In the face of a luxury condo auction less than four blocks away (see Bryant Back Bay to Auction 10 Luxury Condos), listing prices at the Atelier 505 building, the South End’s first large-scale luxury condo development, are actually being adjusted up, rather than down.

Unit 307 at Atelier 505 was listed for sale on September 8, 2009 for $1,750,000, and 20 days later, a price adjustment of $45,000 has taken place.  The interesting note is that the price adjustment is up, not down, and the condo is now listed at $1,795,000.  The condo boasts 1,810 square feet ($992 per square foot), 2+ bedrooms 2.5 bathrooms, floor to ceiling windows, and 2 deeded garage parking spaces in the onsite underground garage.

In the past six months (according to MLSPin, one of Boston’s two MLS systems), of the 296 units that sold in the South End, there have been 17 condos that have sold for prices higher than the original listing price.  Condos such as unit 317 at Wilkes Passage sold for $31,000 over its original asking price on August 28, 2009, or unit 3 at 116 W Concord Street sold for $10,000 above the original asking price on September 24, 2009.  This adds to the 13 units that sold for full original listing price during that same time period.  There are, nonetheless, instances that go in the opposite direction, including 437 Columbus Avenue unit 4, which labored on the market for 262 days and closed $89,000 below its original asking price.  Clearly, being priced “right” out of the gate is a clear predictor in a unit moving quickly and at or above its original asking price, as the units that sold for at or above original listing prices over the past six months had an average days on market of 21, compared with an average of 76 for those that sold for anything less than full asking price.

Perhaps part of the allure to an auction format that South End / Back Bay residents will soon see when the Bryant condos are auctioned on October 17th is that the units will inherently be priced “right”, not arbitrarily, but by the uninhibited economic forces of the market.

It has been over 7 months since Buyers have seen a “high-end” condo become available in the Atelier 505 condo development at the corner of Tremont and Dartmouth Streets in Boston’s South End.  While the development is the forerunner of luxury in the South End with all units in the 103-unit development being high-end, it was back in early August 2008 when unit 408, a 1,504 square foot 2-bedroom 2.5-bathroom condo closed for $1,340,000 ($891 per square foot), which was the final $1 million + unit to close in the building in 2008.

Annual turnover at Atelier 505 is relatively low compared to similarly sized condo developments in Boston.  In 2008, there were 5 units that sold in the building, with an average sales price of $1,084,600 ($847 per square foot) and an average days on market of 74.

Earlier this week, unit 807 was listed for sale at Atelier, and it represents the first listing of 2009 at the South End luxury development.  Unit 807 is an upper floor 2-bedroom 2.5-bathroom condo listed for $1,495,000.  The unit boasts approximately 1,395 square feet ($1,072 per square foot), floor to ceiling windows, a private balcony space, multiple interior upgrades, a climate controlled storage unit, and one deeded garage parking space in the direct elevator access garage.

Unit 807 adds to the other condo for sale in the building, unit 606, which is an oversized 691 square foot studio unit with a sleeping alcove that was listed for sale in August 2008 and has an asking price of $649,000 ($939 per square foot).

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.

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.

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.

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.

2007 has seen a fair amount of action at one of the luxury anchor properties in the South End, Atelier 505. 11 units sold in the building, 2 are currently for sale, and 1 is under agreement – a steady 15% turnover rate in the 103-unit building.

Price per square foot (of the sold properties) in the building ranged from $690 to $982, quite a large range, accounted namely by inclusion of parking and outdoor space in some units versus others.

More information can be found on the two available units in the attached PDF file (see Atelier 505 available units 3.36 MB). Additionally, we have recently posted further background information on the South End ultra-luxury development on the following page: South End Atelier 505.

Unit 803 in the exclusive Atelier 505 condo development has recently hit the market for $1,750,000 ($1,008 / square foot). The Atelier South End condo development at 505 Tremont Street is a 2004 high-end new construction building with 99 units and underground parking. Unit 803 is a three-bedroom, two-bathroom 1,735 square foot unit that includes parking, private balcony, and gorgeous city views from every angle.

For more information, or to setup a showing, please contact us.