Recently Sold Atelier 505 Condos

September 4, 2008 By

Atelier 505 (at 505 Tremont Street in the South End) ushered in a new baseline of luxury condo living when it completed construction in 2004.  While there have been several other developments before and after it, Atelier 505 remains as perhaps the most coveted concierge building in the heart of the South End. The 103-unit building sees little turnover each year given the amenities, location, and lifestyle that the building offers residents.

Atelier 505 South End

In 2008, 5 units at Atelier have sold (408, 309, 417, 202, 506), all of which closed on or after May 30th (Sellers leverage the “hot” summer selling season). The details around the sold statistics are interesting, most notably:

  • Atelier listings commanded a 95% sales to original listing price ratio
  • Only 2 of the 5 listings underwent a price reduction during the sale process
  • Average price per square foot was $847
  • Average HOA fees were $0.77 per square foot
  • Average Days on Market was 74 (excluding unit 408, it was only 29)
  • Sale prices ranged from $700,000 to $1,375,000
  • At least one deeded parking space was included in each sale

Atelier 505 sets the bar high for other surrounding condo developments, and will continue to remain one of the premier buildings because it provides a boutique feel while leveraging its medium size (of 103 units) to offer a complete package of amenities (onsite fitness, library, outdoor space, onsite parking, and 24 hour concierge) that other smaller, and sometimes larger, luxury developments cannot boast.

Currently for sale at Atelier 505 is a 691 square foot studio with outdoor space overlooking Tremont Street, listed at $689K (one deeded parking space is included). Contact us for more information.

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Penmark Boston Condos

July 24, 2008 By

2008 has been a good year for the Penmark Boston, with roughly 15 of the 60-unit South End development going Under Agreement or being sold. After what some would say a slow start to sales, occupancy levels have been climbing steadily. The development recently moved their model unit to another unit in the building because their previous model was one of those 15 that sold.

Currently, the Boston MLS lists 10 available units at the Penmark, ranging in size from 929 square feet up to 1,497, and in price from $557,500 to $852,500. The average price per square foot for available units is currently $612, which is quite consistent with the overall South End, and reasonable given the finishes and amenities of this new development – for comparison, see South End Average Price Per Square Foot. The SoWa (South of Washington Street) location puts you in proximity to a solid mix of amenities, but quite far south in the South End.

Open Houses are being held at the development each Sunday from noon until 3pm. After stopping in, contact us with questions, analysis of comparable properties on the market, and the benefits of leveraging a Buyer’s Agent.

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Columbus Center Now Stalled

May 25, 2008 By

As you know, developers of Columbus Center requested an 18-month moratorium on construction earlier this year, effectively leaving the state of the entire project in limbo. Developers met with officials from the Boston Redevelopment Authority (BRA) on May 1, 2008 to discuss the developers’ attempts to get the project back on track.

Information flowing from the South End News earlier this month paints a somewhat positive picture that parties are moving towards a resolution.

Jessica Shumaker, a spokeswoman for the BRA, said that “nothing really was settled from the meeting.” After filling the agency in on their current situation, the developers, represented by the local Winn Development Company, told the BRA that they’re still exploring their options. “We’re still very much working hard to see if this project can move forward and how we can get it to move forward,” said Shumaker. As for the developers, she said, “They were very committed, they weren’t trying to say to us that they were stepping away at all.”

Last week, the South End News reported that the construction on the Columbus Center site would continue at a slower pace over the next 18 months, according to Alan Eisner, a spokesman for the developers. Eisner said that the developers would be doing “minimal work there” so as to “keep the site in play.”

“If it keeps them going until they can get things finalized and fully move forward, I would say that further proves that they’re committed to finding a solution so that they can move forward,” said Shumaker. “I would say that’s a positive that they’re doing everything they can to get this up and running.”

Given the significant ups and downs that the Columbus Center project has experienced over the years, the only thing that is clear now is that Winn Developers (in business with California Public Employees’ Retirement System (CalPERS) and MacFarlane Partners on this deal) will continue to search for financing to make the development happen – the timeline, however, is uncertain.

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Modern South End Auction Canceled

May 17, 2008 By

It has not been terribly clear what is happening with the Modern South End. An auction was planned for Sunday May 18th at the Colonnade Hotel to unload the remaining 10 units in the building, however, the auction has been canceled.

