Boston Mandarin Oriental Positive Addition to City

January 19, 2008 By

What does the development of the Boston Mandarin Oriental mean for the local community? Well, aside from casting a shadow on coffee drinkers at the Starbucks outside terrace across the street, it has the potential of continuing to fuel an advancing Back Bay.

All joking aside, the Mandarin residences are a spectacle, and truly a “to be seen at” high profile development, with the minimum condo price coming in near $3 million. It was an invite only affair, and the local condo experts have had relatively little access to knowledge on the building given its hush-hush nature. The core downtown market continues to see multi-million dollar condo developments, with corresponding $1,000+ square foot prices, and it’s amazing that the trend is not stopping – that said, kudos go to Robin Brown, the brainchild behind the Boston Mandarin project, as he has essentially sold out the building well before construction is complete. Arguably, the race is on to finish on time, not upsetting 50 Buyers who plan to plunk down $200+ million for a piece of the new hotspot in Boston real estate.

Boston Mandarin Oriental

We ran a reader poll in 2007 asking readers if Boston needed another ultra-luxury development like the Mandarin Oriental. It’s a fair question, as we receive mail and comments from readers all the time asking us to cover more of the under $500K market. The average condo price in the core of downtown Boston for 2007 was over $600,000. Overall, pollsters said that Boston didn’t need more luxury developments. Given that the Mandarin will indeed be built, what’s it mean for the surrounding neighborhood?

Some could argue that the Mandarin will simply continue to feed the high-brow flame that the Back Bay has commonly become known for, but let’s take a positive approach and look at what it’s going to add to the area. Bear in mind that the Mandarin development will encompass 50 condo units, as well as a 148-room hotel. If you have seen recent tourism figures, you’ll know that Boston is one of several cities in the US that can absorb hotel room capacity (i.e. more tourists are flocking to the city, and hotel rooms are needed, and the Mandarin, much like the upcoming Boston W Hotel & Condos, will take advantage of this). Essentially, with the influx of both upper class condo buyers, and and a consistent supply of affluent tourists, the Mandarin makes the following a reality:

  • High-end restaurants directly across the street, including Atlantic Fish Co., Vox, and others, will be even more busy than they are now. Owners will accept the shadows the Mandarin casts on their terraces for the steady stream of customers looking for a “good meal” in a “foreign town”.
  • The entire Newbury Street corridor will be bolstered with discerning buyers, looking to pick up a pair of boots, or enjoy a scoop of ice cream at JP Licks.
  • Lord & Taylor will finally be connected to the core of Copley Mall via an enclosed pedestrian bridge over Ring Road, thus driving further traffic and sales into the more easily reached store – thanks go to Lord & Taylor for recently beautifying the southeast corner of Ring Road and Boylston Street.
  • The Back Bay will receive an injection of condo related attention, furthering stabilization, and even appreciation, of condo pricing in the area.
  • Residents and tourists will be well-positioned to take advantage of close by shopping and eateries – you remember the difficulty in finding “the” place to eat, or that eclectic shop the last time you were visiting a city you weren’t familiar with. The Mandarin puts you in the center of the Back Bay’s action, and makes selecting a place to eat, oftentimes one of the hardest things to do in a foreign city, easy.
  • And finally, on a lighter note, our understanding is that very high-end Commonwealth Avenue condos and townhouses will become vacant and ready for sale as some area residents make the move to the Mandarin.

Will there be negatives related to the opening of the Boston Mandarin Oriental currently scheduled for a July 2008 completion? Sure, some folks are not impressed with the exterior design of the building, and some might say that the focus in the city should be on trying to build out other neighborhoods with high quality, but more affordably-priced housing, such as deep in the South End. Nonetheless, the Mandarin has a suite of positives associated with it, and we’ll be happy to welcome it into the fold later this year.

Boston Mandarin Oriental

Filed Under: Back Bay Condos Tagged With: , ,

Nothing Standard About Standard Purchase and Sale Agreement

January 17, 2008 By

Although a home buyer signs and initials many documents en route to buying a home, the purchase and sale agreement, also known as the “P&S”, is the primary document that sets out the terms and conditions of the agreement between a buyer and seller.

The pre-printed document is titled “Standard Form Purchase and Sale Agreement,” but there isn’t anything “standard” about this document that a buyer most commonly signs first, followed by the seller.

