Move-in-Ready Luxury Boston Condo Developments

September 11, 2008 By

We oftentimes work with clients who need to purchase and physically move into a condo almost immediately.  With those circumstances in mind, the typical one to three-month real estate transaction life cycle is simply too lengthy, and alternative options need to be considered to expedite the closing process. 

For the majority of Boston condos, you’re dealing with a resale of an existing condo, there is an individual Seller associated with each unit, and oftentimes, when the Seller’s timeline is taken into account along with the Buyer’s desired (expedited) timeline, there’s simply a mismatch. 

Situations like this can be specifically addressed by what we call move-in-ready condos.

Move-in-ready condos (in the sense that a Buyer can move in immediately versus simply being in good physical condition) are typically only found in new construction condo developments that have completed construction (a certificate of occupancy has been issued), and there are available units in the building still owned by the developer.  In situations like this, the only thing between you and sitting down in your new home is a Purchase & Sale Agreement, and financing if it will be a part of the transaction – essentially, any roadblocks and/or delays that would be due in part to (traditionally) dealing with an individual unit owner are removed, and the Buyer is the only party that is truly throttling the speed of the transaction.

There are over 100 either new, or relatively new, condo developments in downtown Boston, however, the list of truly move-in-ready developments (as described above) is significantly shorter.  We’ve assembled the below list of the top move-in-ready Boston condo developments.  Contact us using the link at the top of this page for more information about available inventory in each building.

  • Lofts at 36 A (South Boston)
  • 285 Columbus Lofts (Back Bay)
  • Meads of Commonwealth (Back Bay)
  • Broadluxe (Financial District)
  • Macallen Building (South Boston)
  • 700 Harrison (South End)
  • The 1850 (South End)
  • Penny Savings Bank (South End)
  • D4 Police Station (South End)
  • Claflin Building (Beacon Hill)
  • Intercontinental Residences (Waterfront)
  • FP3 Boston (Seaport District)
  • Allele (South Boston)
Filed Under: Buyer Advice

Buzz Continues at Boston Mandarin Oriental

September 9, 2008 By

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

Filed Under: Back Bay Condos Tagged With: , ,

Record Setting North End Parking Spot

September 7, 2008 By

Back in mid June (see Boston Real Estate Under $100K), we briefly covered an available garage parking spot at 44 Prince Street, a relatively new higher-end condo development in the heart of the North End, that was listed for sale at $100,000.  Our friends at Universal Hub even caught wind of it and were entertained, to say the least.

After being on the market for 17 days, the parking space went Under Agreement, and the piece of property closed on September 2, 2008, for…$100,000 – perhaps setting a new record for North End parking spaces.

44-prince-street-garage

Filed Under: Boston Parking Spaces Tagged With:

Facade Visible at Bryant on Columbus

September 6, 2008 By

Columbus Avenue, slicing the Back Bay and the South End, is home to multiple condo developments, both new and old.  285 Columbus Lofts recently completed construction and is approximately 90% sold.  While just a stone’s throw from that site at the corner of Clarendon and Columbus is the Bryant.

We’ve been tracking the Bryant since before it broke ground, and provide the only exclusive time-series photo set of the development through construction (see Bryant on Columbus).  Recently, the Bryant began revealing its face to the outside world.  Moving away the construction tarps, Bostonians are getting their first look at the facade of the Bryant on Columbus, and it appears as though it will do a good job of blending a clean, and perhaps stately, polished looking finish with the older neighboring buildings.

Bryant on Columbus Facade

While nearby residents to the Bryant have not enjoyed the constant construction noise, they will be happy to know that their property values will go up as a result of having a boutique luxury building nearby, beautifying the area along Columbus, and injecting more demand into local businesses.

The Bryant on Columbus currently lists 11 units, only part of their existing inventory, available in the MLS, providing a good feel for what is available in the building – mainly three-bedroom units, as well as an unprecedented four-bedroom unit, all ranging in size and price from approximately 1,900 to 2,800 square feet and $1,550,000 to $2,950,000 (penthouse).  The Bryant will be a unique addition to the area, for more information and/or to setup a tour of the sales center, please contact us.

Bryant on Columbus

Filed Under: Back Bay Condos Tagged With: , , ,

Free Boston Condo Staging

September 5, 2008 By

As part of the Boston Globe’s Sunday magazine fall real estate issue that will run on October 26, 2008, the Globe is having a contest in which local Boston condo sellers can get one room of their home professionally staged for free.

Is your home for sale but not attracting the offers you’d like? Home staging often means the difference between a quick sale at top dollar and a home languishing on the market. The Boston Globe Magazine is offering two readers the chance to win a free staging of one troublesome room in their homes by a professional home stager. The stager will creatively use only the materials already found in your home — and will work miracles in the process! The results will appear in the Globe Magazine’s fall real estate issue on October 26, 2008.

For more information, visit the Boston Globe’s details page – entries are due at midnight EST, September 11, 2008.

Filed Under: Seller Advice

Recently Sold Atelier 505 Condos

September 4, 2008 By

Atelier 505 (at 505 Tremont Street in the South End) ushered in a new baseline of luxury condo living when it completed construction in 2004.  While there have been several other developments before and after it, Atelier 505 remains as perhaps the most coveted concierge building in the heart of the South End. The 103-unit building sees little turnover each year given the amenities, location, and lifestyle that the building offers residents.

