News on December 2, 2008, of the first price reduction at the luxury Residences at the Mandarin Oriental Boston at 776 Boylston St Boston, MA 02199, was quickly followed by two additional price reductions, this time on the penthouse level.

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Unit PH1-C, a 5,100 square foot 3-bedroom 4.5-bathroom accompanied by 2 parking spaces was reduced on December 5, 2008, from $12,500,000 to $9,950,000.  The massive outdoor terrace and deck space (1,000 + square feet) of this unit, now priced at $1,951 per square foot, is much more in line with the average price per square foot of $1,970 for all current resale listings at the Mandarin.

Unit PH 1-D, a 2,000 square foot 2-bedroom 2.5-bathroom unit that is accompanied by 1 parking space was reduced on December 9, 2008, from $7,000,000 to $5,500,000.   Despite the large private roof deck boasting superb views, the $2,750 per square foot price tag is still grossly out of line with other price per square foot numbers in the 50-unit building.

While statistics have shown a luxury market slowdown hitting Boston, these price reductions simply bring units that were priced well above the curve back toward the average of currently available Boston Mandarin condos for sale.

After 49 days on the market, unit W-11A at the ultra luxury Mandarin Oriental is the first resale unit in the building to undergo a price reduction.  Originally listed at $5,570,000, the luxury 3,100+ square foot unit was reduced in price by $420,000 (7.5%) on December 2, 2008 to a new asking price of $5,150,000 ($1,620 per square foot), putting it well below the average price per square foot of $1,970 for current resale listings, but still above the $1,416 average price per square foot mark for the original set of sales in the building.

Unit 11A in the west building is a front-facing corner unit that boasts two bedrooms and an additional library / den space on the 11th floor. The unit boasts a terrace with views of the Charles River and Back Bay, along with direct elevator access, and two deeded garage parking spaces.  Monthly HOA fees for the unit are approximately $3,677.

Statistics for currently available Boston Mandarin Oriental condos:

• Listings: 10
• Average Price: $7,489,400
• Median Price: $6,900,000
• Minimum: $2,200,000
• Maximum: $16,990,000
• Average Price per Square Foot: $1,970
• Average DOM: 103

Condos at the Mandarin are spread across its two east and west buildings along Boylston Street, above the street level commercial spaces, and the minimum $495 per night hotel rooms.

For more information on available condos for sale at the Mandarin, contact us using the link at the top of this page.

The Boston Courant ran an insightful piece this weekend that gave some visibility into the Mandarin Oriental rental apartments that are now available for rent, and ready for move-in shortly.

New housing projects in the city of Boston with more than 10 units are required to include an affordable component with units “comparable” to market-rate units.  The Boston Mandarin Oriental Developer, CWB Boylston, LLC, is leveraging their apartment rental units to fulfill the affordability requirement, and interestingly, decided to bypass the “comparable” piece and make the affordable rental units the same as the market rate rental units.

A two-bedroom market-rate apartment…rented for about $12,000 per month. That same two-bedroom unit, [with the same finishes] will rent for $2,316 a month to a four-person household not making more than approximately $102,950, or 120 percent of the areas’s median income.

The 14-story residential tower will house 10 affordable rental units, along with 25 market-rate ones, all between floors four and eight.  While there are affordable units on the rental side, the for-sale condos, which sold out long ago, with some now going through resale (see Buzz Continues at Boston Mandarin Oriental) have no affordability component to them – recent closings on for-sale luxury condos at the Boston Mandarin Oriental include:

• E-9C    $4,450,000
• E-10B    $4,095,800
• W-9D    $2,950,000
• E-PH2    $13,089,000
• E-10E    $5,685,420
• E-10A    $5,616,300
• E-9C    $4,450,000
• E-9F    $2,223,920

As the sidewalks around the Boston Mandarin Oriental clear, Bostonians (and beyond) are buzzing about the ultra luxury hotel, rental apartments, and for sale condos that will soon be move-in ready.

Closings of the for sale condos at the property began last week, with several 9th floor units along with a 10th floor unit being recorded as sold – average sales price per square foot has been approximately $1,500.  In addition to the for sale condos in the development, there are 25 high-end luxury rental apartments that are coming online as available.  Opening of the Mandarin Oriental is slated for October 2008.

In addition to the above-mentioned activity , there are six (6) Mandarin Oriental resale condos that are now available for sale (resale in the sense that they are being resold by owners who have not yet moved into the units).  One of the currently for sale condos available is unit W-10B, a 3,564 square foot 3-bedroom 3.5-bathroom corner unit over Boylston Street in the west building adjacent to the Prudential Center shops – this unit is priced at $6,500,000 ($1,824 per square foot) and includes two garage parking spaces, while HOA fees are $5,500 per month, and include such things as hot water, water, sewer, master insurance, security, elevator, exterior maintenance, landscaping, extra storage, refuse removal, valet parking, and garden area.

The Boston Mandarin Oriental (condos) are perhaps the only downtown condo development that completely sold out well before a prospective Buyer could step foot in a finished unit, and it was done via an almost invite only type sales process.  The six available resale units offer potential Buyers a chance to partake in what will be one of Boston’s most exclusive properties.

A breakdown of the currently available for sale units in the building is noted below.  For more details about each unit, and/or to setup a private showing, please contact us.

• E-10H 1,437sf 2bed 2bath $2,200,000 (1 parking space)
• PH1-C 5,000sf 3bed 4.5bath $12,500,000 (2 parking spaces)
• W-10C 2,683sf 3bed 2.5bath $4,295,000 (2 parking spaces)
• W-10B 3,564sf 3bed 3.5bath $6,500,000 (2 parking spaces)
• E-11F 1,830sf 2bed 2bath $3,050,000 (1 parking space)
• E9-B 2,580sf 2bed 2.5bath $3,995,000 (1 parking space)

Important to keep in mind is that for views of the Charles River (for front facing units) and beyond, one really needs to be on at least floor 10, while the view opens wider on 11 and each floor after that.  Commercial spaces within the complex will be occupied by Gucci, Freete, L’Espalier, and Sel de Le Terre.

It was somewhat rare that we had a condo development in downtown Boston completely sell out well before doors even opened, and in some cases, before real construction had even begun (granted, the runway for the project was quite long). However, the Boston Mandarin Oriental not only sold out its boutique 50 units, but now, approximately 10% of the luxury condos are available for resale, before the property has even opened. And given the fire that took place on the property earlier this year (see Fire at Boston Mandarin Oriental), a grand opening has been pushed back from July until Fall 2008 – according to many sources, the damage from the fire was quite minimal.

The Mandarin will be the next hot spot in a rolling inventory of super projects that are hitting the Boston skyline, and will give a boost to the already prestigious Back Bay (see Boston Mandarin Oriental Positive Addition to City).

For more information on the available condos at the Mandarin Oriental (6 MB PDF), or to list your preconstruction unit for sale, contact us for more information using the link at the top of this page.

At approximately 7:40am this morning, a four alarm fire broke out at the under construction ultra luxury Mandarin Oriental. Details have been trickling in throughout the day. The fourth floor of the 14-story structure on Boylston Street underwent approximately $2 million in damages. Cause of the fire remains under investigation, however, it is stated that it does not look “suspicious”.

March 11, 2008: As more details, and quotes, became available, the Boston Globe published an additional article on the extent of the fire damage, indicating the fire may cause a modest delay to the Mandarin’s opening, originally scheduled for July 2008.