Press) and some more to come in the upcoming years (Leachmore Point, now to be called Eleven West Broadway). Both the Macallen and 36 A opened to residents around the June 2007 timeframe, and Allele is planning for an early 2008 occupancy date. The exclusive photo below shows Allele Boston in the foreground, and the newly completed Macallen Building in the background, with the South End and Back Bay skyline to the left.

macallen-condos

For buyers looking for the opportunity to build short to medium term equity, this area of Boston should be of pertinent interest. With the amount of development that has already happened, and that which is planned, the neighborhood will continue to blossom. For instance, we recently announced that Tapeo Boston will open a new South Boston restaurant on the ground floor of Allele, adding to the draw of the area. Small things, like reconstruction of the median between Macallen and Allele on Dorchester Avenue and the planting of trees will, again, add to the beauty and allure of the area. Significant retail is planned for Court Square Press (an organic market complete with top choice butcher), Macallen (yoga studio, dry cleaner, cafe, and small offices), and across the street from the T-Stop, a not yet announced art / wine gallery.

The Lofts at 36 A is a 36-unit 6-story boutique development that features very high-end finishes throughout, including some of the best bathrooms in the city, and exquisite scored and stained concrete floors. The development features a common roof deck situated next to numerous private roof deck spaces, and two levels of garage parking, the lower of which is serviced by a car elevator. This is a high-end, but no frills (no concierge or fitness center) condo development. 36 A features a single retail space on the ground floor.

Allele Boston will be a 48-unit 6-story (but will sit slightly lower than the adjacent 36 A building) development that is aiming for a February / March 2008 opening. Allele, which means hybrid, offers traditional home features with loft style feel, some with terraces, and garage parking for an additional purchase price. Allele will feature a ground floor restaurant (Tapeo of Newbury Street is currently the target client).

The Macallen Building is a LEED Gold Certified (Green) 140-unit mini-mega development. Macallen represents the second phase of the Court Square Press buildout, and is a full service luxury building that is the first green residential building in the city of Boston with an outdoor heated pool on an 18,000 square foot plaza, garage parking, and a viewing / entertainment room, and fitness center (in Court Square Press).

Developers are creating a very high-end, desirable enclave just south of the city, and it’s only a ten minute walk to the South End, or a quick T ride to Downtown Crossing. Residents of other recent area developments, namely 80 A Street (also known as 52 Athens) and 125 B Street Lofts, which are seen as perhaps a lower price option to Macallen, 36 A, or even Court Square Press, will soon be enjoying the fruits of their sister developments’ labor by way of increased condo values, and augmented commercial and retail options.

For a complete look at what is available in each of the Three South Boston Amigos, or any of the other sister developments, please contact us. The exclusive photo below shows the lineup of the Three Amigos along W 4th Street (closest to farthest: Lofts at 36 A, Allele Boston, Macallen Building).

the-three-amigos

South Boston Condos in Transition

South Boston is an area in transition.

The St. Vincent Neighborhood District (St. Vincent de Paul church sits in the heart of the neighborhood), with its overgrown vacant lots and rundown buildings / warehouses of the old commercial era, is being seen by architects and developers as their new playground, to do with as they please.

South Boston developers have run the tasteful, striking, contemporary, and thought-provoking gamut quite well with designs like the “green” Macallen building, 321 West Second Street, Allele Boston, and the Trolley House (pictured immediately below).

Trolley House South Boston

The designs are well received by the buying public, as the Trolley House is completely sold out, and other developments in the area are seeing solid uptake on preconstruction availability. Not that you don’t have innovative developments going up in more traditional areas of the city (considering Penny Savings Bank for instance in the South End), but perhaps it’s South Boston, and the Seaport District (including Fort Point Channel) that still have the opportunity to have their look and feel reestablished, and for the better.

Designers and developers are naturally drawn to areas like this where true change can be imparted (shaking things up perhaps), and a positive stamp can be left, leaving it better than the state you found it in.

We are just trying to create honest buildings. We made them neutral, not flashy, but they become significant nonetheless,” said David Neilson, the urban designer behind the 321-323 West Second condo development in South Boston (pictured immediately below).

321-323 West Second Condos

Macallen Building South Boston

After a real estate agent roundtable at Aquitaine in the South End last night, we made our way over to the Broker Open House at the newly opened Macallen Building – you know the development, it’s the slopey, weird looking building that is next to Court Square Press in South Boston. Macallen is touting itself as the first true “Green” condo development in Boston, and to tell you the truth, they are doing a pretty good job at providing South Boston eco-friendly housing.

Macallen Building

[Read more…]

Macallen Condo Development Open House

We had the pleasure of stopping into the Broker’s open house tonight for the recently opened Macallen Condos in South Boston (at the foot of the Fort Point Channel). More information to come, along with new photos, on this eco-friendly condo development – 40% of the units are still available for sale, and some residents have already moved in.

Macallen