Boston Condo Development Cream of the Crop

As we draw closure to 2007, it’s time to take a look at some of the top available options for 2008 in Boston condo developments. It’s actually quite difficult to single out the cream of the crop in the downtown Boston market because there are so many options for Buyers currently as great product continues to hit the market, and let’s face it, different developments suit different needs and lifestyles. With there being truly a large number of gems in the core downtown market, we are unfortunately skipping over many top-notch properties. We’ll continue to cover the entire market with in depth features, but, here is our short all around list, with straight-forward honest talk, for 2008.

  • Court Square Press – the Court Square Press building in northern South Boston has a good historical story, but it may be the recent completion of its sister property, the Macallen, that catapults Court Square Press itself to our list. With the completion of the Macallen, the concierge-served residents of Court Square Press now have access to an absolutely gorgeous 20,000 square foot plaza with grills and a lap pool, as well as a high-end screening room with kitchen and bathroom that can be reserved by residents for private parties. Many units in Court Square Press feature loft-style brick and beam living, and recent upgrades to the in-house fitness center are stellar. Some of the only drawbacks to Court Square Press are some units receive poor light, and some residents have voiced concern over noise cancellation, however, apparent concerns have decreased significantly in this area. In the past, location may have been called a drawback to this development, however, there are multiple condo developments that are popping up adjacent to Court Square Press, and this is driving commercial entry into the area, turning northern South Boston into one of the hottest areas of the city.
  • Bryant on Columbus – we’re going out on a limb in placing the Bryant on the list, namely because it is not complete yet. Nevertheless, the Bryant will offer lauded three-bedroom floor-through units with soaring ceilings and high-end amenities. The location will put you on the border of the neighborhood feel of the South End, and the “city living” surrounding Copley Square. Good inventory remains in the building, so great choices are still available at the Bryant, with an anticipated completion date of August 2008. Potential owners still need to consider heavily the location of their unit, and the natural light that will be available – the units will have excellent southern exposure, but will be in close proximity to the large 131 Dartmouth building behind it. Outside of a lack of multiple exposure windows, the only remaining drawbacks to the Bryant could be a 5-day concierge (however, HOA fees are substantially lower than similar direct-elevator luxury buildings), and the lack of excellent city views.
  • 44 Snow Hill – this was a five-unit high-end renovation of a classic North End property. The last of the units sold in late July 2007, and we’ll need to keep our ears to the ground for a resale opportunity at this boutique development. Superb craftsmanship and exquisite finishes highlight the property. With only a two minute walk to the Waterfront, high ceilings, modern kitchens, and superb baths, 44 Snow Hill will be a diamond in the rough for a long time to come. Perhaps the only drawbacks to these units would be the laundry being communal in the basement, rather than having in-unit facilities, and parking is available for rent across the street rather than direct access.
  • Meads of Commonwealth – we’ve written a fair bit about the Meads of Commonwealth, and for good reason, it is one of the finest properties in west end of the Back Bay. The quality of these units are unparalleled, the fixtures and amenities are truly spectacular. The units at the Meads are flowing floor-throughs, many with superb entry ways, and all with direct elevator access. What’s missing, well, perhaps a concierge, which for a property of this caliber, has been overlooked. The location of this boutique high-end development could be looked at as a minus, with it being away from the hustle and bustle of Newbury Street shopping or the tranquility of the Public Garden.

No list is going to be perfect. Bottom line, the condo options available across the core of downtown Boston are stellar, all of them accommodating different needs and lifestyles through various amenity levels. For more information on the above-mentioned developments, or to discuss any of those we did not cover in this blog post, feel free to contact us.

Most Popular Posts on the Boston Condo Blog

Over the past two months, we have been running a plugin to the Boston Condo Blog in the background which calculates the posts that readers think are the most popular. The algorithm used to determine the most popular posts is based mainly on permalink page views (the direct URL to a post, rather than looking at it on the homepage of the blog), page views off of the archive and category pages, number of comments to a post left by readers, views directly from rss feed readers, and trackbacks (other bloggers or website link directly to the post in their blog posts). We held off counting views directly from the homepage, as this erroneously skews the numbers in favor of more recent posts.

