Seaport District Million Dollar Open Houses

If you can dig yourself out of the snow drifts after Saturday’s winter storm, or if you park your car in a garage parking space, the Seaport District is hosting two $1 million+ luxury loft open houses that will be sure to impress.

Channel Center Condo 401

On Sunday, January 11, 2009 from 12:00 PM to 2:00 PM, Unit 401 at 35 Channel Center Street is being held open.  The listing is a stunning loft recently featured in Boston Magazine located in the hot Fort Point Channel neighborhood. Designed by a notable Boston architect and design team, this showcase two-bedroom two-bathroom home was designed with the finest materials and a multitude of custom features including expansive living and dining rooms, generous master bedroom with large dressing area/closet system and spa like bath, open granite/stainless kitchen featuring a large island and abundant storage. Direct access deeded garage parking included.

Unit 401 at Channel Center is listed at $1,190,000 for 1,914 square feet ($622 per square foot) and has monthly HOA fees of $839.

Fort Point Place Condo 622

Additionally appealing is Unit 622 at Fort Point Place (21 Wormwood Street), which is being held open during the same time frame on Sunday, January 11, 2009 from 12:00 PM to 2:00 PM. The listing at Fort Point Place is a truly unique contemporary brick and beam corner Penthouse Loft featured in Design Magazine, with over 2,000 square feet of living space. Kitchen & Master bathroom finishes, tile and lighting from Italian design and all imported from Italy. Spiral up to a 270 square foot private roof deck constructed with Special IPE environmentally friendly wood designed by Beth Whittaker. Juliet Balcony in living area, and southeast exposures offer an abundance of natural light within. Single deeded garage parking space included.

Unit 622 at Fort Point Place is listed at $1,199,000 for 2,058 square feet ($583 per square foot) and has monthly HOA fees of $622.

Exposing Boston Open Houses

As a Seller of real estate in Boston (or any city for that matter), one of the most effective mechanisms to get your home sold is exposure.  Given that 85%+ of consumers start their real estate search online, it makes a lot of sense that a property has maximum exposure online, however, good old fashioned open houses still have their place.

“Knowing that people can walk through my condo, in addition to seeing it on the web is important to me,” says one South End condo Seller.  Open houses, typically held on Sundays in the early afternoon, give potential Buyers an opportunity to touch and feel a property first hand, something that can’t be accomplished online.

So how do Buyers find out about open houses?  Through websites like this one, through word of mouth, and also, Boston Homes Newspaper and the relatively new Boston Courant Real Estate Guide, both of which are published and distributed on Saturdays in preparation for open houses that will take place over the next several days, but most oftentimes, on that Sunday.  The Boston Courant edition went through a significant overhaul in outward appearance during the new year, and now looks eerily similar to Boston Homes.

Boston Open Houses

However, open houses don’t magically appear in these print editions, a Boston Listing Agent must feed information into two separate property databases in order to push information into Boston Homes and Boston Courant (LINK and MLSPIN respectively).  As a Seller, you want your open house to be listed in both print editions to garner the most exposure possible.  That said, a Listing Agent must know that they need to submit open house information to LINK and MLSPIN by Thursday at Noon for an open house that will take place on the following Sunday, or the open house will not make it into the print editions.

The two property systems (unfortunately) carry different information and are not always congruent, notably, LINK boasts approximately 300 open houses this weekend (at the time of writing), while MLSPIN shows that there will be approximately 295.

1850 South End Lofts Still Selling

It had been several months since a loft-style condo had closed at the 1850, a new 60-unit condo development on the southern border of the South End, but with two closings in December, the building is now more than 1/3 sold.

Selling prices at the 1850 South End have stayed relatively close to their original list prices, with only a small handful of the units being sold for less than list price, pushing up the sales to list price ratio to near 100%. Summary sales statistics at 1850, where units started going Under Agreement in early 2008, include the following.

Units Sold: 21 of 60
Average Sales Price: $351,395
Median Sales Price: $369,000
Average Price per Square Foot: $447

Sales to list price ratios, specifically at new developments, should be taken with a grain of salt, however,”pricing of a new development is more an art than a science,” says John Keith, a local real estate agent. “Unlike other new developments where all the units were listed for sale (in the MLS), here they are wisely releasing them over time, apparently being able to keep the building looking attractive from a price perspective.”

The Boston MLS currently shows lofts at the 1850 listed from $329,000 for 732 square feet to $565,000 for 1,148 square feet.  There is a parking lot adjacent to the building where spots are being made available for sale separately at $39,000 each.

1850 South End

1850 South End Kitchen

2008 Boston Parking Spot Numbers

With the start of a new year, we now have visibility into summary statistics for deeded parking spaces that sold in downtown* Boston during 2008.  Both average and median sales prices for Boston parking spots increased in 2008 over 2007 numbers.

