Mass Exodus from Wilkes Passage

Over the past week, there have been 4 new resale listings that have sprouted up in Wilkes Passage 1313 Washington Avenue, an unassuming looking condo development in the South End that has gorgeous interiors and underground garage parking. Combining the recent listings with the existing ones takes the total to 8 available units in the building. Granted, Wilkes Passage is one of the largest developments in the South End with 150+ units, but, it’s still rather unique to see this number of listings come in short succession out of the same development. Perhaps Sellers are trying to take advantage of the last Fall push of Buyers before we all go into hibernation for the Winter.

Regardless of the reasoning behind it, the pickings are good. Prices range from $539,000 to $1,150,000 and in size from 919 to 1,918 square feet. Garage parking appears to be included in all but two of the available units.

For more details on any of the units for sale at Wilkes Passage, or surrounding South End condo developments, please contact us.

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Boston Mandarin Oriental Gets Undressed

The top floors, as well as the northwest corner of the Boston Mandarin Oriental has been unveiled, to the somewhat disappointment of Bostonians. The Mandarin is an ultra-luxury hotel condo development that will offer 50 condo units on the top floors of the building.

Bostonians are somewhat disappointed in the exterior architecture, or lack thereof, given that the minimum price tag on the almost completely sold out building is $3 million.

We have exclusive photos below showing the progress at the Boston Mandarin Oriental.

Boston Mandarin Oriental

Boston Mandarin Oriental

Boston Mandarin Oriental

Boston Mandarin Oriental

Taxes on Second Homes Increase

If you are a real estate investor, or perhaps a vacation home owner, today’s Wall Street Journal article covering changes in tax law for second homes will be of interest to you. A recent bill passed through Congress that will change slightly how tax breaks are calculated on a second home.

Some Republicans complained that the move would hurt the second-home market. Rep. Kevin Brady (R., Texas) said the change would punish those who had saved to purchase a second home. Rep. Sam Johnson (R., Texas) called it a “luxury tax on retirement homes.”

Under current law, a person can exclude from taxes up to $250,000 in capital gains on the sale of a principal residence. Up to $500,000 of gains can be excluded for married couples. A second home can become a principal residence as long as the taxpayer has lived there for two of the previous five years.The bill approved yesterday would change those rules. Under it, the size of the tax break for a second home would be tied to the portion of time, out of all the years a house is owned, that it serves as a principal residence. Living in a property longer would result in a larger tax break on any gains when it is sold.

These changes can, in part, be credited to the government’s attempt to provide tax relief to homeowners facing foreclosure. Not entirely fair you say, perhaps true.

Available Condos at the Penmark South End

We have received a significant amount of requests around what is still available at the high-end Penmark Condos in Boston’s South End at 21 Father Francis Gilday Street. Out of the 60 units in the Penmark, there are currently 6 units for sale, ranging in price from $584,000 to $1,125,000, and in size from 991 square feet to 1,726 square feet.

Unique to the Penmark are rather large and distinguished windows in several of the units. Garage parking below the development is included with most units. Nearby new developments include ArtBlock Harrison, and 700 Harrison.

Currently available Penmark condos: Penmark Condo Listing Details

For more information on the Penmark Boston, or to setup a showing at one of the available 6 units, please contact us.

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The Three South Boston Amigos

If you like new developments, then the area surrounding the Broadway Red Line T-Stop is your new hot spot. 2007 has seen the completion, and near completion, of what we are calling the Three South Boston Amigos – the Lofts at 36 A, the Macallen Building, and Allele Boston.

These three condo developments are setting a new baseline for high-end living in the northern part of South Boston, with existing standards (Court Square Press) and some more to come in the upcoming years (Leachmore Point, now to be called Eleven West Broadway). Both the Macallen and 36 A opened to residents around the June 2007 timeframe, and Allele is planning for an early 2008 occupancy date. The exclusive photo below shows Allele Boston in the foreground, and the newly completed Macallen Building in the background, with the South End and Back Bay skyline to the left.

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For buyers looking for the opportunity to build short to medium term equity, this area of Boston should be of pertinent interest. With the amount of development that has already happened, and that which is planned, the neighborhood will continue to blossom. For instance, we recently announced that Tapeo Boston will open a new South Boston restaurant on the ground floor of Allele, adding to the draw of the area. Small things, like reconstruction of the median between Macallen and Allele on Dorchester Avenue and the planting of trees will, again, add to the beauty and allure of the area. Significant retail is planned for Court Square Press (an organic market complete with top choice butcher), Macallen (yoga studio, dry cleaner, cafe, and small offices), and across the street from the T-Stop, a not yet announced art / wine gallery.

The Lofts at 36 A is a 36-unit 6-story boutique development that features very high-end finishes throughout, including some of the best bathrooms in the city, and exquisite scored and stained concrete floors. The development features a common roof deck situated next to numerous private roof deck spaces, and two levels of garage parking, the lower of which is serviced by a car elevator. This is a high-end, but no frills (no concierge or fitness center) condo development. 36 A features a single retail space on the ground floor.

Allele Boston will be a 48-unit 6-story (but will sit slightly lower than the adjacent 36 A building) development that is aiming for a February / March 2008 opening. Allele, which means hybrid, offers traditional home features with loft style feel, some with terraces, and garage parking for an additional purchase price. Allele will feature a ground floor restaurant (Tapeo of Newbury Street is currently the target client).

