After two years of (re)construction, closings at the luxury Zero Marlborough building began in September of 2008.  Anticipation grew as the art deco 12-unit building was transformed into one of the latest boutique concierge buildings in the Back Bay, sitting in an ideal location at the corner of Arlington and Marlborough Streets, adjacent to the Public Garden. Quietly, Zero Marlborough has come very close in unseating the Mandarin Oriental for consistently driving the highest price per square foot values in the Back Bay (and the city for that matter) with closing prices averaging approximately $1,400 per square foot – the Mandarin, over the course of its 52 closings, has an average price per square foot of over $1,500.

Back Bay housing prices have stayed resilient over the past year, with average and median prices increasing substantially when looking at performance over the same 3 month period from 2008 to 2009

January 1, 2008 – March 25, 2008
Back Bay Condos Sold: 70
Back Bay Average Sales Price: $1,185,402
Back Bay Median Sales Price: $671,250
Back Bay Average Price per Square Foot: $793
Back Bay Average Days on Market:    107

January 1, 2009 – March 25, 2009
Back Bay Condos Sold: 47
Back Bay Average Sales Price: $1,334,491
Back Bay Median Sales Price: $781,000
Back Bay Average Price per Square Foot: $785
Back Bay Average Days on Market: 155

It’s interesting to note that these numbers are not inflated by ultra-luxury closings that would include Zero Marlborough or the Mandarin Oriental, as there have been no closings for either of these two buildings during the first quarter of 2008 or 2009.

8 of the 12 units at Zero Marlborough have sold, the 4 that remain for sale are all 3,300+ square foot 3+ bedroom 3.5 bathroom units listed for sale between $4,669,000 and $4,765,000 (approximately $1,421 per square foot).

The Back Bay of Boston is no stranger to luxury real estate, from the time the tidal flats were filled in the late 1800′s, Back Bay quickly became one of the most elegant places to call home. And who would argue with that, especially with properties that are adjacent to the Public Garden, and only steps from Boston Common. One of the most peaceful and elegant streets in the city of Boston is Marlborough Street, and it is home to Zero Marlborough, a new 13-unit ultra-luxury condo development that is currently under construction.

The building renovation will be the work of architect Grassi Design Group, and the real estate developer that kicked this off is Sea-Dar Real Estate, both of which are out of Boston.

The nine remaining units are priced from $1,635,000 to $4,799,000 and offer 1,308 to 3,296 square feet (according to the Boston MLS). The penthouse sold some time ago (see Zero Marlborough Penthouse Sold), however, this full-service building still has plenty to offer the discerning buyer.

Want more information on Back Bay condos, use this Back Bay Condos Google Map.

For more information on luxury condos currently available for sale at Zero Marlborough, please contact us.

The Boston Courant reported today that the penthouse at Zero Marlborough went under agreement with a list price of $8,355,000 (according the Boston MLS, this actually happened back on February 12, 2007). Four of the available 13 units at the boutique luxury development seated at the foot of the Public Garden are under agreement, with eight units remaining. Still for sale are two to three-bedroom units priced from $1,635,000 to $4,799,000.

Zero Marlborough is currently on schedule for a Summer 2008 completion, similar to its ultra-luxury sister development, the Boston Mandarin Oriental, which is poised for a June 2008 occupancy date.

The Boston Courant spoke with the often quoted Kevin Ohearn, who stated “This is demonstrative…of the overall strength of the downtown (Boston) market, which is reacting contrary to national and state trends.”

Perhaps Kevin read our article from last month, City Center Condo Prices Buck Trend, where we said the exact same thing. Or perhaps Kevin read our Boston Condo Sales Increasing article from July, where we, again, said the exact same thing, namely, many reports that have come out lately are discussing Massachusetts housing statistics, rather than the city of (downtown) Boston itself, note the difference when looking at statistics.