Boston Real Estate Observer, Author at Boston

Wanted: Garage Parking

August 27, 2008 By Boston Real Estate Observer

There are occasions when the current inventory on the market (be that a condo or a parking space) has been reviewed, and nothing is exactly “right”, and that is when, in the past, we have reached out to our significant reader base to inquire if there is something out there that is not yet on the market, but the current owner would be interested in selling.

Currently, we have clients who are seeking a garage parking space for a high-end automobile. The available parking spaces across the city come up short in some aspect. What we are looking for is the following:

Garage parking
Non valet service (i.e. owner must park their own car)
A corner spot or a situation that significantly limits the exposure the automobile would have to surrounding vehicles
Low HOA fee
Garage must be located in Boston proper

Should you, or someone you know, have a parking space that specifically meets the above-mentioned criteria, and would be interested in pursuing an expedited cash sale, please reach out to us using the contact us link at the top of this page – we will get back to you promptly with more information and a request for photos of the parking space.

Filed Under: Boston Parking Spaces

Unparalleled Views from Strada 234 Penthouse

August 26, 2008 By Boston Real Estate Observer

The word “penthouse” often invokes positive thoughts, and even more so if that penthouse comes with a view. Potential Buyers at Strada 234 (234 Causeway Street), a luxury concierge building in Boston’s North End Waterfront are not left wanting with the panoramic views and amenities offered by unit 1209, a two-bedroom two-bathroom 1,233 square foot condo that has recently been listed for sale.

From Old North Church in the heart of the North End, to the Financial District and Midtown picturesque skyline, unit 1209 boasts floor to ceiling windows that allow residents to soak up every inch of the sprawling view.

“Strada 1209 is a “wow” factor view the moment you enter the penthouse home. Walking distance to all the best restaurants of the North End / Waterfront, Strada 234 offers a great value compared to other concierge buildings,” says Patrick Cutter, the listing agent of unit 1209 and resident of Strada 234.

Unit 1209 includes one deeded valet garage parking space – one of 75 parking spots in the below grade parking garage (current value on a parking spot in the direct elevator access garage is approximately $75,000).

Offered at $1,099,000, unit 1209 at the Strada 234 condo development offers an open kitchen floorplan with Sub Zero and Viking appliances, a 24/7 concierge, and fitness center. Monthly HOA Fee is $1,184. For more information, please use the contact us link at the top of this page.

Exclusive W Boston Residences Update

August 25, 2008 By Boston Real Estate Observer

Inquiries and interest continue to grow for the Boston W Hotel and Condos, an under construction mixed-use condo development scheduled to open in late 2009. By clicking on the ‘Boston W Hotel Condos’ tag above, you will gain access to all blog posts on the W Boston Condos – we’ve assembled some of the most exclusive photos of the condo development thus far, from panoramic views of the early construction site, to bird’s eye shots that provide unique views not seen anywhere else.

The Boston W development team is currently in the process of finalizing condominium documents, construction of a sales center that will house a model kitchen and bathroom, and preconstruction pricing for the studio, 1, 2 and 3 bedroom residences. Get more exclusive information and photos by clicking on the below hyperlink.

Boston Restaurant Week Extended

August 24, 2008 By Boston Real Estate Observer

The success of Summer Restaurant Week has been incredible – for both visitors and residents. More than 65 of our participating restaurants are extending through the Labor Day weekend,” said Patrick Moscaritolo, President & CEO of the Greater Boston Convention & Visitors Bureau (GBCVB).

Restaurant Week Boston is sponsored and presented by the Greater Boston Convention & Visitors Bureau and American Express, in partnership with corporate sponsor, the JetBlue Card from American Express.

Diners will enjoy 3-course lunches for $20.08 and/or dinners for $33.08 at restaurants throughout Boston, Cambridge, the suburbs and beyond. Price is per person and excludes beverage, tax and gratuity. Offer cannot be combined with any other offer or promotion.

Restaurant Week Boston is a perfect time to sample new restaurants and visit old favorites as chefs prepare delectable 3 course meals for your dining pleasure. Reservations and menus for Restaurants extending the Restaurant Promotion are on: www.BostonUSA.com/RestaurantWeek.

