South End Open Houses for Under $500K

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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Bryant on Columbus Turns the Heat On

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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Beacon Hill Claflin Building Gets New Prices

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.

Salt Lake City Builds on Green Housing Trend

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.

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.