Boston Real Estate Observer, Author at Boston

First Price Reduction at Mandarin Oriental

December 5, 2008 By Boston Real Estate Observer

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.

Luxury Back Bay Penthouse Reactivated

December 1, 2008 By Boston Real Estate Observer

The Back Bay is no stranger to ultra luxury real estate listings, and the penthouse unit at 294 Newbury Street (known as the Providence on Newbury) sets the luxury bar high overlooking Newbury Street shopping and dining. If the seen and be-seen oasis of the Back Bay’s Newbury Street is right for you, the direct elevator access penthouse unit at the Providence offers high-end living both inside and outside, along with adjacent alley parking.

Originally listed for $5,000,000 on April 15, 2008, the penthouse unit stayed on the market for 132 days before being canceled on August 25, 2008. At that point, the listing was put back into the Boston MLS system at a new price point of $3,995,000. The condo appears to be on a month-to-month listing, as it has gone expired and reactivated on the 1st of October, November, and now, December.

We first toured this building in the height of construction in May 2007 (see Providence on Newbury Condos), and the building, and especially the penthouse, has come a long way in fulfilling the developer’s vision. The hot tub, grill, and audio / video capabilities on the 70+ square foot outdoor deck overlooking Newbury Street caps this unit off.

However, the penthouse unit at 294 Newbury Street currently has some stiff competition in the Back Bay luxury condo market, with nine resale units available at the recently opened Mandarin Oriental. In fact, on a price per square foot basis, the Providence on Newbury penthouse is more expensive than the three Mandarin Oriental condos under $5 million listed below.

E-10H 1,437 square feet 2bed 2bath $2,200,000 (1 parking space)
E-9F 2,557 square feet 2bed 2.5bath $2,554,000 (1 parking space)
E-11F 1,830 square feet 2bed 2bath $3,050,000 (1 parking space)

Choices abound in the Back Bay, and throughout the city for that matter, allowing buyers to be quite particular about what they purchase. As it relates to the Providence on Newbury, if a boutique feel and easy access to shopping and dining is a must, as well as the hustle and bustle of downtown life, it’s worth your consideration.

Filed Under: Back Bay Condos Tagged With: 02116 Boston Condos, 294 Newbury Street, Newbury Street Condos, Providence on Newbury

700 Harrison Luxury Boston Rentals

November 25, 2008 By Boston Real Estate Observer

In addition to the 8 current for sale listings at the 2007 700 Harrison condo development, some units in the building have turned to rentals to fill vacancies. Rather than let the newly constructed condos remain empty through typically a slow season for sales, Mitchell Properties LLC has opted to allow prospective tenants to sign 9-12 month leases with the option to sign a “lease to purchase contract” to contribute some of their rent towards a future purchase. Even if renters decide to stick with a standard lease, it gives the developer the ability to have positive cash flow until they can try out the luxury condo market again next year.

The opportunity for renters in a lease to buy situation is compelling. With rents starting at $1,950 for a 1,081 square foot two-bedroom two-bathroom unit on the fourth floor, renters can live in luxury with floor to ceiling walls of glass, sweeping skyline views, open and contemporary kitchens, laundry in unit, as well as beautifully architect-designed baths, all for an affordable price.

To put this in perspective, the average rent for a two-bedroom unt in the South End is approximately $2,600, and will most likely not compare in size or finishes to what is being offered at 700 Harrison. For instance, a comparable rental unit at 216 West Springfield Street, which was recently rented for $2,500, had only one bathroom and 610 square feet of living space. A high-end contemporary option for South End renters, Church Park, which is located at 221 Massachusetts Avenue boasts between 954 and 1,275 square feet of living in their two-bedroom two-bathroom apartments for $2,950-$3,800 depending on the size and view.

The only downside is that at such an attractive price point and in such a great location, 700 Harrison condo rentals are moving fast. Since last week, four units were rented after being on the market for only three days. There are still two-bedroom units available for $2,200-$2,300 with immediate occupancy.

– Jay Alberino is the Founder & CEO of Eleven Park Realty, and has recently launched myCityApartment, a guide to houses and apartments for rent in Boston, Brookline, and Cambridge.

