One of the most interesting features of the luxury Mandarin Oriental condos overlooking Boylston Street and all of Back Bay is that the majority of the interiors have been custom built, with little to no “stock” finishes.  Oftentimes in large-scale condo developments, you have a handful of units that Buyers purchase early in the project lifecycle and custom build, while the Mandarin took the trend of custom buildouts to the extreme as almost every unit in the complex either has been heavily customized, or is a shell and awaits customization.

Unit 9C in the east tower recently hit the market for sale, and its custom finishes abound.  The 2,915 square foot 3 bedroom 2.5 bathroom unit has over $1 million of finishes by New York City designer Foley and Cox, and boasts an upgraded Poggenpohl kitchen, Supai limestone flooring, and custom carpets.  Unit 9C at the Mandarin Oriental offers unobstructed views of the Back Bay and Cambridge in the distance..

Currently listed at $4.95 million ($1,698 per square foot), unit 9C joins 6 additional units for sale in the luxury Back Bay condo development – currently for sale Mandarin Oriental condos have an average listing sales price of $1,650 per square foot, with an average and median listing price in the building of $6,122,857 and $4,950,000 respectively.

After a hiatus of approximately 3 months, and shortly after residents took occupancy of units late last year, the Mandarin Oriental recently saw another luxury condo resold.  Unit 11E in the east tower, a two bedroom two bathroom unit, sold for $2.5 million ($1,280 per square foot) on July 15, 2009.

In addition to the sale of 11E, unit 9D in the west tower yesterday underwent its third price adjustment after being listed in April for $3.95 million.  This latest price reduction brings the unit a full million dollars lower than the original asking price to $2.95 million, with a price per square foot value of $1,217, which is more in line with the average price per square foot for units that have sold in the building in the past six months ($1,111, a figure substantially brought down by resale of an unfinished shell that sold at $714 per square foot).

Currently available condos for sale at the Mandarin Oriental are priced from $2,625,000 to $16,990,000 and carry a minimum of two bedrooms and two bathrooms and at least one deeded garage parking space.

Mandarin Oriental Condos for Sale: 8
Average List Price: $6,132,500
Median List Price: $5,025,000
Average $/SF: $1,759
Average DOM: 270

The luxury condos at Boston’s Mandarin Oriental sold out well before construction was complete, one of the first condo developments to pull off such a feat in the city.  Once closings took place in the September / October 2008 timeframe, roughly 10% of the units in the building went up for resale, even before owners moved in.  Approximately 20% of the building (11 units) is now for sale.  Buyers seem to have a fair amount of choice, in terms of unit styles, location, and amount of finishing (some units are being delivered as shells), however, Sellers at the Mandarin Oriental aren’t seeing their product move that quickly.

Despite the overall lull in sales activity, unit 9H in the east building may be the forerunner for future sales, after being listed in late January 2009 for $2,600,000, it went Under Agreement last week.  9H would represent the first resale following project completion.  The unit is a 2-bedroom 2.5-bathroom 1,906 square foot unit that includes one deeded garage parking space (valet).  Condo fees for a unit like this are approximately $2,800 per month.  Closing at or around the list price would maintain the $1,000+ price per square foot that has been seen at the Mandarin, one of a (growing) handful of condo developments in downtown Boston that commands a four digit price per square foot.

In addition to unit 9H, there are currently 10 condos for sale at the Mandarin, ranging in price from $2,554,000 to $16,990,000.  Units at the ultra luxury development have been sitting on the market for an average of 163 days, with that average somewhat bloated by a listing that has been available since January 2008 (or approximately 420 days).

Why did unit 9H go Under Agreement while the others sit on the market?  As always, it depends, but price surely had something to do with it.  At $2,600,000, unit 9H is offered at approximately $1,364 per square foot, while the remaining condos for sale in the building have an average price per square foot of $1,846.