Commercial Property Impacts Boston Residential Development

January 21, 2008 By

The commercial market (be it office, retail, etc.) in Boston has been performing quite well lately, vacancy rates are low, and this is pushing rents up across the various classes of commercial buildings (office space for instance is broken down into classes, Class A buildings (the best of the best) command the highest rents, this for example, would be the Hancock Tower).

From an economic standpoint, the strong commercial market is a precursor to several trends that will slowly develop. First, as rents continue to rise across the various classes of commercial property, businesses will look to more less-traditional areas of the city to setup shop – the Seaport District, northern South Boston, and the Fenway are all obvious choices. Secondly, a natural by product of the build up of commercial space in other areas of the city is a bolstered residential condo market to serve that area.

That said, you will continue to see further buildout and prominence of the Seaport District (with FP3, Fan Pier (both commercial and residential)) and northern South Boston (Allele, Eleven West Broadway, 125 B Street), areas that we have been bullish on for some time now. Why are we excited about these areas? Well, you have multiple economic factors moving in favor of healthy and appreciating condo prices in the area – the commercial / residential thread just discussed, as well as a similar trend in the residential housing market in the core downtown area.

The latter trend of residential housing being similar to that of commercial property, in that Boston condo prices continue to appreciate in the core of downtown (approximately 6% in 2007), thus naturally moving Buyers into other areas (Seaport District, northern South Boston) where you can get more square footage for your money.

Add all of these things up, and you have good investment potential in Boston’s Seaport District and northern South Boston.

Filed Under: Boston Condos

Boston Condo Development Cream of the Crop

December 31, 2007 By

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.

Filed Under: Boston Condos Tagged With: , , ,

Most Popular Posts on the Boston Condo Blog

December 27, 2007 By

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.

Filed Under: Boston Condos

Great Choices Hit Market at Year End

December 14, 2007 By

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.

52-athens-street

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.

one-charles-condos-1

one-charles-condos-2

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.

27-wareham-2

27-wareham-1

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.

boston-metropolitan-condos-1

boston-metropolitan-condos-2

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.

287-hanover-street

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.

lincoln-wharf

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Interesting Week for Boston Condo Pricing

December 1, 2007 By

In addition to 285 Columbus Lofts releasing initial price points on several units (see Prices Announced at 285 Columbus Lofts), the past week saw some interesting things happen with price reductions, and increases, mainly in high-end properties that have been on the market for some time now.

270 Clarendon Street – a two-unit ultra-luxury redevelopment in the Back Bay called The Maisonettes saw its unit 2 get a $200K+ price increase. The unit has been listed on the MLS for over 500 days in total. Talk about bucking the trend. 270 Clarendon is located at the southwest corner of Clarendon and Marlborough Streets 2 blocks west of the Public Garden.

D4 Condos – the development team at the South End Boston condo development chopped prices on two units (5 and 13), almost $100K each, putting one just above $600 per square foot, and the other just below. Quite a surprising move, given the quality of this Philippe Stark building (interesting to note is that the one deeded parking space that came with each unit were removed from the listing, and are now being made available for $70K-$90K). Ultimately, we’re looking at a $10K-$30K price reduction). Also interesting to note, the grand penthouse is now Under Agreement – truly a one-of-a-kind condo in the South End, the entire city for that matter, originally listed for $3.2 million, reduced to $2.9 million.

134 Beacon Street – a 5-unit redevelopment (sounds familiar, see 676 Tremont Street for another high-end 5-unit rehab) in the Back Bay saw two of its units (201 and 301) splurge on $400K price increases. Again, quite surprising, especially with the units being on the MLS for 190+ days. Perhaps a conversation with the D4 team is in order?

Harbor Towers – units in this Waterfront megaplex continue to get dumped on the market. We are warning clients to, unfortunately, be very cautious as it relates to Harbor Towers for the immediate future given the situation with the HOA and large ($100K+) assessments currently being sorted out – one of your first questions regarding any unit at Harbor Towers right now should be around how the special assessment is being paid (some Sellers have agreed to pay, others will pass this onto the Buyer, your Buyer’s Agent can provide further guidance). Those who like an interesting situation may be all for Harbor Towers right now as an investment, as many units are selling at a “discount” – there are 21 condos for sale at Harbor Towers Boston.

