Boston Real Estate Observer, Author at Boston

285 Columbus Lofts Roofdeck

July 11, 2008 By Boston Real Estate Observer

So how’s the view from the common roofdeck at 285 Columbus Lofts? Stunning. But perhaps more exciting is what’s been happening inside at what is one of downtown Boston’s hottest new high-end properties. Pat Cutter and Elaine Dolley (the real estate salespersons representing the seller) have blazed a trail, selling 49 of 63 units in the loft-style development, positioning themselves to take a real run at selling out the entire building in less than one year (a rather unheard of feat for a building of its size and price point in the Boston market). The majority of the units that have sold at 285 Columbus Lofts sold in preconstruction, before doors ever opened to residents in May 2008.

Back to the roofdeck…the deck is situated in what seems to be an ideal spot, with the Hancock building towering behind you, the Financial District skyline to your left, and the South End front and center. Click on either of the two exclusive pictures to enlarge them. In terms of remaining units at the loft-style development, one-bedroom units are priced in the mid $500K to mid $600K range, while the least expensive two-bedrooms that remain are priced starting at $975K (on the Columbus Avenue side). For more information, feel free to contact us using the link at the top of this page.

South End Average Price Per Square Foot

July 8, 2008 By Boston Real Estate Observer

As we turn towards the second half of the year, and Sellers deliberate listing their condos for sale, one of the questions we receive most often revolves around what a realistic price per square foot is in various downtown Boston neighborhoods. This type of information is also very useful for Buyers to have as well, to help set expectations about what realistic price points are in particular neighborhoods.

In 2008, the average price per square foot in the South End has been approximately $613 (median of $612). The data range, covering nearly 300 condos, runs from $340 to $997 per square foot. The lowest being $340 per square foot at 162 Appleton Street Unit 1, a large garden level unit that sold in March after being on the market for an accumulated year of activity. The high end was at 290 Columbus Avenue Unit 3, a 316 square foot pied-a-terre that sold after only 24 days on the market (Note: data pulled from the Boston MLS).

We’ll continue to look at the other downtown Boston neighborhoods, all of which we provide assistance in both helping Sellers list their condo for sale, and Buyers purchase the right condo for their needs. 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), because averages can be pulled significantly one way or the other with only a small number of outlying data points.

Filed Under: Boston Condo Statistics

Broadluxe Post Auction Condo Sales

July 4, 2008 By Boston Real Estate Observer

Following the Broadluxe auction that took place on June 21, 2008, where 29 out of 44 units were sold (66%), unit prices were raised to be more in line with resale market prices for other Financial District condos. Some were surprised to see that prices were raised on units that did not sell at the auction, however, it came as no surprise, as Tranzon (the auction company representing the Seller) announced that prices would be raised following the completion of the auction.

It was on Tuesday, June 24, 2008, that the updated pricing was released. Since that time, interest in the Broadluxe has not dimmed, and according to sources, units 2E, 6G, and 7F have all gone Under Agreement, and interest and offers are in on other remaining units.

Before the auction began, we assembled an exclusive comparable market analysis for Buyers that we were representing. This analysis provided a comprehensive look at comparable Financial District properties and Boston condo developments – armed with this information, logical conclusions can be drawn about what price per square foot values are reasonable and realistic for Broadluxe, both before and after the auction. This information is still available for clients with which we have a Buyer representation agreement.

The exclusive photos below are of Broadluxe kitchens in units 2A and 2E respectively – cooking is gas, self-closing-drawers are in all units (except for shell units obviously), and many units offer the island you see in the first panoramic photo (click on the image to enlarge).

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

Boston W Hotel and Condos

July 2, 2008 By Boston Real Estate Observer

Summer 2008 is putting us in the midst of multiple large-scale condo construction projects, including the Clarendon Back Bay, Avenir (rental), and the Boston W Hotel and Condos. The Boston W has risen out of a large hole in the ground in Boston’s Theatre District (see Boston W Hotel & Condos Construction Photos), and has now climbed almost eight stories tall.

You can see by the exclusive photos here that the W Hotel Boston will offer some bold and sharp building lines. The luxury condo-hotel building, poised to bring the Theatre District upwards of 120+ condos, is currently scheduled for an August 2009 opening. Until now, One Charles has had the luxury condo market cornered in this neck of the woods. The Boston W Hotel (and condos) should be a great addition to the city.

Filed Under: Theatre District Condos Tagged With: 02116 Boston Condos, 100 Stuart Street, Boston W Hotel Condos, Stuart Street Condos

Copley Place Tower Plans Under Review

June 30, 2008 By Boston Real Estate Observer

Simon Property Group has officially submitted its plans for a 54,000 square foot addition to the Back Bay Neiman Marcus store, a 60,000 square foot addition of retail / restaurant space, and a 660,000 square foot residential 47-story condo tower that will offer 280+ condos.

The new Boston condo development, slated to be located at 5 Copley Place and called Copley Place Tower, could change the below (current) landscape of the southeast corner of Dartmouth and Stuart Streets substantially.

There are two upcoming city meetings that will cover the new Copley Place Tower – should you want to have in-person knowledge of what is happening around this development, or have comments, for or against, consider attending these events.

Thursday, July 10, 2008 – 8:00 am – 10:00 am: Copley Place Expansion Citizens Advisory Committee Meeting #2, Tent City Apartments – Community Room located at 130 Dartmouth Street

Tuesday, July 15, 2008 – 6:30 pm – 8:30 pm: Copley Place Retail Expansion and Residential Addition project, BRA-sponsored public meeting on the Project Notification Form, Boston Public Library, located at 700 Boylston Street.

