Real Estate Observer
If you are taking a holiday weekend trip, and are worried about getting your taxes out the door in time for the typical April 15th tax deadline, rest easy, as the IRS has pushed back the 2007 tax deadline until Tuesday, April 17, 2007.
Taxpayers will have extra time to file and pay because April 15th falls on a Sunday in 2007, and the following day, Monday, April 16th, is Emancipation Day, a legal holiday in the District of Columbia.
The FP3 Condos in Boston’s Seaport (Fort Point Channel) district are going to push out their grand opening from December 2007 until the May 2008 timeframe. Sales are moving along with the development, as over 10% of the units are already under agreement.
An update on the parking situation at FP3 Boston: Parking will not be available onsite at the development itself, however, FP3 unit owners will have access and guaranteed rights to lease parking at the Stillings Street Parking Garage (just steps away) for a negotiated rate. For further information, check out the FP3 Seaport Condos page.
As we always enjoy, let’s take a look at the most expensive million dollar Back Bay condo that sold this past week.
The Back Bay continues to see multi-million dollar condos close week in, week out. This past week was no different, with a unit at 25 Commonwealth Avenue selling for $8.25 million. The property was a nine (9) room, four (4) bedroom, five (5) fireplace condo with four (4) parking spaces and one (1) storage unit. At 8,000 square feet, the price per square foot came out to be just over $1,000.
If you have not done so already, please cast a vote for your favorite new Boston condo development. We’ll be tallying the scores at the end of April to see which condo development readers are most excited about.
The poll is located in the second column of the blog, just scroll down a little bit, and you should see it. In the running are the following new luxury Boston condo developments:
Battery Wharf (North End Waterfront)
Penmark Condos (South End
D4 Police Station (South End)
The Bryant on Columbus (Back Bay)
Harbor View Navy Yard (Charlestown)
Meads of Commonwealth (Back Bay)
Write in candidates will be accepted, just leave a comment on this post, and we will include your vote in the tally – we could perhaps have a dark horse winner.
NOTE: Voting has closed.
Just a reminder that the Boston Red Sox will play their 2007 Home Opener today. The first pitch between the Red Sox and the Seattle Mariners is scheduled to be thrown out at 2:05pm at Boston’s Fenway Park. Best of luck to the Red Sox in 2007!
Just an update – The Sox put down a 14-3 walloping on the rusty Mariners in their home opener.
We have gathered the below property information for South End Condos that sold last week, and we will compare that to the previous week’s statistics (in parentheses). South End Condos that Sold: 6 (11)
Lowest Price: $286,150 ($329,000)
Median Price: $495,000 ($495,000)
Highest Price: $659,000 ($969,000)
Average Price: $478,108 ($510,909)
Average Days on Market (DOM): 100 (91)
Sales Price / Listing Price Ratio: 100% (97%)
Start Date: 4/1/2007
End Date: 4/7/2007
We saw a lower number of South End condos actually sell this past week, but DOM is still trending down from 2006 highs, and the market is tight for those properties that are priced right, as demonstrated by the sales to listing price ratio.
The National Architectural Trust will host a free one-hour informational seminar about the Federal Historic Preservation Tax Incentive Program designed to preserve and protect America’s historic buildings.
Owners of residential, commercial and condominium buildings located in historic neighborhoods are invited to attend the free seminar on Wednesday, April 11, 2007 or Wednesday, April 25, 2007 at 7:30pm at the Old South Church (645 Boylston Street).
The free seminar will address eligibility criteria for the Program and changes resulting from the 2006 Pension Protection Act.
Space is limited, to register, please call Mary Bahar at 978-352-5615, or send an email to mbahar [@] natarchtrust [.] org
Area Neighborhoods Taking Advantage of the Program Include:
Back Bay
Beacon Street, Commonwealth Avenue, Hereford Street, Marlborough Street, Newbury Street
South End
Appleton Street, Bond Street, Cazenove Street, Chandler Street, Claremont Park, Columbus Avenue, Dartmouth Street, Gray Street, Greenwich Park, Lawrence Street, Massachusetts Avenue, Montgomery Street, Rutland Square, Shawmut Avenue, Tremont Street, Union Park, Washington Park, West Canton Street, West Concord Street, West Newton Street, West Springfield Street
NOTE: We have contacted the National Architectural Trust concerning their website’s inability to render properly using the Firefox browser – as of this date, it’s best to view their website using Internet Explorer.
A revised lease agreement with the Massachusetts Turnpike Authority (MTA) has not jump started the $650 million Columbus Center air rights project, which remains stalled by financial trouble.
A spokesperson for the Columbus Center development (WinnDevelopment) said there is no timetable to begin construction on the project, which received approval more than a year ago. Columbus Center, a mixed-use development consisting of a hotel, office space, retail space and residential condo units, will be built on air rights Parcels 16,17, and 18 over the Turnpike east of Back Bay Station.
“The project remains on hold while the financing is worked out,” said Alan Eisner of Regan Communications. “The status quo hasn’t changed in recent weeks.”
This winter, WinnDevelopment received a new lease from MTA which allows the developer to defer upfront payments in exchange for large ones in the future. Columbus Center may also receive federal tax credits through the Department of Housing and Urban Development’s Empowerment Zone program, which encourages businesses to employ local residents.
Despite those potential financial benefits, Columbus Center is not any closer to breaking ground, due largely to ballooning construction costs. For example, the cost to build the concrete and steel deck to cover the Turnpike has escalated from $30 million to $140 million since the project was first conceived. Additionally, the costs of public benefits for the project, which include three public parks, affordable housing both on and off site and workforce development payments, may also increase beyond the original estimate of $40 million. The final project cost could increase to as much as $700 million, depending on financing.
Winn Development’s lone equity partner in the project, the California Public Employees’ Retirement Systems, issued a statement in August saying that the Columbus Center Condos were in danger of not being built.
The majority of this blog post was based upon a recent story from the Boston Courant Newspaper.
We had the opportunity to stop by one of the South End’s up and coming developments, The Penny Savings Bank Condos. Construction continues at the northeast corner of Washington Street and Union Park Street – very close to the Cathedral of the Holy Cross, and directly across the street from Cathedral High School.
The South End Penny Savings Bank Condos will be a redevelopment of the former Penny Savings Bank (Penny Place Condominiums) at Washington Street and Union Park Street in the South End of Boston. The new condo development entails the restoration of the two-story 1917 white marble bank building, coupled above with a new three-story contemporary addition. The Penny Savings Bank condos will be a mixed-use development project, featuring 23 luxury loft, one, two, and two plus bedroom units, along with an underground parking garage.
The Penny Savings Bank is just south of the South End Buttery, which is a bakery and cafe, serving sandwiches, soups, salads, and coffee drinks. The Buttery has received good reviews throughout the city, and their cupcakes are quite good!
The Midtown neighborhood of Boston continues to move towards a 24/7 live and work enclave in the city. Anchoring Boston’s Midtown on the east and west are the Lafayette Lofts and the 2005 completed One Charles Condos.
The Lafayette Lofts development at 88 Kingston Street is a recently completed 42 unit development, which currently has five (5) units remaining for purchase. Lafayette Lofts boast wide open living space, grand ceilings, and well-appointed kitchens.
The large 232 unit development at One Charles was finished in 2005, and there are currently six (6) resale units available in the luxury development.
Keith Munsell
CPM & Master Lecturer
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Mark Strickland
Realtor & ABR
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Dean Charles
Real Estate Thought Leader
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Bobby Quinn
EcoBroker Certified
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Mark Martin
Broker & President 2mrealty
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