Harbor Towers Boston Waterfront Condos
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Temporary Downgrade of Boston Condos

November 20, 2007 By

The city has been a buzz with new developments, with living spaces being created, and/or renovated, making the excitement palpable as we enter the winter season, anticipating the completion, and commencement, of developments in 2008. But, is a “downgrade” coming?

[Read more…]

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45 Province Catches On

November 17, 2007 By

It’s been just over a month since we spoke about the ingenuity of live construction web cams at condo developments (see 1330 Boylston Mixed-Use Rental Development), or perhaps, their lack in the Boston market. One of the first mainstream developments to implement a live construction cams was Battery Wharf, when over a year ago, they implemented a mechanism where Buyers that had put a unit under reservation could keep tabs on how things where progressing at the job site.

Not only do Buyers who hold reservations at a new development want to see progress of their purchase, but potential Buyers and even those in the community tell us that a live construction cam overlooking the construction site is an innovative way to communicate with the Boston real estate market.

The development team at 45 Province must have heard the noise on the street, because they have installed a live construction cam recently (thank you to John Keith for bringing this to our attention). 45 Province is a development of The Abbey Group, and is being architected by Bruner/Cott & Associates.

So who is doing it? Unfortunately, only a handful of Boston condo developments have taken the leap:

  • Battery Wharf – if you can wait through their rather slow flash-based website to load at , there will be a a link in the far left column of the landing page called “Click For Site Camera”. This link serves up 10 distinct views of the development site, all live, featuring the buildout of the Battery Wharf condo development, as well as the Regent Hotel.
  • 1330 Boylston – the mixed-use rental developments seem to be quite popular in the Fenway as of late, and 1330 Boylston is no different. We reported almost a month ago that this development was hosting a new webcam, the camera being perched atop a neighboring high rise, providing an excellent vantage point on the development.
  • FP3 Boston – the coveted anchor development in the Seaport District has implemented something similar to Battery Wharf in that they provide three separate shots of the development. The pictures are located by navigating to the developer’s website, clicking “Enter Site” on the lower left, hovering over the “Building” link title along the top of the screen, and then selecting the “Webcam” link. The FP3 Boston condo development is currently slated for a 2nd Quarter 2008 completion, and will add almost 100 high-end condos to the core of the Seaport, as well as an upscale restaurant.
  • 45 Province – the long awaited 45 Province condo development, which bull-dozed the famous Littlest Bar of Boston is the most recent addition to the live construction cam club by hosting a single (rather tight) view of construction.

We hope to see this list grow considerably over the upcoming months. There are a number of new condo developments in various stages of build, and adding a webcam is a simple and effective way to allow an engaging relationship to flourish.

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Beacon Halls Boston Cleaning Service

October 11, 2007 By

We had the chance to sit down with the Founder of Beacon Halls Cleaning Service, a locally owned and operated condominium cleaning company based out of Beacon Hill. We speak with Developers, Sellers, and Buyers every day, and it’s clear that the cleanliness of common areas is high on the priority list. Here’s how our conversation went with Beacon Halls:

The Boston Condo Blog: Tell us a little bit about Beacon Halls Cleaning Service?

Beacon Halls Cleaning Service: When we started Beacon Halls, we really saw a need for a conscientious full-service cleaning company in the metro Boston area. With a property management background, we were often disappointed with the reliability and customer service from other cleaning services. We apply our business and management skills and provide a truly reliable professional cleaning staff with guaranteed results.

The Boston Condo Blog: When did you start cleaning your first common area and what part of town was it in?

Beacon Halls Cleaning Service: While Beacon Halls is a new company, we have years of management experience. We started on Beacon Hill and are growing the business throughout Metro Boston.

The Boston Condo Blog: What do you think separates you from other cleaning services in Boston?