Filed Under: Back Bay Condos Tagged With: 02116 Boston Condos, Copley Place Tower

Loft 43 in Boston's Midtown Neighborhood

June 29, 2008 By Boston Real Estate Observer

Circa 1900, and rehabbed in the 2005 / 2006 timeframe, Loft 43 in the Midtown neighborhood of Boston offers a boutique 7-unit development that, given its location, boasts true urban feel. Regardless of the hustle and bustle surrounding you in the Midtown neighborhood, the views of the Boston Common and State House offer an intimate tranquility hard to find in the city.

Currently available in the building, sitting at 43 Winter Street is unit 7, a 1,465 square foot two-bedroom two-bathroom loft-style condo that boasts exceptional views and the standard baseline of high-end city living. Currently priced at $799,000 ($545 per square foot), this unit also features direct elevator access, and a valet garage parking space (for an additional $218 per month). The HOA fee of $584 includes water, sewer, master insurance, refuse removal, and elevator maintenance.

Our Featured Open House will take place at Loft 43 (43 Winter Street) on Sunday, June 29, 2008 from 1:00 PM to 2:30 PM.

Filed Under: Boston Open Houses Tagged With: 02108 Boston Condos, Boston Lofts, Loft 43

Clarendon Back Bay Plywood Siding

June 25, 2008 By Boston Real Estate Observer

You may have this question as well, as we have fielded multiple questions over the past several weeks as to what exactly the plywood siding on the soon-to-be luxury condo development, the Clarendon Back Bay, is all about.

If you haven’t noticed, things are moving quickly at the Clarendon, with construction crews pouring a floor approximately every four days, along with multiple dump trucks hauling excavated dirt from underneath the development for the parking garage. This speed is due in part to one of PERI Formwork Systems products, that is, the plywood casing around the building. PERI is the biggest provider and manufacturer of formwork and scaffolding systems in the world, and have participated in several projects in Boston, including the Regatta Riverview Residences in Cambridge.

The plywood formwork system that is climbing up the sides of the Clarendon serves multiple purposes. It provides safety for construction workers, while at the same time, increases their productivity (you feel more comfortable working at 20 stories off the ground if there is a plywood room surrounding you and preventing a fall). It also shields the property from the elements during its formative stages.

Given the pace at which the Clarendon is being constructed, the scheduled late 2009 completion date actually looks realistic, a change from other downtown Boston condo projects that have been bogged down by, sometimes multiple, construction delays, which push off completion and occupancy.

For more information about the Clarendon, please contact us using the link at the top of this page.

Filed Under: Back Bay Condos Tagged With: 02116 Boston Condos, Clarendon Back Bay

Broadluxe Condo Auction Results

June 21, 2008 By Boston Real Estate Observer

With Bruce Willis filming his new movie called Surrogates outside, the Langham Hotel adjacent to Post Office Square played host to the much anticipated Broadluxe auction. The staff at Tranzon Auction Properties had run a very professional ship leading up to the auction, and they did not disappoint on the big day. At approximately 10:15 am in the morning, the auction got underway in front of a 100+ person capacity crowd, with the first several units selling at minimum bid prices. As more popular floorplans were introduced to the crowd, prices began to rise as high as $39,000 over minimum bid pricing.

Some of the interesting data points from the auction are as follows:

Number of units sold: 29 out of 44 units were sold (66%)
Average Sales Price per Square Foot: $494
Neither of the two (finished) duplexes sold
Neither of the two (unfinished) penthouse units sold

15 units do remain for sale (see auction details 118 KB PDF, those not highlighted in gray are still available), and they will eventually be listed in the Boston MLS. Note that on Tuesday, June 24, 2008, updated pricing was released for remaining units. For more information about submitting a post-auction offer on one of the remaining units, please contact us.

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

Regent Hotel Splits from Battery Wharf

June 19, 2008 By Boston Real Estate Observer

In a rather quiet fashion, the new ultra luxury Battery Wharf condo development had its grand opening, and has seen approximately 60% of its Waterfront inventory sell (more to come on available units). Perhaps in an even less publicized manner, the once planned Boston Regent Hotel will no longer occupy the onsite hotel space at the Battery Wharf development.

It is said that due to “philosophical differences” on strategies for the project, RBW LLC, the owner of the Battery Wharf development, and Carlson Hotels Management Corporation (Carlson owns and manages the Regent brand, as well as Park Plaza and Radisson), have gone their separate ways. RBW is now in negotiations with other hotel operators to manage the new hotel space.

Battery Wharf has raised the bar in the North End Waterfront area with $1,000+ price pre square foot homes, and all of the amenities that come with such a price point. Stay tuned for more news on what hotel brand will join the luxury condos.

Filed Under: Waterfront Condos Tagged With: Battery Wharf

Boston Real Estate Under $100K

June 19, 2008 By Boston Real Estate Observer

As we’ve discussed before, one of the easiest ways to get into the downtown Boston real estate game is to purchase a deeded parking space – Boston real estate under $100K. Three have been multiple new deeded (i.e. you would own the space) Boston parking spaces that have hit the market over the past several weeks. For more details, use the contact us link at the top of this page.

1 Nassau Street (The Metropolitan) – Chinatown. Price: $35,000 ($95 HOA).
2 Rollins Street (Rollins Square) – South End. Price: $45,000 ($50 HOA).
44 Prince Street (44 Prince Street) – North End. Price: $100,000 ($50 HOA).
425 Newbury Street (Somerset Garage) – Back Bay. Price: $89,000 ($0 HOA).

Filed Under: Boston Tagged With: Boston Parking Spaces