Filed Under: Boston Rentals Tagged With: 02118 Boston Condos, 700 Harrison, Harrison Avenue Condos

FP3 Seaport District Condos Slow to Sell

November 20, 2008 By Boston Real Estate Observer

When Berkeley Investments Inc., local restaurateur Barbara Lynch, and Mayor Thomas Menino broke ground at the mixed-use FP3 condo development on Friday, April 20, 2007, the project was heralded as the new luxury baseline in the Fort Point Channel. More than a year and a half later, the development is now a reality, but the 92 residential loft-style condos are not moving off the market.

In July of 2008, a Berkeley employee was quoted in Banker & Tradesman saying that 38 units were Under Agreement poised to close when the certificate of occupancy was issued later in the summer (see Brokers: Fort Point Condo Project Too Pricey for Neighborhood 100 KB PDF), yet, fast forward to today, and a very different reality exists with the certificate of occupancy indeed in place, but only 9 units have sold, and 2 are Under Agreement.

The pertinent condo sales statistics at FP3 currently include:

Number of Listings Sold: 9
Percentage of Building Sold: 9.8%
Average Sale Price: $610,436
Median Sale Price: $541,000
Average Price per Square Foot: $659
Average Days on Market: 120

The popular restaurateur Barbara Lynch has opened the much hyped Sportello restaurant on the ground floor of FP3, alongside her new lounge, simply called Drink. The presence of Lynch onsite has been one of the cornerstones of marketing for FP3 developers, both for the condo development itself, and the overall neighborhood, but condo sales in the building have not been able to keep pace with the opening of Lynch’s new posh attractions.

Local real estate broker, Elad Bushari of Bushari Group Real Estate says that he is a fan of the area,”the location is great, close to the Financial District, the red line and great restaurants. The top floors are amazing, big windows, outdoor space, and great views.” However, Bushari cites price in accounting for the significant difference in sales velocity between FP3 and more popular condo developments such as 285 Columbus Lofts that are approaching sold out status in a much shorter sales cycle with,”I think that it has a lot to do with the developer’s flexibility on prices, most of the feedback I received from my buyers is that it’s just too expensive; the area is going to be great but it’s not there yet.”

While the price points, and lack of price reductions, may be keeping potential new Buyers at bay, current residents have reason to smile. Berkeley Investments has yet to cut prices to the point where current residents are stuck with negative equity in their units, an unfortunate reality for some Bostonians who buy early at new luxury condo developments. It’s a balancing act to try and buy the specific unit that you desire in a new condo development early in the preconstruction sales cycle, but at the same time, avoid buying in too early so as to avoid (oftentimes inevitable) developer price reductions on future unsold units that will ultimately bring palatable building price points below preconstruction levels.

“I don’t think they need to do much more. Their marketing looks pretty good to me, I don’t know their traffic, but they are noticeable, at least in the brokers community,” states Bushari.

Heading into the winter months, there are currently two units (210, 217) Under Agreement at FP3 Boston, both units at the lower end of the price scale in the building with a studio and a one-bedroom listed at $349,000 and $449,000 respectively – FP3 condo fees
do include concierge services.

Filed Under: Seaport District Condos Tagged With: 02110 Boston Condos, Boston Lofts, Congress Street Condos, FP3 Boston

Recently Sold Condos at 360 Newbury

November 13, 2008 By Boston Real Estate Observer

Since it was converted in 2005 to a luxury loft-style condo development, 360 Newbury in Boston’s Back Bay has been coveted as a true urban oasis. On the southeast corner of Newbury Street and Massachusetts Avenue (above Best Buy), the 360 Newbury development greets residents with a sleek concierge-served lobby off of a Newbury Street entrance, and condos boast downtown skyline views, and high-end finishes and fixtures.

In 2008, there have been two 360 Newbury condos that have sold, and there is currently one on the market for sale. Average price per square foot for the units that sold in the building was approximately $767. Unit 405, a 1,342 square foot two-bedroom two-bathroom unit sold for $1,125,000 after 47 days on the market, and unit 603, an 847 square foot one-bedroom one-bathroom condo sold for $590,000 after 52 days on the market. Neither of the units came with a parking space.

Turning to the present, unit 508, a 1,141 square foot one-bedroom two-bathroom unit is listed at $885,000 ($776 per square foot), and has been on the market for 21 days now.