Beacon Halls Cleaning Service: At the end of the day, our clients want to unwind and enjoy their lives. It is amazing how much a clean home helps you to relax and de-stress. Since many Bostonians live in condo developments and apartment buildings, the common area is the first impression of their home for visitors and guests. We take pride in our work. We make sure that when our clients walk through their sparkling lobby after a tough day they are even happier to be home.

The Boston Condo Blog: How are you going about gaining new customers?

Beacon Halls Cleaning Service: While we do advertise on the net and around local businesses, we’ve found our best advertising to be word of mouth from our current clients. We work with various Property Managers who prefer working with us as we provide competitive pricing and do a reliable job. Our clients love that we are reliable and hassle-free and surprisingly that is difficult for them to find, so they pass the word along.

The Boston Condo Blog: What are some of the things that you have done in order to grow and meet the demands of new customers?

Beacon Halls Cleaning Service: Beacon Halls tailors a cleaning program for each individual building or home. Each building has its own care program. For example, while most of our buildings are cleaned weekly, some of our buildings contain mainly second homes, so they can afford to be more economical and clean every other week. On the other hand, some of our buildings experience heavy foot traffic and they may be cleaned more than once a week. We keep the building’s needs in mind when designing a program so the end result is a consistently beautiful building.

The Boston Condo Blog: Do you specialize in a particular size of condo complex?

Beacon Halls Cleaning Service: We service buildings that range from single-family homes to double digit condo associations. We have the man power to really tackle any sized cleaning project in the city. So, we really do it all.

The Boston Condo Blog: All this sounds good, we’d like to try out Beacon Halls, how do we contact you?

Beacon Halls Cleaning Service: We will happily come to your building for a complimentary consultation. You can call us at 617-888-1173 to learn more or setup an appointment. We look forward to working with you.

Filed Under: Boston Condos

Luxury Boston Condos

October 9, 2007 By

There has been a swath of luxury Boston condos that hit the market over the Holiday weekend. These units are trend-setters as we move into the final quarter of 2007. The numbers don’t lie, high-end million dollar + properties in Boston are selling in force this year, and with a selection like the below, there’s no question as to why.

Starting at just under a million dollars, there is a new Boston Ritz Carlton condo at 1 Avery Street that hit the market for $995,000. The unit is a two-bedroom two-bathroom 1,085 square foot high-end full-service living experience. This is a corner unit with multiple-exposures, and a 270 degree view of the Financial District.

In the exclusive Folio Boston development, an 1,880 square foot three-bedroom two-bathroom penthouse unit is now available. With 12-foot floor-to-ceiling windows and multiple exposures of the Harbor and the Greenway. Valet parking included for $2,120,000. The Folio is located on Broad Street, which is turning into a very hot niche of the Financial District, with the recently sold out 65 Broad Street development, and the upcoming completion of the delayed Broadluxe project.

Folio Boston Penthouse

Folio Boston Penthouse

And perhaps the grand-daddy of them all is the recently announced 2,589 square foot developer’s (yes, Pappas himself) unit at Court Square Press in South Boston. The unit features two deeded garage parking spaces, four bedrooms and four bathrooms, and is listed at $2,495,000, including a $200,000 home theater system. This home was featured in Metropolitan Home magazine.

Court Square Press Penthouse

Court Square Press Penthouse

Court Square Press Penthouse

For further information on any of these condos, or any of the other million dollar Boston condo listings, please contact us.

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Zillow Raises Another $30 Million

September 20, 2007 By

According to the Wall Street Journal Zillow will announce today that they have raised an additional $30 million of outside capital from various institutional investors and asset management firms (Legg Mason Capital Management, Benchmark Capital, Technology Crossover Ventures and PAR Capital Management Inc.).

Zillow will use the new cash to continue improving its Web site and augment its advertising sales force. The company, which offers estimates of home values called “Zestimates,” has 155 employees, including 20 national ad sales representatives. It also now lets people post homes for sale on the site and ask questions about specific properties.

The continued investment into online technology strengthens the position and gives the nod of approval to top real estate brands in Boston, such as Boston Condo Guy, who are making strides to provide visitors with the latest technology available to search the Boston real estate market.

Filed Under: Boston Condos
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