2008
Number Sold: 93
Average: $80,459
Median: $65,000
Average DOM: 112 days

Approximately 20 $100,000+ parking spot sales in the Back Bay, Beacon Hill, South End, North End, and Waterfront bolstered sales figures in 2008.

2007
Number Sold: 117
Average: $71,865
Median: $40,000
Average DOM: 73 days

2006
Number Sold: 53
Average: $93,225
Median: $75,000
Average DOM: 202 days

*Downtown Boston includes the following neighborhoods: Back Bay, Beacon Hill, Chinatown, Fenway, Financial District, Leather, Midtown, North End, Seaport, South Boston, South End, Theatre District, Waterfront, West End.

Top 10 Articles of 2008

In 2008, the Boston Condo Blog grew into one of the most popular real estate news sources in Boston.  Some innovative new ideas are planned for 2009, but it’s worthwhile to take a look back at the most popular articles that generated reader interest in 2008. Here are the top 10 most read articles from 2008 here at the Boston Condo Blog.

  1. Boston W Hotel and Condos – we have put together some of the most exclusive photos and content surrounding the luxury Starwood brand hotel and resort that will launch in late 2009, going all the way back to the transition of the property from a parking lot to a large hole in the ground.
  2. Boston Parking Spaces – our downtown Boston parking spots page has become a top destination for those who want to buy and/or sell a parking spot in Boston.
  3. Banq Restaurant to Open at Penny Savings Bank – few restaurants in the city generated as much buzz as Banq did.  The historic Penny Savings Bank deep in the South End was completely renovated in 2007, and is now home to luxury condos, as well as commercial space, which includes a bank (how appropriate), and the new upscale Banq restaurant.
  4. The 1850 New South End Condo Development – along the southern border of the South End, a new loft-style condo development called the 1850 launched, we were one of the first to bring you exclusive photos and a comprehensive overview of the property.
  5. Broadluxe Condo Auction Results – we were the only news source that stayed with the Broadluxe condo development as it changed ownership hands through foreclosure, as well as pre and post auction.  With the last Purchase and Sale Agreement at Broadluxe was recently signed, (tentatively) marking the end of a successful, and rather short, sales cycle.
  6. Prices at Macallen Building – being the first green condo development in Boston, the Macallen Building has received a lot of attention even before its opening in the summer of 2007.  Approximately 50 units in the building remain unsold, and pricing at the development is of interest to many who want to call the green building home.
  7. 285 Columbus Lofts Buck Downtown Boston Trend – 285 Columbus Lofts, a new loft-style condo development at the northwest corner of Columbus Avenue and Clarendon Street surprised many with the sales velocity that the developer established in pre and post construction.  The development offers a combination of highly desirable amenities, in a superb location, and Buyers to notice.
  8. $100K Price Changes at D4 Condos – one of two historical landmark buildings in the South End (and the city for that matter) that have been converted into luxury condo developments, the Philippe Starck designed D4 Condos are approaching sold out status, but only after undergoing several price reductions.
  9. Nothing Standard About Standard Purchase and Sale Agreement – one of our guest bloggers, Rich Rosa, a real estate attorney in Massachusetts, put together an excellent article about one of the most important documents in the real estate transaction process, the Purchase and Sale Agreement.
  10. Warm Welcome from the Clarendon Back Bay – the sales staff for the Clarendon Back Bay, one of the city’s latest ultra luxury condo developments, hosted us immediately following the opening of the official sales center on Newbury Street.  Despite a slowing luxury market, the combination of amenities and location at the Clarendon continue to drive Buyer interest.

We look forward to another exciting year in Boston real estate, and a whole new set of top 10 articles in 2009.  Happy New Year!

DNA Lofts Maintain Momentum

After a relatively successful start out of the gate, DNA Lofts, the latest loft-style development to hit Dorchester, recently made the decision to lower unit prices to maintain momentum and sales velocity heading into 2009.

Prices at the 59-unit DNA Lofts development formerly ranged in price from $245,000 to $599,000, and have since been reduced to $207,000 to $591,000.  On the lower end of this scale are studio units, with excellent light, and on the higher end, expansive penthouse units with their own outdoor space.

The DNA Lofts development, where units include a parking space in the onsite garage or parking lot and a short walk to the Red Line, have been touted as an alternative to South End condos, especially new developments farther south in that neighborhood.

Lofts at 36 A Offer Unique Value

In the Summer of 2007, a hotbed of activity was happening surrounding the (Red Line) Broadway T-Stop in South Boston.  The Macallen Building had recently opened with fanfare as Boston’s first green building adjacent to the existing Court Square Press loft development, work was underway on the Allele, and a boutique development on the corner of A Street and W 4th Street called the Lofts at 36 A promised to offer something unique to its residents. In late 2008, 36 A is approaching sold out status, and residents and potential Buyers are enjoying the building.