Atelier 505 South End

In 2008, 5 units at Atelier have sold (408, 309, 417, 202, 506), all of which closed on or after May 30th (Sellers leverage the “hot” summer selling season). The details around the sold statistics are interesting, most notably:

  • Atelier listings commanded a 95% sales to original listing price ratio
  • Only 2 of the 5 listings underwent a price reduction during the sale process
  • Average price per square foot was $847
  • Average HOA fees were $0.77 per square foot
  • Average Days on Market was 74 (excluding unit 408, it was only 29)
  • Sale prices ranged from $700,000 to $1,375,000
  • At least one deeded parking space was included in each sale

Atelier 505 sets the bar high for other surrounding condo developments, and will continue to remain one of the premier buildings because it provides a boutique feel while leveraging its medium size (of 103 units) to offer a complete package of amenities (onsite fitness, library, outdoor space, onsite parking, and 24 hour concierge) that other smaller, and sometimes larger, luxury developments cannot boast.

Currently for sale at Atelier 505 is a 691 square foot studio with outdoor space overlooking Tremont Street, listed at $689K (one deeded parking space is included). Contact us for more information.

Filed Under: South End Condos Tagged With: , ,

Boston Ranked as Adventure Town

September 3, 2008 By

Quite often, MSN puts together various real estate related reviews of cities across the country, and their latest put Boston at the head of the class for the top 12 next great adventure towns and America’s most walkable big cities.

Boston ranked 11 out of 12 in the next great adventure towns in America survey, where MSN says just a few years ago, Bostonians were knee-deep in the $15 billion construction chaos that was the Big Dig. But these days, the new Rose Fitzgerald Kennedy Greenway has made the inner-city waterfront more accessible (and appealing) than ever, with a 15-acre strip of parks designed for everything from yoga to concerts.

Interesting to note that last year the Environmental Protection Agency gave the Charles River a B++, good enough to do the once unthinkable: backstroke alongside the scullers.

Boston ranks third on MSN’s list of most walkable US big cities, behind San Francisco and New York. One of the comments that we hear most often from clients, especially those from out of town, is how easy it is to walk across Boston.

Boston, Massachusetts real estate professionals on ActiveRain.com

Filed Under: Boston

Franklin Cafe Slated for Allele South Boston

September 2, 2008 By

Nothing official has been announced, but it appears that a Franklin Cafe will occupy the new ground floor restaurant space at Allele South Boston. Various names have been floating around this development for quite some time, including a Jae’s Cafe, and Tapeo.

The West Broadway Neighborhood Association recently reported that the Franklin Cafe’s request to acquire an alcohol license with a 2 am closing hour was approved.

Residents at the surrounding condo developments continue to enjoy commercial buildout of their neighborhood, hardening property values by bringing further amenities to bear.  Sources state that the buildout of the gourmet market on the ground floor retail space of Court Square Press will begin shortly as well.

Allele Condo Development

Filed Under: Boston Restaurants Tagged With:

Boston Sales to List Price Ratio

August 31, 2008 By

As we wind into the final months of the summer real estate season, we wanted to take a look at what happened over the past month specific to sales to list price ratio (i.e. the sales price represents what percentage of the list price). If the value is equal to 100%, a Buyer offered full asking price, if the percentage is less than 100%, than the Buyer got an accepted Offer by offering less than the full asking price.

  • 286 properties sold between July 31, 2008 and August 31, 2008 (according to the Boston MLS)
  • The sales to list price ratio was 97% (96.67%)
  • 241 sales were below list prices (84% of all sales)
  • 17 sales were at full asking prices(6% of all sales)
  • 28 sales were above list prices(10% of all sales)
  • Neighborhoods included: Back Bay, Beacon Hill, Financial District, Leather District, Midtown, North End, Seaport District, South Boston, South End, The Fenway, Theatre District, Waterfront, West End

The two condos that garnered the highest sales price related to its list prices were 10 Hanover Avenue Unit 3 in the North End, which as a short sale, was listed at $274,900, but sold at $365,000 ($529 per square foot).  And 67 Rutland Street Unit 1 in the South End, a 2 bedroom 2.5 bathroom condo that was listed at $649,000 and sold at $715,000.

On the other end of the scale, 40 Battery Street Unit 305 was listed at $2,300,000 and sold for 1,950,000 on August 1, 2008 in the North End Waterfront. And 215 Commonwealth Avenue Unit 3 in the Back Bay was listed at $2,100,000 and sold for $1,795,000.

When making an Offer on a condo, some might say “how strong of an Offer do you want to make?” with the assumption that being closer to 100% of list price is strong, obviously, this needs to be taken in context.

Several takeaways may include:

  • Short sales typically represent the “bargain” that some are looking for in a list price, at least on paper, but given that they are few and far between in the core of downtown Boston, the eventual sales price, despite all the extra hoops, may not translate into an actual bargain
  • There is a decent percentage of the market that is being accurately priced at the time of listing, and Buyers are recognizing this, and willing to compete for a property by offering full asking price or above. A comprehensive comparable market analysis (as well as other factors)  is needed to feel confident in offering above list price.
  • Of the 26 high end condos ($1 million +) that sold in the period, 5 of them sold for above asking price (Wilkes Passage and 249 Beacon Street for example) , while 21 sold for below (Burroughs Wharf, The Prince, and One Charles for example).  Perhaps there is more room to negotiate at the high end if the comparables warrant it.
Filed Under: Boston Condo Statistics Tagged With: ,

45 Province Boston

August 28, 2008 By

Following the topping off party in June 2008 at 45 Province, one of Boston’s most anticipated luxury condo development projects, the public has quickly turned its attention to the planned early 2009 opening.  The 32-story high-rise on the foot of Beacon Hill in Boston’s Midtown neighborhood (steps from Downtown Crossing) can boast as one of the most comprehensive condo developments in all of Boston.  Read on for an updated review of the development, including sample listings, and exclusive photos.

[Read more…]

Filed Under: Midtown Condos Tagged With:
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