Frankly, the standard P&S is written primarily to benefit the seller, and home buyers are wise to retain an attorney to make modifications to the P&S that will protect their interests. The following are just four things home buyers should be aware of concerning a P&S.

  1. Under common law, the buyer bears the risk of loss, if the property is destroyed/damaged by natural disaster or fire between the signing of the P&S and closing. An attorney can add language that transfers the risk of loss back to the seller, who should have a home owner’s insurance policy that covers the property.
  2. The standard P&S has a provision that gives the seller 30 days beyond the scheduled closing date to correct a title issue that may arise before closing. Without additional language added to the P&S agreement limiting the seller’s ability to extend the closing date, the seller could extend the closing date past the buyer’s interest rate lock date, which could result in the buyer paying a higher interest rate or no longer qualifying for the loan and risking the loss of his or her deposit.
  3. Many times, through no fault of the buyer, lenders fail to provide the necessary financing in time for the scheduled closing date. Although the closing may happen only a day or two later, technically the buyer is in default and the buyer’s earnest money deposit is in jeopardy. A seller could decide to take the buyer’s deposit and put the home back on the market or decide not to sell. A simple provision providing the buyer with an additional two or three business days to close, if the buyer’s lender is not able to close by the closing deadline, could protect the buyer’s deposit.
  4. The buyer should include a provision that the seller is representing that there is no unresolved litigation or regulatory hearings involving the property or any knowledge of complaints or notices of violations of local, state or federal by-laws, ordinances or laws concerning the property. Such a provision is important because a seller could fail to disclose such an issue, which could cloud the title, and then, if the seller could not resolve the issue, he or she could use their right to extend the date of delivery of the deed (closing date).

This guest blog post is courtesy of Rich Rosa, a Massachusetts lawyer and real estate broker, and Partner in the law firm, Rosa & Kres, LLP. For more information about Rich Rosa, read his About page on the real estate law and brokerage blog that he maintains.

Filed Under: Buyer Advice

Boston Intercontinental Condos Featured Open House

January 13, 2008 By

For an up to date look at condos for sale at the Intercontinental Boston, contact us using the link at the top of this page.

If you have picked up a Boston Homes newspaper anytime in the past year, you have more than likely seen the ad the Intercontinental runs on the inside cover page (not a cheap undertaking) every single week. We’ve been writing about the hotel-condo luxury residences at the Intercontinental (see Boston Condo Blog Intercontinental posts), but it’s about time we included them in the mix on our weekly Featured Open House.

This week, Unit 16, at the Boston Intercontinental will be held open at 500 Atlantic Avenue. The unit features 1,132 square feet, one bedroom, and two bathrooms, and includes one deeded garage parking space (parking is a luxury along the Waterfront). The unit is priced at $965,000 ($852 per square foot), and carries a $913 HOA fee – you get a fair amount in that fee, from storage to hotel services. Unit 16 has been on the market for only 11 days.

There are a total of 14 units available at the Intercontinental, a mixture of developer units, and resale. The open house at Unit 16 will take place on Sunday, January 13, 2008 from 12:00 PM to 1:00 PM (it’s a tight time slot, so plan accordingly). For more information about Boston condos at the Intercontinental, please contact us.

Boston Intercontinental Condos

Boston Intercontinental Condos

Boston Intercontinental Condos

Boston Intercontinental Condos

Filed Under: Boston Open Houses Tagged With:

Mandarin Oriental Resale Listing $7 Million

January 11, 2008 By

Unit W-10B at the ultra exclusive Boston Mandarin Oriental recently hit the MLS for $7,000,000. You have more than likely seen the building nearing shell completion along Boylston Street, and you probably are aware that the development is essentially sold out. Two things are interesting about the listing of unit W-10B:

  1. The entire lot of condos at the 50-unit Mandarin Oriental were marketed and sold privately, essentially, an invitation only sellout. Striking about this listing is that a traditional sale process is being used, entirely different from the process that was used for all other sales.
  2. The Mandarin is still months away from its grand opening, so in effect, we have a resale before a sale (or more precisely, a resale before the development has even received its certificate of occupancy).

More to come on what the Mandarin Oriental means for surrounding Boston businesses.