Filed Under: Boston Restaurants

New Listing Available at The Prince

August 20, 2008 By Boston Real Estate Observer

In addition to the shopping and ice cream on Newbury Street there are several condo developments, including 360 Newbury and the Prince. The Prince is a 36-unit development at 201 Newbury Street that does not see a tremendous amount of turnover. However, earlier this month, unit 506 at the Prince, a 2 bedroom 2.5 bathroom condo sold for $770K after being on the market for almost 6 months – at 1,314 square feet, the unit offered a competitive $586 Back Bay price per square foot. Additionally, unit 309 at the Prince, a 1 bedroom 1 bathroom is currently Under Agreement after being listed for only 8 days at $687,500 ($700 square foot) .

The most recent listing at the Prince, unit 302, represents a rare opportunity to purchase a true Newbury Street condo (Newbury and Exeter Streets) in a concierge building. Priced at $835,000, this is the two bedroom Back Bay condo that many are searching for, boasting 2 bedrooms and 2 bathrooms along with 1 fireplace spread over 1,097 square feet ($761 per square foot) with a common roofdeck. The $699 monthly HOA fee includes heat, hot water, master insurance, security, elevator, landscaping, and snow removal.

For more information on the Prince condo development, and other Newbury Street condos, please contact us using the link at the top of this page.

Filed Under: Back Bay Condos Tagged With: 02116 Boston Condos, Newbury Street Condos, Prince Condo Development

New Parking Spots for Sale

August 18, 2008 By Boston Real Estate Observer

A handful of deeded parking spots have come available for sale over the past week, including two spots in the South End, one at Wilkes Passage and another at Gateway Terrace. Additionally, rare parking spaces have come available at Tremont on the Common, complementing the existing (rather small) inventory of deeded spaces in downtown Boston – for more details, see our Boston parking spaces page for information on currently available spaces or to contact us to list your existing space for sale.

Filed Under: Boston Parking Spaces Tagged With: Gateway Terrace, Tremont on the Common, Wilkes Passage

Macallen Building and Neighbors

August 15, 2008 By Boston Real Estate Observer

A popular search phrase lately has been the Macallen Building, a 140-unit luxury eco-friendly development in South Boston. Macallen opened to residents a little over a year ago, and has been well received by not only Bostonians, but the building has been the center of attention in many regards, namely for it LEED certification, the first in downtown Boston.

We predicted absorption of this large luxury development in South Boston would be slow with the (relatively) high price per square foot being demanded given the investment that a LEED certification requires. Nonetheless, absorption has been steady, with currently only 16, both resale and developer, units for sale in the building. While sales prices at the Macallen over the past 6 months (10 units sold) have only been at 89% of list price, the price per square foot has averaged $570, which is still setting a new standard for South Boston.

Macallen’s sister development, Court Square Press, in comparison, has 5 units for sale currently, and over the past 6 months, the 7 units that sold in the building averaged $464 per square foot. Court Square press offers more classic loft style living with exposed brick and beam, at a lower price point than Macallen, however, Court Square Press residents enjoy all of the same common amenities that Macallen residents enjoy – Macallen and Court Square Press were both built by Pappas Properties, and share a parking garage, lap pool, large deck with grills, fitness center, and viewing room with adjacent kitchen and bathroom (perfect for private parties).

Across the street, Macallen and Court Square Press have two new neighbors, the Allele building, and the Lofts at 36 A. The Boston MLS shows that there are currently 18 condos for sale at Allele, with the average price per square foot of those sold over the past 6 months at approximately $390. The Allele is a new construction building, and boasts small outdoor balconies, yet lacks the same level of amenities that Macallen and Court Square Press can offer residents. While the Lofts at 36 A lack some of the same amenities, it offers residents high end finishes, and a fabulous roof deck (both common and private spaces). 36 A, a boutique 26-unit development, is almost sold out, with 3 units currently available. Over the past 6 months, the 14 units that sold averaged approximately $465 per square foot.

With all four of these developments being steps from the Red Line, they represent a viable alternative to some of the other core downtown neighborhoods, allowing your dollar to be stretched a little farther, especially in new construction.