We are now launching the plugin, and have placed the Most Popular Posts sidebar module on the far right sidebar column, underneath the Search box, and the Latest Blog Posts. The Most Popular Posts module gives readers an idea of what the majority of current readers have been looking at. It is fluid, and will change over time.

Of pertinent interest to readers currently is the Boston W Hotel & Condos, the mixed-use Carruth condo development in Dorchester, the Penny Savings Bank in Boston’s South End, and a recent write up on Boston condo pricing. See the Most Popular Posts module on the far right hand side for further details.

Featured Open Houses This Sunday and Next

Our Featured Open House postings that you typically see on Sunday mornings will resume in the new year.

We wish all of our readers a very happy holiday season, and a joyous new year.

Boston Condo Pricing Breakdown

We recently received some year-end positive comments from readers, with one of them inquiring if we can spend a little bit more time on a go-forward basis covering Boston condos that are less than $500,000. This is definitely a fair request, and we will strive to cover interesting Boston condo happenings, regardless of price points, as well as other happenings in Boston of note.

The specific request to give further coverage to the segment of the Boston market under $500K gives rise to an interesting question: What is the current breakdown of listings (prices) in Boston? We took to answering this question, looking specifically at the core downtown neighborhoods (specifically, Back Bay, Bay Village, Chinatown, Financial District, Leather District, Midtown, North End, Seaport District, South End, Theatre District, Waterfront, West End).

We broke listings down into large sections of prices to gain a high-level view of the market:

  • Less than $500,000 (< $500K) – 25%
  • $500,000 to $1 Million – 43%
  • More than $1 Million (> $1 Million) – 32%

Condos that are listed for less than $500,000 represent only 25% of all current listings on the market. The majority of condos in Boston are priced between $500,000 and $1 million. 32% of the core downtown Boston market is made up of condos priced over $1 million.

The Back Bay is home to the most expensive listings, with 103 condos priced over $1 million. The Back Bay has almost three times the number of million dollar listings the South End and the Waterfront separately boast.

For full details, see the Boston Condo Pricing Breakdown (PDF).

Resale Opportunity at 360 Newbury

With the final penthouse at 360 Newbury still languishing on the market (see One Condo Left at 360 Newbury…Still), a new resale opportunity has come along. Unit 405 at 360 Newbury is a 1,342 square foot two-bedroom, two-bathroom unit listed at $1,250,000 ($931 per square foot). For comparison, the remaining penthouse unit is priced at $870 per square foot.

360 Newbury is an iconic building built in 1918 and renovated in 2005 that sits at the southeast corner of Newbury Street and Massachusetts Avenue. Designed by Frank Gehry, the building houses luxury condominiums, a T stop, and a three floor commercial space (currently occupied by the Back Bay Best Buy).

Unit 405 was purchased just over a year ago for $1,005,000. 360 Newbury is one of the anchor condo developments in the Back Bay, however, the double digit appreciation that the Seller is striving for is bold. For more information on either of the available units at 360 Newbury, please contact us.

 

New Fed Proposal Step in Right Direction

The Federal Reserve is in the midst of considering a plan that would curtail the types of subprime products lenders can offer, prohibit certain misleading disclosures, and limit the compensation of mortgage brokers. What makes this news somewhat significant? The Federal Reserve’s plan is forward thinking, and despite being reactive, is perhaps one of the only positive news stories to break in recent months surrounding the turmoil over subprime lending.

Rather than wasting time pointing fingers at who is to blame for the current situation the entire country is in, or gaze in shock at the billions of dollars that large financial institutions are writing down from their balance sheets, the Fed is attempting to impart positive and sound change on the lending market. These potential rules would only apply to loans going forward, not the subprime adjustable-rate loans that became extremely popular during the recent housing boom.