Filed Under: Back Bay Condos Tagged With: 02116 Boston Condos, 360 Newbury, Newbury Street Condos

Boston Condos for Sale with a Concierge

November 10, 2008 By Boston Real Estate Observer

The presence of an in-house concierge in a condo development typically signifies high-end living, and Boston is not running short on luxury downtown condo developments. For the first time, we bring you a comprehensive list of downtown Boston condos for sale with a concierge (alphabetical order):

210 South Street (Leather District)
285 Columbus Lofts (Back Bay)
360 Newbury (Back Bay)
44 Prince Street (North End)
45 Province (Midtown) – many Boston homebuyers search for “Beacon Hill condos for sale with a concierge”, while 45 Province is consdered to be in the Midtown neighborhood, it’s reasonmable to claim the luxury condo development is in the Beacon Hill neighborhood as well.
75 Clarendon Street (South End)
Albert A. Pope Building (Back Bay)
Atelier 505 (South End)
Battery Wharf (Waterfront)
Boston W Hotel & Condos (Midtown)
Broadluxe (Financial District)
Bryant (Back Bay)
Burroughs Wharf (Waterfront)
Channel Center (Seaport District)
Charles River Park (West End)
Constellation Wharf (Charlestown )
Court Square Press (South Boston)
D4 Police Station (South End)
Dockside Place Condominiums (Seaport District)
Flagship Wharf (Charlestown)
Folio Boston (Financial District)
Four Seasons Place (Back Bay)
FP3 Condos (Seaport District)
Fulton Court (Waterfront)
Greenway Place (Financial District)
Harbor Towers (Waterfront)
Heritage on the Garden (Back Bay)
Intercontinental Residences (Waterfront)
Lewis Wharf (Waterfront)
Macallen Building (South Boston)
Mandarin Oriental (Back Bay)
One Charles (Back Bay)
Parkside (Midtown)
Parris Landing (Charlestown)
Penmark Condos (South End)
Ritz Carlton Towers (Midtown)
Rowes Wharf (Waterfront)
Strada 234 (North End)
The Belvedere (Back Bay)
The Bryant on Columbus (South End)
The Charlesview (Back Bay)
The Clarendon Back Bay (Back Bay)
The Grandview Boston (Midtown)
The Mariner (Waterfront)
The Metropolitan (Chinatown)
Tremont on the Common (Midtown)
Trinity Place (Back Bay)
Wilkes Passage (South End)
Zero Marlborough (Back Bay)

This list complements another information-based article published recently about move-in-ready condo developments (see Move-in Ready Luxury Condo Developments). For more information about luxury Boston real estate options with in-house concierge services, contact us using the link at the top of this page.

Filed Under: Boston Condos

Resale Condos for Sale at D4

November 5, 2008 By Boston Real Estate Observer

After opening to the public in late 2007, the D4 Police Station redevelopment in the heart of the South End now boasts resale condos for sale. The 25-unit boutique Philippe Starck building is almost sold out, with currently one developer unit remaining for sale.

The resale unit is number 11, listed at $729,000 ($914 per square foot), it is a 798 square foot one-bedroom one-bathroom condo with a small outdoor terrace and a tandem garage parking space in the below grade onsite parking garage. Condo fees of approximately $651 include heat, hot water, gas, water, sewer, master insurance, security / concierge, elevator, exterior maintenance, landscaping, and snow removal. Unit 11 is on the second floor of the four D4 condo development, on the north side, overlooking the one-way Gray Street.

Unit 11 offers essentially all the upgrades you could get in the development, including outdoor space, marble bath and kitchen, high end appliances, and parking, however, the difference in price per square foot of the unit compared to the remaining developer corner unit (number 13, a two-bedroom two-bathroom 1,426 square foot unit priced at $835,000 ($586 per square foot)) is significant. Also, there’s steep competition in the area given the recent price reductions at 285 Columbus Lofts, where an eighth floor one-bedroom one-bathroom 753 square foot unit is priced at $615,500 ($817 per square foot).

While this D4 resale condo (number 11) is superb (see pictures below), given the plethora of luxury condos in the South End available for sale, it may not be priced competitively to sell, time well tell.