Filed Under: South Boston Condos Tagged With: Allele Boston, Court Square Press, Lofts at 36 A, Macallen Building

Boston Parking Spots with No Fees

August 13, 2008 By Boston Real Estate Observer

A surprise that Bostonians face when purchasing a parking space in the city is that there are oftentimes monthly fees associated with a spot – an HOA condo fee if you will. In addition to monthly fees, property taxes are sometimes due on a parking space as well (somewhat of a nominal yearly sum, but a sum nonetheless). Can you not simply own something free and clear? What’s the purpose in “owning” something if you have to pay a monthly “rent”?

Oftentimes, the monthly fees for a downtown Boston parking space are understandable, perhaps it’s an all valet garage, or there is a significant level of security in the building that you are paying for. Parking spots off of Commonwealth Avenue in alleys have snow removal services for instance. However, every now and then parking spaces come available that involve no fees whatsoever, an opportunity to own a piece of Boston free and clear.

That is the opportunity that is available at the Midtown Ritz Carlton towers, where two self-park garage parking spaces, with no monthly fees or real estate taxes, are currently available. See our Boston parking spaces page for more information on these two parking spaces, and all other spots available downtown.

Filed Under: Boston Parking Spaces Tagged With: Boston Ritz Carlton

Flip That Condo Broadluxe. Financial District Boston Condos & Lofts

August 10, 2008 By Boston Real Estate Observer

Not more than two months following the condo auction at Broadluxe in Boston’s Financial District, there are three resale units available for sale – all of which sold at the auction on June 21, 2008 to a single bidder. If you’re at all close to the Boston MLS, you may have even seen these units hit the market in July, however, they were removed because the auction bidder did not actually own the units at the time. Closings on auction units at Broadluxe began on July 28, 2008.

These three Broadluxe flips of Financial District Boston condos and lofts have steep price increases from the prices paid at auction less than two months ago (unit number – price paid at auction / new list price):

5A – $482,500 / $688,500 ($635 per square foot)
7A – $375,000 / $750,000 ($739 per square foot)
8B – $595,000 / $1,075,000 ($809 per square foot)

Bear in mind that Broadluxe had two overarching unit types, finished units, and what were called shell units. The former are move-in ready, while the latter need to be finished by the Buyer (i.e. unfinished concrete floors, sheetrock on the walls, and rough plumbing and electrical installed, that’s it). Terms were written into the Purchase and Sale Agreement for the shell units that construction to finish the units needed to commence no later than 6 months following purchase, and finish no later than 18 months following purchase.

Unit 5A will remain as is, it’s a corner unit that came finished. Units 7A and 8B appear to have plans to be finished by the current owner (i.e. in addition to the price paid at auction, an investment will be made into finishing the unit to make it move in ready) . All in (including finishing units 7A and 8B), the current owner is attempting to make, as they say on the Flip This House TV show, an “expected profit” of at least $200K on each unit. 15 units remained for sale following the June auction, and most of those sold rather quickly in the month following the auction, but while post-auction units have not been selling at (minimum bid) auction prices (i.e. they have been selling for more than auction minimum bid prices), tremendous value has still been available for most Buyers.

While the Broadluxe auction presented downtown Boston Buyers with one of the best bargains available in 2008, time will tell if such flips as the three described above will command anything close to their asking prices.

Filed Under: Financial District Condos Tagged With: 02110 Boston Condos, Boston Lofts, Broadluxe

Exclusive Russia Wharf Renderings

August 8, 2008 By Boston Real Estate Observer

While the majority of Russia Wharf will be office space, Boston Properties (the current developer) is making approximately 240 residential condo units available to a residential developer. The condos will be spread across floors 2-7 of multiple buildings, the Russia Building, and the Graphic Arts/Tufts Building – providing a total of approximately 298,723 square feet. Included in the residential component of the project will be 240 parking spaces. The building is slated for a 2011 completion, however, the residential units may finish after the office building. Below, the Boston Condo Blog brings you exclusive renderings of the updated design for Russia Wharf – stay tuned for other changes that are slated for this mixed-use Fort Point Channel development.

Filed Under: Waterfront Condos Tagged With: Russia Wharf