Some of the highlights of the Fed’s new proposal are:

  • Mortgage Brokers or creditors would be banned from coercing or influencing home appraisers to misrepresent the value of a home and would prohibit certain practices from loan servicers, such as failing to promptly credit payments to customers’ accounts.
  • The Fed staff proposal targets high-cost loans secured by a consumer’s principal dwelling. The proposal states these loans shouldn’t be made without regard to a borrower’s ability to repay, without verifying the income and assets of the borrowers, with a prepayment penalty in certain circumstances, and without establishing that borrowers pay insurance and taxes on the property.
  • The Fed looks to “generally” ban lenders from “directly or indirectly paying mortgage brokers in connection with consumer credit transactions secured by a consumer’s principal dwelling, unless the mortgage broker enters into a written agreement with the consumer” and provides certain disclosures. Creditors wouldn’t be banned from paying brokers if the compensation isn’t determined by the borrower’s interest rate.
  • Lenders would be banned from structuring traditionally “closed-end” mortgage products as “open-ended.” Fed staff believes this is necessary to prevent lenders from trying to evade the new protections.
  • Prepayment penalties on high-cost loans would be changed so that they expire at least 60 days before an adjustable-rate loan resets from its starter rate into a higher rate. Many prepayment penalties on subprime adjustable-rate mortgages ran right up to or beyond the reset date.
  • The plan would ban seven marketing practices, including marketing loans as having “fixed rates” when the fixed rate is for only a limited period of time. Lenders would also be banned from “advertising claims of debt elimination if the product would merely replace one debt obligation with another,” according to the proposal.

The Federal Reserve’s proposal is aimed at eliminating many of the lending practices that proliferated during the recent housing and credit boom.The Fed has never used this authority this broadly before, and it has been under constant criticism this year for not acting more aggressively as lending standards deteriorated in recent years.

Thank you to the Wall Street Journal for inspiring this blog post.

Take the T to Logan Airport

Are you headed out of town this holiday season? If you are in downtown Boston, and need to get to Logan Airport, you should consider taking the T (MBTA Subway). The T provides an inexpensive, and relatively efficient, means to get to Logan.

There are several ways to get to Logan Airport from downtown via the T, we’ll cover one of those routes today: the Blue Line. From all points downtown, head to the outbound Blue Line. You’ll take the Blue Line towards Wonderland underneath Boston Harbor, past East Boston’s Maverick, and exit at the conveniently named ‘Airport’. Once you exit the T, simply follow the signs for the free ‘Airport Shuttle’. You’ll exit the T station and head right towards some large poles next to the adjacent roadway. On those poles, facing the roadway are signs stating which airlines are served by which shuttles. Simply hop on the shuttle that matches your airline/terminal (no ticket or transfer card needed), and you’ll be at Logan in less than 5 minutes.

Logan Airport T Station

A ride on the T will cost you only $1.70 if you have a Charlie Card (you can purchase a Charlie Card with a stored value online, and then have it shipped to your home at no cost). From many points in the core of downtown that only require one transfer onto the Blue Line, plan for the trip to take roughly 45 – 50 minutes. In comparison, a taxi ride from downtown Boston to Logan can cost anywhere from $20 – $30, and take you anywhere from 15 – 25 minutes.

Macallen Building Featured Open House

Our Featured Open House of the week is taking place at South Boston’s green Macallen Building. From Noon – 2 PM on Sunday, December 16, 2007, Pappas Properties will hold open units at not only the Macallen Building (141 Dorchester Avenue), but their adjacent Court Square Press loft development.

This weekend provides you the opportunity to see two of the finest properties in northern South Boston. Let them know that Boston Condo Guy sent you, and if you need Buyer representation on a purchase, please contact us.

If you act fast, you can still take advantage of the Macallen’s year end clearance sale (see Buy at Macallen, Get a Free Hybrid Car).

285 Columbus Lofts Buck Downtown Boston Trend

It was just over a week ago that we visited the 285 Columbus Lofts Broker Open House, at which time, there were 4 units Under Agreement at the luxury rehab of the former American Red Cross building at the corner of Clarendon Street and Columbus Avenue. According to Boston Homes, 12 are now Under Agreement slated for a June 2008 completion.

The absorption of 285 Columbus Lofts, now at approximately 20%, bucks trends elsewhere in the city for new downtown condo developments that have not yet opened. For instance, the neighboring Bryant on Columbus development is approximately 10% Under Agreement, while FP3 Boston in the Seaport District is approximately 20% sold, but has had a significant head start on 285 Columbus Lofts. As we detailed earlier this week (see What’s Happening at Penny Savings Bank?), Penny Savings Bank in the South End is approximately 30% sold, while the development has been open for several months, and had a significant runway of preconstruction showings.