The Macallen Building is a LEED Gold Certified (Green) 140-unit mini-mega development. Macallen represents the second phase of the Court Square Press buildout, and is a full service luxury building that is the first green residential building in the city of Boston with an outdoor heated pool on an 18,000 square foot plaza, garage parking, and a viewing / entertainment room, and fitness center (in Court Square Press).

Developers are creating a very high-end, desirable enclave just south of the city, and it’s only a ten minute walk to the South End, or a quick T ride to Downtown Crossing. Residents of other recent area developments, namely 80 A Street (also known as 52 Athens) and 125 B Street Lofts, which are seen as perhaps a lower price option to Macallen, 36 A, or even Court Square Press, will soon be enjoying the fruits of their sister developments’ labor by way of increased condo values, and augmented commercial and retail options.

For a complete look at what is available in each of the Three South Boston Amigos, or any of the other sister developments, please contact us. The exclusive photo below shows the lineup of the Three Amigos along W 4th Street (closest to farthest: Lofts at 36 A, Allele Boston, Macallen Building).

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Harborview Lawsuits Begin

Thank you to the Boston Business Journal for breaking the news that a first lawsuit has been filed in relation to the failed Harborview at the Navy Yard condo development, the interesting part of this, is that the lawsuit is not coming from upset buyers that got their deposits back and a pat on the back, but from the construction crew that built Harborview, Turner Construction Company.

Essentially, Turner Construction is claiming that Trammel Crow, Harborview’s owner, did not have the money to pay Turner, and Trammel Crow misled Turner into finishing the job (to the tune of $10 million). Unfortunately, that which is surrounding the Harborview project continues to get worse.

The suit highlights the risks of building large-scale condominium projects in Greater Boston’s softening residential real estate market. The market’s turn has prompted some developers, particularly those with properties priced in the midrange, such as HarborView at the Navy Yard, to convert condominium projects into rentals or rethink building condominiums at all.

FP3 Boston Condos with Outdoor Terraces

Interested in reserving a unit at the June 2008 planned FP3 Boston condo development, one with a private outdoor terrace? We thought you might. Bear in mind that FP3 will offer all residents a common outdoor roof deck, but, if you would like to get your hands on a private space, consider the following options:

  • A one-bedroom unit with 764 square foot of indoor living space and 265 square feet of outdoor space starting at $699,000
  • A one-bedroom unit with 783 square feet of indoor living space and 237 square feet of outdoor space for $749,000
  • A one-bedroom plus study unit with 969 square feet of indoor living space and 150 square feet of outdoor space for $779,000
  • A two-bedroom penthouse unit with over 2,200 square feet of indoor living space and over 1,000 square feet of outdoor space for $1,999,999

FP3 will run water, gas, and electrical onto each terrace. For assistance in making a reservation on a unit at FP3, slated for a June 2008 completion, please contact us.

FP3 Boston Condos

Meads of Commonwealth Open House

After moving to a new listing brokerage, the Meads of Commonwealth, 13 luxurious and unique units in Back Bay have a renewed push, and some slightly lower prices (i.e. the penthouse unit was dropped from $6.2 million to $5.5 million), the development is our Featured Open House of the week.

9 units remain at the Meads, which was completed in 2007. Residences are priced between $1,875,000 and $5,500,000, and include at least one garage parking space under the development, private and direct elevator access, and many other amenities.

Based on our many Meads of Commonwealth Blog Posts, you can tell we think the units are exquisite, and the amenities are almost unmatched. The Meads combine class and style in units that have excellent flow. Aside from the penthouse unit that has over 2,000 square feet of outdoor space, the other units would be better served by having some of their own, but soaring ceilings and windows to match provide superb light otherwise.

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The Open House, located at 413 – 415 Commonwealth Avenue will take place Sunday, September 23, 2007 from 12:00 PM to 1:30 PM. Please tell them that Boston Condo Guy sent you, and after you return, drop a comment on this blog post to let everyone know your thoughts on the Meads. If you fall in love and would like to write an Offer, please contact us.

WW II Poster Exhibit at Boston Public Library

If you have not already stopped by the Wiggin Room in the Boston Public Library (BPL) for the WW II Poster Exhibit, we highly recommend it. The exhibit, which displays a large collection of “victory” posters will be on display, and is free to the public, until September 30, 2007.

Through September 30, 2007 in the Wiggin Gallery. A selection of posters from the collections in the Print Department of the Boston Public Library. The majority of World War II posters were published from 1939 to 1945 by the United States Government Printing Office. They were a visual call to arms for all citizens.

BPL WW II Poster Exhibit

Tapeo Restaurant to Open in Allele South Boston

We’ve been informed that Tapeo of Newbury Street will open a second restaurant near the Red Line Broadway T-Step area in the ground floor of Allele Boston, a new boutique South Boston condo development at 150 Dorchester Avenue slated for an early 2008 opening.

Tapeo will create a new name, possibly “Sapeo“, and will plan to open following the February / March opening of Allele. Sapeo South Boston will acquire a significant amount of outdoor space along Dorchester Avenue, and it’s rumored that the current retail space on the ground floor of Allele will not be large enough, so Tapeo / Sapeo will pursue acquiring two ground floor condo units to add to their planned space.

The Allele condos are moving along quickly, from the below exclusive picture taken yesterday from the roof deck of the Lofts at 36 A, you can see that exterior work, including balconies, windows, and brick siding, is progressing. For more information about Allele, or any of the hot new developments in South Boston, please contact us.

Allele South Boston Condos