Filed Under: South End Condos Tagged With: 02116 Boston Condos, 7 Warren Avenue, D4 Condos, Warren Avenue Condos

South End Market Slows Down, Well…Maybe

November 4, 2008 By Boston Real Estate Observer

We’ve received some questions lately specific to the South End condo market, most notably, how are things going? The main claim that we have been hearing on the street is that the market has “slowed down” and also that “prices are falling”. Speaking with local real estate experts who specialize in the downtown Boston real estate market can be helpful, but viewpoints can oftentimes be swayed by current personal success and business level, so that’s why it’s a good idea to take a look at the cold hard facts and draw conclusions straight from there.

We’ve tried to take an objective look at things by focusing on the past three months of data (i.e. August to October) in each of the past five years. Any impact from the significant financial issues that many US investment banks have played a part in creating, and are experiencing, and the fallout that these actions are creating for the remainder of the country will most notably be felt in later months of this year (from a real estate perspective), bearing in mind that most of the units that closed in October of this year, were Under Agreement some 30 – 45 days before their closing date. That said, while the analysis that we are about to walk through represents a data-driven look at the South End market, it may not be entirely “current”, as there are natural lag times built into looking at real estate information, much like any national economic report.

Note that all information has been pulled from the Boston MLS.

South End Condo Sales Statistics

The first thing we will look at is the number of units that sold year over year. With this particular statistic, the number of condos that sold in the South End in 2008 (135) during the time period we analyzed decreased by approximately 25% from numbers the neighborhood pushed during the same period in 2007 (181) – a definite slow down. The 2008 number is slightly below the 5 year average (149).

South End Median & Average Home Prices

The only other “negative” statistic is median home price, which decreased approximately 3.6% from $555,000 in 2007 to $535,000 in 2008. A median home price decrease was countered by a slight 1% increase in average sold price. Keep in mind why we look at both median and average prices – when looking at housing statistics, be careful not to only focus on averages, also consider median values (the number in the middle of your data set), because averages can be pulled significantly one way or the other with only a small number of outlying data points.

South End Available Condos for Sale (Inventory)

The other notable statistic, from a significant change perspective, is inventory (i.e. how many condos are available for sale at any given time). 2008 inventory levels have decreased approximately 14% from what we saw in 2007 during the same period, and 2008 inventory is the lowest the city has seen since 2004. Combined with an average days on market of approximately 80 (which is a steady decrease since five year highs in 2006), and you have characteristics of what some might call a Seller’s market.

Selling price to original listing price ratios have stayed very strong for South End condos over the past 5 years, currently at 96%, with a five year average of 97%. As well, the million dollar + market has stayed stable over the past 3 years since a significant jump in the number of million dollar homes took place in 2006.

While the sheer number of for sale condos sold in Boston’s South End has decreased quite markedly from 2007 during the 3 month period we analyzed, median prices in the South End have stayed relatively steady and average prices have increased slightly. Inventory levels have decreased and Sellers are getting very close to the prices that their homes are being listed for (the original price itself, not after price reductions, if any). Regardless of the reasons behind Sellers listing their condos for sale, we’re not seeing evidence of “fire sales”, perhaps a testament to the quality of the South End as a neighborhood, and a destination for those who call Boston home. And while the market (when speaking about the number of condos being sold) has indeed slowed, the surrounding statistics paint a picture of a currently stable neighborhood.

Filed Under: Boston Condo Statistics

Least Expensive Macallen Building Listing

November 2, 2008 By Boston Real Estate Observer

According to the Boston MLS, there are currently 11 units for sale at the South Boston green Macallen Building. The development, and the process that made the Gold LEED certified building a reality, was featured in a documentary film called the Greening of Southie – for those that live in the development, and for those interested in potentially living in the development, the film is an eye-opening experience to the painstaking process that went into the LEED certification effort.

The 11 condos for sale at Macallen currently have an average listing price per square foot of approximately $614. Unit 206, an open floor plan south-facing one-bedroom 801 square foot unit is currently listed at $448,800 ($560 per square foot), and represents the least expensive one-bedroom Macallen condo.

The Macallen Building represents concierge luxury living in a convenient location, with easy access to downtown via the Red Line across the street, and the city’s highways in close proximity. For more information, please use the contact us link at the top of this page.

Filed Under: South Boston Condos Tagged With: 02127 Boston Condos, Macallen Building

Condos for Sale in Ritz Carlton Boston

October 30, 2008 By Boston Real Estate Observer

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.

Filed Under: Midtown Condos Tagged With: 02111 Boston Condos, Boston Ritz Carlton