The 10 units are still for sale, but the developer received enough inquiries and subsequent interest in submitting early bids, that they plan to not hold the actual auction event, and instead, solicit offers via a sealed bid process on the units up through 7pm on Sunday May 18, 2008, at which time the developer will review all of the offers. 3 of the units have already gone Under Agreement.

Several major takeaways from this information:

  1. Do not show up at the Colonnade Hotel trying to attend the now canceled auction on Sunday May 18, 2008.
  2. If you are interested in submitting an offer on one of the remaining units at the Modern, please contact us, we will work with you to submit an offer before the 7pm deadline on Sunday May 18, 2008.
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South End Concord Baptist Church Condos

May 17, 2008 By

You may have heard about the recent rumblings in the community and on other prominent blogs regarding the Concord Baptist Church in the South End at the southeast corner of Warren Avenue and W Brookline Street.

South End Concord Baptist Church

Peter Zagorianakos, a Boston developer, has purchased the church as the congregation plans its move to another location to accommodate their growing size. Local residents have been concerned about Zagorianakos changing the structure of the building, adding further windows, and what the parking situation will mean.

Much of the acute attention on the situation is naturally the result of nearby residents raising concerns. However, will this be a bad thing for the community? Prefaced by the idea that the congregation is voluntarily moving to a location that better suits their needs, the building’s roof could use some work (the exclusive photo below shows a current view of the roof), windows in the building overlooking neighbors’ outdoor space does not infringe on privacy any more than other nearby South End residents experience, and underground parking for the limited number of potential residents combined with church service parking not overwhelming the center line of Warren Avenue multiple times per week will reduce noise and congestion in the area.

Is this good or bad for the South End, what are your thoughts?

concord-baptist-church

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Second Phase for Modern South End?

May 3, 2008 By

With all the buzz about the Modern South End auction (see Modern South End Auction), the thought of a second phase of loft-style condos adjacent to the current development site has been tabled as a topic of popular conversation. The official situation is that no record of a potential second phase currently exists in the Boston Redevelopment Authority’s records.

The unofficial word is that there are still rumors that the second phase will eventually happen, which would be a great addition to the neighborhood. One of the underlying goals of building a development like the Modern South End at the far western border of the South End (some may, and do, even say Roxbury), was to take a bold step forward in enriching the architectural landscape and residential options in a part of the city that has not seen a tremendous amount of such development happen. Will the trend continue? We think the answer is yes. At its core, this is a function of supply and demand, and space limitations that are the standard in major metropolitan areas. Simply put, there is little to no undeveloped land remaining in the core of the city, demand to live in downtown Boston (or any major city for that matter) remains high, and thus, we’ll continue to see further development and gentrification of the area surrounding the Modern South End building.

Are there immediate plans to move forward with a second phase of the Modern South End? The blank slate is there and available based on the below exclusive photos of the cleared land to the immediate north of the current Modern building. Time will tell.

modern-south-end-1 modern-south-end-2

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Modern South End Auction

April 26, 2008 By

Note: The Modern South End Auction has been canceled. Click on ‘The Modern South End’ tag above to see the most recent updates.

Ten units at the Modern South End will go to auction on Sunday, May 18, 2008 at 1PM in the Colonnade Hotel (125 Huntington Avenue). To tour the units before the auction, you can visit the building’s auction information center, located onsite at 255 Northampton Street from Noon to 7PM daily. The units being auctioned are referenced below:

modern-auction

Note that minimum bids have been set for units. Bidders should arrive for check-in at Noon on auction date. The Auction will begin promptly at 1:00 PM and will last approximately 1.5 hours. For Buyer Agency representation throughout the purchase, contact us.

Registration is required to attend the auction and to become eligible to bid. Complete and return the Auction Registration Form prior to auction day – Contact 617.236.0350 for details.

If you are planning to purchase more than one residence, your completed Auction Registration Form must be received no later than May 12, 2008. Registrants will be notified of the number of homes they have been approved to purchase.

On auction day, all approved registered bidders must present a separate Cashier’s Check, Traveler’s Check, Certified Check or Money Order (“Cash Equivalent”) in the amount of $5,000 for each residence that they have been approved to purchase. Each bidder is also required to bring a blank personal check. The blank check will then be added to the $5,000 to equal 5% of the winning bid price. Cash Equivalent(s) should be made payable to yourself.