Filed Under: Back Bay Condos Tagged With: ,

Huge Leather District Loft Hits Market

January 10, 2008 By

With over 4,000 square feet and walls of windows, unit 21 at 111 Beach Street in the heart of Boston’s Leather District is quite impressive. When the words “Boston downtown loft” are mentioned, oftentimes, the Leather District comes to mind. The small area between the Financial District and Chinatown is synonymous with lofts, and unit 21 at the Beach Street lofts delivers. The duplex unit boasts 4.125 square feet, gleaming hardwoods, and great light.

Unit 21 is priced at $1,799,000 ($436 per square foot), and comes with a $967 condo fee. Perhaps the one negative to this unit is the parking, which is rental (quite common with the renovated warehouses in the Leather District).

Filed Under: Leather District Condos Tagged With:

Will Columbus Center Ever Be Built

January 8, 2008 By

Much noise had been made back in Q4 of 2007 about the beginning of “construction” at Columbus Center. We’re now told that the job site activity was preconstruction (namely site preparation such as painting stripes on pavement, testing dirt, pulling old shrubs, adding fences, etc.), and actual construction has not yet begun.

It appears that Columbus Center is a project more than 13 years in the making, and with costs continuing to rise, the original $300 million price tag for the mixed-use condo, hotel, public park, and parking garage project has nearly tripled.

The fate of Columbus Center has not deterred other developments in the immediate vicinity from pushing ahead – 285 Columbus Lofts, the Bryant on Columbus, the Clarendon Back Bay, and the Brooke House Residences, all of which are in various phases of actual buildout, have significant inventory already sold and/or under agreement.

The property owner of the Columbus Center parcels is the Massachusetts Turnpike Authority (MTA), and as landlord, MTA recently gave the project owners until January 15, 2008 to borrow $500 million or else risk eviction. Of significant note for condo buyers at Columbus Center is the potential that residents themselves will be responsible for the infrastructure below them.

Potential condo and parking buyers at Columbus Center could be financially and legally responsible for the subterranean tunnels that enclose the 7 rail lanes (CSX freight, Amtrak, MBTA commuter rail, subway) and the 7 turnpike road lanes along the interstate transportation corridor. Neither the developer nor the government has records showing the 99-year cost of these responsibilities, but they potentially include periodic inspection by tunnel-bridge structural engineers for at least 99 years, tunnel maintenance for at least 99 years, tunnel upgrades dictated by Massachusetts Turnpike Authority for at least 99 years, and premiums for 99 years of developers error/omission insurance and owners liability insurance.

So will it ever be built? It’s hard to say if Columbus Center will be constructed as we currently know it today. It’s evident that something will be built over the turnpike eventually, as there’s nowhere else to go in Boston. The potential development of Columbus Center is exciting, as it would offer residents a final product that would significantly beautify the area, however, a lengthy construction process, and the negatives associated with a project of such scale would be felt (see Temporary Downgrade of Boston Condos).

For further information on the layout of the Columbus Center development, see the Columbus Center address information file (PDF).

Filed Under: South End Condos Tagged With:

South End Open Houses for Under $500K

January 6, 2008 By

If a totally renovated loft-like South End penthouse for under $500K sounds like something you would be interested in, Unit 5 at 58 E. Springfield Street is worth a look.

Our Featured Open House of the week is the penthouse unit at the 5-unit redevelopment of 58 E. Springfield Street in Boston’s South End. The 725 square foot unit has been tastefully renovated, and features gleaming hardwood floors, granite and new appliances in the kitchen, a spotless bathroom, and crisp lines throughout. Priced at $449,000, with a roof deck, this property continues the trend of fine craftsmanship deep in the South End.

In addition to the penthouse, there are three other units currently for sale at 58 E. Springfield Street. Units 2 – 4 are priced from $379,000 to $399,000, and have been on the market for approximately 170 days. The open house (for all units) will take place on Sunday, January 6, 2008 from 12:00 PM to 1:30 PM. For more information about South End Condos, feel free to contact us.

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Filed Under: Boston Open Houses

Bryant on Columbus Turns the Heat On

January 5, 2008 By

At the beginning of December, we were the first to bring you the news of the Bryant on Columbus coming up out of the ground, above its multi-level underground garage (see Lift Off at Bryant on Columbus). Work continues to progress quickly at the Bryant as evidenced by the exclusive photos below – the photo immediately below on the left is the current construction site, while the developer’s mockup on the right shows what the Bryant will look like upon completion later this year.