Lofts at 36 A Exterior

36 A goes beyond the no frills exterior and posh interior finishes, and someone who knows this well is Beth Dailey, who has served as the Sales Director for the Lofts at 36 A since preconstruction.  Dailey is a prominent listing agent in South Boston, and speaks very knowledgeably about the 36 A property and the surrounding area.

One of the things about the Lofts at 36 A that residents are most excited about is the the low condo fees, which give you “everything you’d want in a building in the city without the expense of a concierge or gym passed on to unit owners,” says Dailey.  “People are choosing to buy a second parking space [in the building] because the condo fees are so low – they are purchasing a second vehicle with the extra money they save in condo fees.”

Proximity to the Mass Pike and 93, as well as being just 280 steps to the T are amenities that don’t go unnoticed by residents.  36 A truly shines when you turn to the inside of the building and begin to look at some of the finishes with which the developer outfitted the boutique development.  The developer was actually planning to move into the building with his wife, young daughter and pets, however, when his wife became pregnant with their second child, he needed a little more space.  The fact that the developer was going to call the building home is a blessing in disguise to residents, as the building was constructed with personal care.

Lofts at 36 A Concrete Floors

The building has been built with some of the latest advances in systems, and some of the sleekest finishes in Boston, for instance, the stained and scored concrete floors are by far the most unique and hip floors you will currently find in the city.  The quality of the (high velocity) systems have helped condo Buyers save on heating and cooling bills says Dailey, as “many residents have not even turned on their heat yet this season, sound deadening insulation, and staggered stud 2 x 6 construction between units, and concrete between floors,” all assist in making the most efficient use out of the available square footage

The contemporary loft-style units at 36 A are all south facing, and offer curtain walls of glass.  All condo fees in the building are below $280 per month, and Buyers seem to appreciate the straightforward pricing that is inclusive of at least one parking space in the two-level garage parking (street level and a below grade level accessed via a car lift).  The building is built to be family and pet friendly, and has a bicycle and baby carriage area, and extra storage.

Lofts at 36 A Kitchen

Given the economic downturn that Boston is faced with, 36 A positions itself from a unique value perspective as “a small boutique building with very low condo fees and taxes relative to the other buildings in the neighborhood.  It’s brand new construction which limits the exposure to assessments and having to replace common area elements,” says Dailey.  The ground floor commercial space is uniquely controlled, and deemed a low impact commercial space (i.e. no restaurant or food use), and is currently occupied by a residential real estate brokerage. The common space that does exist in the building is decorated in a contemporary and subtle way, especially the elevator lobby, which is adorned with a commissioned piece of artwork by a resident in the building.

There are currently 6 units for sale at 36 A, ranging in price from $519,000 to $659,000, which includes at least one heated garage parking space, as well as access to a common roofdeck with expansive city views.

Lofts at 36 A Lobby Artwork

Lofts at 36 A Bathroom

Lofts at 36 A Roofdeck

Last P&S Signed at Broadluxe

As of Wednesday, the last Purchase and Sale Agreement (P&S) was signed at Broadluxe, (tentatively) bringing to a close original sales for all units in the 44-unit loft-style development.  66% of the property was sold at auction on June 21, 2008, and the remaining condos in the building were listed for sale following the auction, typically at higher price points than what was paid at the auction block.

There are currently 4 resale units in the building for sale, ranging in price from $429,000 to $999,000 – the $429K unit, a corner one-bedroom loft is the most reasonably priced from a price per square foot perspective.

We’ll take a more comprehensive look at this development, and the results of the auction and post-auction sales, in the near future.

Prices Slashed at Mandarin Oriental Boston Penthouses

News on December 2, 2008, of the first price reduction at the luxury Residences at the Mandarin Oriental Boston at 776 Boylston St Boston, MA 02199, was quickly followed by two additional price reductions, this time on the penthouse level.

Search the latest Mandarin Oriental Boston condos for sale and rent.

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 massive 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 toward the average of currently available Boston Mandarin condos for sale.

Downtown Boston Market Slows in Piecemeal

In looking at November 2008 sales statistics for downtown Boston, the number of listings that sold in the month has decreased substantially from the same time period in 2007, while prices flashed various signals in different market segments, both up and down.

The downtown Boston market slowed (in terms of number of units sold) year on year in November by approximately 34%, moving from 196 condos sold in 2007 to 130 in 2008.  The bulk of that percentage slowdown comes from a 59% drop in the number of $1 million + homes that were sold, versus a drop of 28% in the under $1 million market.  Various downtown neighborhoods have experienced a slowdown at different magnitudes, the South End for instance, has shown to be slowing less than the overall market (see South End Market Slows Down, Well…Maybe).

In the month of November, average and median prices of homes sold increased by 4% and 7% respectively in the under $1 million market year over year, while luxury homes over $1 million saw average and median prices decrease by 16% and 9% respectively.

Performance in the $1 million + market has impacted overall trends, however, it’s interesting to note that homes in this price range have accounted for only 10% – 17% of the overall November market of sold homes in 2007 and 2008.