Those who register on auction day will be required to complete the Auction Registration Form and present a $5,000 Cash Equivalent as well as a blank personal check. Auction day registrants will be limited to the purchase of one residence only.

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Rare Boston Albert A. Pope Building Condos Available

April 16, 2008 By

One of the most sought after buildings in the northern part of the South End is the Albert A. Pope Building, a 25-unit boutique luxury development with the high-end Mistral Bistro on its ground floor – some refer to this development as the Mistral Condos.

Albert A. Pope Building

As of this week, there are now two units available in the building, including one corner unit with multiple exposures. Unit 603 is a 1,508 square foot two-bedroom two-bathroom listed at $1,049,000 ($695 per square foot), while the multiple exposure unit 404, is a 1,873 square foot two-bedroom two-bathroom listed at $1,350,000 ($720 per square foot). Both units include one deeded garage parking space.

Albert A. Pope Building Unit 404

Albert A. Pope Building Unit 404

Readers recently inquired whether the Clarendon Back Bay would eventually block the view of the Hancock Tower from the Pope building, and by the looks of the below picture of the Clarendon job site taking from the Pope Building, the answer to that question is, yes – eye level views will be blocked, but you will obviously still see the Hancock Tower in the background above the 33 story Clarendon.

View from Pope Building towards Hancock Tower

Filed Under: Boston, South End Condos Tagged With: , , ,

Tremont Street South End Condo Renovations

March 31, 2008 By

Perhaps you have noticed it as well, Tremont Street in the South End has become a hotbed of high end condo renovations. From Berkeley Street down to Massachusetts Avenue, renovations abound from individual brownstones, to entire city blocks, raising the bar on expectations when stepping into a rowhouse along tree lined Tremont Street.

Over the past several months, the hard work of developers is coming to fruition at properties like 602 Tremont, 607 Tremont, and 676 Tremont – all high end renovations that are now in various stages of the sales cycle.

602 Tremont Street, a newly renovated four unit brownstone near the southeast corner of Tremont and Dartmouth Streets is a Patrick Ahearn and Connaughton Construction project that sold out quite quickly once it hit the market in late 2007. This development is unique in that it has a large 4 car garage that is split among the units. In addition to housing cars, the garage also serves as the base for a huge deck for the recently sold duplex ground floor unit ($1.34 million). High end all around with this development, nice enough that the developer kept a unit for themselves, a telling sign.

602 Tremont Street

602 Tremont Street

607 Tremont Street is a four unit renovation that sits above the wine emporium on the northeast corner of Tremont and Dartmouth Streets. All three units that are available are two-bedroom one-bathroom, and run from 807 to 898 square feet, and are listed at $615,000 to $629,000. Units offer spacious living rooms with gas fireplaces, and well done (pun intended) chef’s kitchens. Brazilian oak floors, designer marble baths, and fully built-out closets. Units do not include parking, but do include washer and dryer, something that some developers tend to leave out these days.

607 Tremont Street

607 Tremont Street

676 Tremont Street is the first of an entire block renovation of the southern side of Tremont Street between West Newton and Rutland Streets. 676 Tremont is a five unit renovation, and the anchor to much more to come on this block – 676 has only one unit remaining, while the others are Under Agreement or have already sold.

676 Tremont Street

We’re working with multiple Buyers who are interested in such properties, those that are truly move in ready, and situated on Tremont Street, in the northern part of the South End, still in the heart of the neighborhood feel that the South End provides, but quite close to the “city” life offered by other Boston neighborhoods. For more information on these developments, or to tour a unit, please contact us today.

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Atelier 505 Luxury Condo with Outdoor Space

March 28, 2008 By

The Atelier 505 building on Tremont Street in an exquisite location in the South End remains one of the premier properties in that neighborhood. Turnover is relatively low in the luxury development, however, a recent listing with private outdoor space recently became available: Unit 417, a 1,364 square foot 1 bedroom 1.5 bathroom unit with a 230+ square foot patio and one deeded garage parking space – list price is $1,249,000.

Atelier 505

The Atelier location puts you only a short walk from both the restaurants and neighborhood feel of the South End, and the bustling city center. For more information about Atelier, or the South End, please contact us.

Atelier 505

Atelier 505

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