Exterior work at the Boston W Hotel & Condos mixed use development has shown great advances over the past several months, with the steel structure being topped off quite quickly. The glass and steel structure inserts a very unique feel to the area at the corners of Stuart and Tremont Streets (100 Stuart Street Boston, MA 02116 will be the development address), and continues on pace to be delivered to hotel guests and residents later this year.  Reservations are currently being taken for units, for planning purposes, overall price points will be similar to new full-service luxury buildings such as the Intercontinental ($900+ per square foot) and the Clarendon Back Bay ($1,100+ per square foot).  Condos at the W will begin on the 16th floor, and top out at the 28th floor penthouse. The approximate 235 hotel rooms will be on lower floors, garnering condo residents preferential city views. Floors 16 through 27 will house 9 to 10 units per floor, including an occasional 520 square foot studio unit, while the penthouse level will be home to 5 generously sized condos.

New exclusive photos of the Boston W development are below.

After two years of (re)construction, closings at the luxury Zero Marlborough building began in September of 2008.  Anticipation grew as the art deco 12-unit building was transformed into one of the latest boutique concierge buildings in the Back Bay, sitting in an ideal location at the corner of Arlington and Marlborough Streets, adjacent to the Public Garden. Quietly, Zero Marlborough has come very close in unseating the Mandarin Oriental for consistently driving the highest price per square foot values in the Back Bay (and the city for that matter) with closing prices averaging approximately $1,400 per square foot – the Mandarin, over the course of its 52 closings, has an average price per square foot of over $1,500.

Back Bay housing prices have stayed resilient over the past year, with average and median prices increasing substantially when looking at performance over the same 3 month period from 2008 to 2009

January 1, 2008 – March 25, 2008
Back Bay Condos Sold: 70
Back Bay Average Sales Price: $1,185,402
Back Bay Median Sales Price: $671,250
Back Bay Average Price per Square Foot: $793
Back Bay Average Days on Market:    107

January 1, 2009 – March 25, 2009
Back Bay Condos Sold: 47
Back Bay Average Sales Price: $1,334,491
Back Bay Median Sales Price: $781,000
Back Bay Average Price per Square Foot: $785
Back Bay Average Days on Market: 155

It’s interesting to note that these numbers are not inflated by ultra-luxury closings that would include Zero Marlborough or the Mandarin Oriental, as there have been no closings for either of these two buildings during the first quarter of 2008 or 2009.

8 of the 12 units at Zero Marlborough have sold, the 4 that remain for sale are all 3,300+ square foot 3+ bedroom 3.5 bathroom units listed for sale between $4,669,000 and $4,765,000 (approximately $1,421 per square foot).

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.

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).

To the surprise of many working in the John Hancock Tower, the Clarendon Back Bay has shot out of the ground to quickly become the building’s tallest adjacent neighbor.  It is estimated that approximately 15 of the 104 condos in the development slated for a late 2009 opening are Under Agreement.  Pricing for studios at the Clarendon Boston begins at $695,000, and goes well past $5 million for the highest floors in the building known as “the tower”.  View a sample of listings (PDF 210 KB) for more further information.

Readers have been requesting updated photos of construction at the Clarendon, and we have these exclusive photos to share with you.

News on December 2, 2008 of the first price reduction at the luxury Mandarin Oriental was quickly followed by two additional price reductions, this time on the penthouse level.

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 significant 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 towards 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 Back Bay is no stranger to ultra luxury real estate listings, and the penthouse unit at 294 Newbury Street (known as the Providence on Newbury) sets the luxury bar high overlooking Newbury Street shopping and dining.  If the seen and be-seen oasis of the Back Bay’s Newbury Street is right for you, the direct elevator access penthouse unit at the Providence offers high-end living both inside and outside, along with adjacent alley parking.

Originally listed for $5,000,000 on April 15, 2008, the penthouse unit stayed on the market for 132 days before being canceled on August 25, 2008.  At that point, the listing was put back into the Boston MLS system at a new price point of $3,995,000.  The condo appears to be on a month-to-month listing, as it has gone expired and reactivated on the 1st of October, November, and now, December.

We first toured this building in the height of construction in May 2007 (see Providence on Newbury Condos), and the building, and especially the penthouse, has come a long way in fulfilling the developer’s vision.  The hot tub, grill, and audio / video capabilities on the 70+ square foot outdoor deck overlooking Newbury Street caps this unit off.

However, the penthouse unit at 294 Newbury Street currently has some stiff competition in the Back Bay luxury condo market, with nine resale units available at the recently opened Mandarin Oriental.  In fact, on a price per square foot basis, the Providence on Newbury penthouse is more expensive than the three Mandarin Oriental condos under $5 million listed below.

• E-10H 1,437 square feet 2bed 2bath $2,200,000 (1 parking space)
• E-9F 2,557 square feet 2bed 2.5bath $2,554,000 (1 parking space)
• E-11F 1,830 square feet 2bed 2bath $3,050,000 (1 parking space)

Choices abound in the Back Bay, and throughout the city for that matter, allowing buyers to be quite particular about what they purchase.  As it relates to the Providence on Newbury, if a boutique feel and easy access to shopping and dining is a must, as well as the hustle and bustle of downtown life, it’s worth your consideration.

Since it was converted in 2005 to a luxury loft-style condo development, 360 Newbury in Boston’s Back Bay has been coveted as a true urban oasis.  On the southeast corner of Newbury Street and Massachusetts Avenue (above Best Buy), the 360 Newbury development greets residents with a sleek concierge-served lobby off of a Newbury Street entrance, and condos boast downtown skyline views, and high-end finishes and fixtures.

In 2008, there have been two 360 Newbury condos that have sold, and there is currently one on the market for sale. Average price per square foot for the units that sold in the building was approximately $767.  Unit 405, a 1,342 square foot two-bedroom two-bathroom unit sold for $1,125,000 after 47 days on the market, and unit 603, an 847 square foot one-bedroom one-bathroom condo sold for $590,000 after 52 days on the market.  Neither of the units came with a parking space.

Turning to the present, unit 508, a 1,141 square foot one-bedroom two-bathroom unit is listed at $885,000 ($776 per square foot), and has been on the market for 21 days now.

After opening to the public in late 2007, the D4 Police Station redevelopment in the heart of the South End now boasts resale condos for sale.  The 25-unit boutique Philippe Starck building is almost sold out, with currently one developer unit remaining for sale.

The resale unit is number 11, listed at $729,000 ($914 per square foot), it is a 798 square foot one-bedroom one-bathroom condo with a small outdoor terrace and a tandem garage parking space in the below grade onsite parking garage.  Condo fees of approximately $651 include heat, hot water, gas, water, sewer, master insurance, security / concierge, elevator, exterior maintenance, landscaping, and snow removal.  Unit 11 is on the second floor of the four D4 condo development,  on the north side, overlooking the one-way Gray Street.

Unit 11 offers essentially all the upgrades you could get in the development, including outdoor space, marble bath and kitchen, high end appliances, and parking, however, the difference in price per square foot of the unit compared to the remaining developer corner unit (number 13, a two-bedroom two-bathroom 1,426 square foot unit priced at $835,000 ($586 per square foot)) is significant.  Also, there’s steep competition in the area given the recent price reductions at 285 Columbus Lofts, where an eighth floor one-bedroom one-bathroom 753 square foot unit is priced at $615,500 ($817 per square foot).

While this D4 resale condo (number 11) is superb (see pictures below), given the plethora of luxury condos in the South End available for sale, it may not be priced competitively to sell, time well tell.