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Bryant on Columbus Completion

At this point, it’s hard to say if the building will be move-in ready by its currently estimated August completion date. The developer pushed the date back once already, but with the quick movement that they have seen over the past several months, August, at this point, does not look like it is entirely out of the question. For comparison, the Mandarin Oriental, which is just a few blocks away, has its shell nearly complete, and they are targeting what appears to be a quite realistic July 2008 opening.

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Bryant on Columbus Pricing

The Bryant will boast three-bedroom floor through living spaces. Three-bedroom units start at approximately $1,550,000 for just over 2,000 square feet, and run up through $2,950,000 for 2,000+ square feet penthouses with private outdoor space. Price per square foot at the Bryant ranges from $750 to $1,400+. Direct elevator access, 5-day concierge, secure garage parking, and high-end finishes throughout these condos along Columbus Avenue (where the Back Bay meets the South End) will be an excellent addition to the neighborhood.

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Filed Under: Back Bay Condos Tagged With: , ,

Beacon Hill Claflin Building Gets New Prices

January 3, 2008 By

We began giving coverage to the Claflin Building, a luxury boutique development on Beacon Hill, back in June of 2007. The four-unit development hit the market with some gusto, but the multi-million dollar units failed to move off the market, and were eventually canceled out of the Boston MLS in late October, along with a reshuffling of listing agents by the developer.

As of January 2, 2008 (happy new year), the units are being placed back on the market with updated pricing. Price per square foot on these units range anywhere from $887 to $1,252. The discerning Buyer who desires a classic Boston location is being targeted, and the property steps up with unparalleled views of the State House, and proximity to Boston Common.

Here’s a look at what happened to prices at the Claflin Building:

  • Unit 3, at 2,310 square feet moved down from $2,395,000 to $2,050,000
  • Unit 4, boasting 2,343 square feet, went from $2,495,000 to $2,225,000
  • Unit 5, also with 2,343 square feet, was reduced from $2,550,000 to $2,395,000
  • The 3,672 square foot penthouse unit moved in price from $4.4 million to $4.6 million

The Claflin Building (which is now also being called the Residences at Twenty Beacon) was originally built in 1873, converted to condominiums in 1980, and fully renovated in 2007. The exposure tips and tricks outlined in a recent post on Penny Savings Bank should be considered by the new marketing team for the Claflin Building (see What’s Happening at Penny Savings Bank?). For more information on this development, contact us.

Filed Under: Beacon Hill Condos Tagged With: , , ,

Salt Lake City Builds on Green Housing Trend

January 2, 2008 By

Salt Lake City Utah is jumping on board with the current trend in the U.S. towards green / environmentally friendly products and services. Green consumers are everywhere and products that cater to them cover everything from cars to food. The green consumer is now a major demographic within most market segments, including the real estate market.

So what exactly are U.S. home builders doing to meet the demand of this new kind of consumer? It varies. Some builders are providing solutions that conserve energy and save water, while others are offering more extensive solutions that include the generation of energy from reusable resources and building materials from reclaimed materials. To illustrate this, lets take a look at the Salt Lake Real Estate market and a couple of their green housing developments.

Daybreak Utah, will be Utah’s largest ever new home development. When complete the development will incorporate 14,000 housing units, 1,000+ acres of open space, and a 85 acre lake. Even a development of this magnitude can be environmentally friendly. Green features include:

  • All homes are fully energy star compliant, with high efficiency appliances, furnaces and windows.
  • Storm water is captured before entering the drains and is used to charge the local aquifer.
  • Secondary water is used for the lake and to irrigate the green spaces.
  • In order to conserve water, green spaces are made up of local plants and grass is kept to a minimum.
  • Homes with lots greater than 5,000 square feet are to have their irrigation systems connected to a local weather station.
  • Strict guidelines for what type of plants and trees you can plant in your garden and limiting grass to no more than 60% of the total area.
  • More than 50% of all building waste is recycled.

Radi8 Condos. Located just to the south of downtown Salt Lake City this new condo complex features many environmentally friendly features including:

  • Solar panels providing the energy for heating and lighting in common spaces.
  • High efficiency heating and cooling system utilizing a buried ground loop heat pump.
  • Tankless hot water heaters.
  • Building materials and paints made from low or no volatile organic compounds.
  • 75% of construction waste to be recycled.
  • Planted green rooftop to reduce urban heat island effect.
  • Smart glass with heat mirror technology.

Green consumers are here to stay and if builders want their business, they will need to listen to requirements and build more environmentally friendly homes.

Filed Under: USA Real Estate
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