Buyers are taking to the convenience of being next to a transit center – we’re seeing similar developments to 285 Columbus, such as the Carruth in Dorchester popping up adjacent to transit stations. You’ll be able to catch buses, the T, commuter rail, and even the Acela Express from 285 Columbus Lofts’ Back Bay transit station. The developer, Boston Residential Group LLC, at 285 Columbus Lofts did a good job insulating the walls and windows (triple pane) from the exterior noise.

For more information, or to setup a showing at 285 Columbus Lofts, contact us.

Great Choices Hit Market at Year End

One would think that the market would bundle up for the winter and hibernate, but there have been a large handful of great listings that have hit the market over the past week, be them new, or several price reductions. The Boston real estate market is pushing to finish the year strong, despite getting snowed in this week. Let’s take a look at what we’re talking about – for more information about any of these listings, or to setup a showing, please contact us.

52 Athens Street (also known as the 80 A Street Condominiums) along the border of South Boston and the Seaport District currently has two units for sale. Unit 1, a 1,313 square foot loft-style duplex condo with soaring ceilings and bamboo floors underwent a $30K price reduction after being on the market for 38 days. The move takes this unit down to $459,000 ($349 per square foot). This particular unit is one of the higher-end condos offers one of the best spaces in the 12-unit development along A Street.

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A somewhat rare smaller unit (610 square feet) has come available at One Charles, the Midtown luxury condo development that was completed in 2004, steps to Boston Common and the Public Garden. This $584,000 condo was designed by renowned Eugene Lawrence and was recently featured in Boston Globe Magazine’s “Ultimate Bachelor Pads” issue for its unique space-defying sense of grandeur. It comes with a single deeded tandem garage parking space.

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Unit 322, at the luxury South Boston Court Square Press 130-unit condo development, just hit the market. This brings the total of available units in this building to 6. Court Square Press remains one of the classiest places to call home in northern South Boston, and with the June opening of Macallen, residents now enjoy a host of further amenities. Included in this 1,296 square foot, two-bedroom two-bathroom, $599,000 loft is one deeded garage parking space.

One gorgeous unit at the oftentimes overlooked loft-style condos at 27 Wareham Place deep in the South End took on a small price reduction, moving it to $697,000 for the two-bedroom two.five-bathroom, 1,271 square foot loft. Parking is included in this common roof deck 30-unit development that was finished in 2000. You’ll probably begin to see these units catch on a bit more, especially with the SoHa Lofts (now called the 1850) going up right down the street.

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You don’t see many units come available at the Boston Metropolitan, in Boston’s Chinatown, adjacent to the New England Medical Center, also home to Tufts University School of Dental Medicine. Unit 2209 is a penthouse unit boasting 1,325 square feet over multiple levels, and a wrap around balcony with southwest views. The Metropolitan was finished in 2004, and this unit comes with 2 garage parking spaces, and is priced at $949,000.

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The North End brings us Unit 4B at 287 Hanover Street, a renovated 2,358 square foot three-bedroom loft-style condo with soaring ceilings and high-end everything. This unit just came back on the market, and is priced at $1,199,000 ($508 per square foot), and is part of the Seaman’s House. Low condo fees for a $1 million+ property at $350 per month, however, no deeded parking with this unit – yet, definitely worth a look.

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And finally, Unit 823 at Lincoln Wharf, adjacent to the up and coming ultra luxury Battery Wharf, recently saw a $100K price reduction, moving this unit to $1,295,000 for 1,853 square feet. The renovated unit features 20′ ceilings and great water views, as well as Asian walnut floors. Parking is rented. The unit has been on the market for 58 days now. The $1,000 HOA fee includes Hot Water, Water, Sewer, Master Insurance, Security, Laundry Facilities (that’s how they do it in this particular building), Elevator, Exterior Maintenance, Landscaping, Snow Removal, Recreational Facilities, Exercise Room, Sauna/Steam, Clubroom, Extra Storage, Refuse Removal.

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