A six to seven minute south bearing Red Line T ride from Downtown Crossing will put you near the front door of perhaps one of the hippest condo developments to take shape in Boston (Dorchester) in some time.  Cleverly called DNA Lofts, the 59 unit loft-style condo development molds the old and the new with class and style.

The old is a three-story brick building constructed in 1929 that provides the historic anchor for the property, originally serving as a printing press factory for the Meisel Press Manufacturing Company. The new is two separate four-story buildings that flank the Meisel building, all sharing a roof line, melding the old and the new, something that has been seen with such downtown projects as FP3 Boston where the character and history of older buildings is maintained, built upon, and enhanced. The 3-building DNA Lofts complex is centered around a beautifully landscaped north-facing courtyard, which will serve as the main entrance to the development

Loft-style condos will range in price from $245,000 to $599,000, and in size from 577 to 1,648 square feet, with the average unit boasting approximately 1,000 square feet.  Building A is the original Meisel building and contains 36 units with polished concrete floors. Building B, the west building, will house 11 units, and Building C, on the east side, has 21 units and will house the common roofdeck area. Lofts in Building C are presented to Buyers as a blank canvas, with the ability to build a unique space from a plethora of design options.

That is ultimately where DNA Lofts got its name.  It’s the idea, the concept, of customization in making your living space your own – truly stamping a home with your personal DNA.

The development boasts 30 different floorplans, with 80% of units accompanied by outdoor space. All residents will have access to a large north-facing common roof deck that offers views of Boston’s downtown skyline. While there is no concierge onsite, all units will be outfitted with in-home vision-phone annunciators.  In addition to a large outdoor parking lot, DNA Lofts will offer  17 indoor parking spaces with direct elevator access – each loft will be accompanied by at least one parking space, be that indoors or out. All units offer washer / dryer hookups.  Buyers have an abundance of choice with these condos, for instance, there are several different countertop choices, including White Sands and Quartz Reflections by CaesarStone and Genesis by Han Stone (one of their darker stones). Kitchen appliances are GE stainless steel, and HOA fees will be kept reasonably low at approximately $0.40 per square foot.

DNA Lofts is backed by a well-recognized team that has gone to great lengths in creating an appealing condo development that sets a new standard for loft living just south of Boston.

• Developer: RaiCoh Partners, LLC
• Architect: The Architectural Team, Inc (TAT)
• Landscape Architect: Brian DeVellis of RaiCoh Partners LLC
• General Contractor: Green Builders, Inc.
• Listing Agency: Coldwell Banker
• Interior Design: Gregor Cann, Cann Design

We see a lot of condo developments, so it’s important to highlight some of the subtle differences that make DNA Lofts stand out from others in Boston, and especially other recent Dorchester developments. Proximity to the city is a key selling point, you’re removed from the core of the city so you’ll get more bang for your buck, but you’re a $7 cab ride to the northern part of the South End and steps from the JFK U Mass T-Stop that will put you at Downtown Crossing quickly – it’s a subtle difference from other developments that are farther removed from downtown Boston.  DNA Lofts is part of an established neighborhood with local restaurants such as The Avenue Grill and Sugar Bowl.  Ceiling heights range from 10 to 16 feet, true loft style spaces with a mix of exposed brick and beam and “finished” units, along with high-end finishes and unique design features.  The development is served by two elevator banks, which provide another subtle feature to residents in that you avoid the endless Las Vegas hotel hallway effect that you see in other condo developments that are 50+ units in size – living spaces feel more intimate and unique because of this.

The clever and thoughtful packaging of this new development is paying off, with a reported 4 units already Under Agreement, and a sales pipeline with good velocity.  Targeted for a late 2008 completion, the sales center recently opened, and several model units allow Buyers to get a hands on feel for the product.  Contact us using the link at the top of this page for more information.

The Modern South End, a 25-unit condo development that opened in 2007 to residents, attempted to push the border of upscale South End living west of the Massachusetts Avenue border that currently separates the South End and Roxbury.  Developers attempted to fuse stylish (Dennis Duffy) design and contemporary living spaces, with quality finishes and amenities like a common roof deck and small parking garage at the 255 Northampton Street address. The outcome of the development’s success is perhaps different for different people, but it recently sold out, and developers are considering phase 2 of the project on the adjacent lot next door to the current site of the Modern.

The Modern gained solid sales velocity starting in September 2007, when 7 units (approximately 30% of the building) that went Under Agreement in the building’s preconstruction phase closed and residents moved in.  Through the winter months and early part of 2008, sales momentum slowed slightly, and the developer of the Modern partnered with Accelerated Marketing Partners, a spinoff of Boston-based The Collaborative Companies, to plan a condo auction to sell off the last 10 units on Sunday, May 18, 2008 at 1PM at the Colonnade Hotel in Boston’s Back Bay. The auction, however, was canceled several days before it was scheduled to take place – the developer commented that they received enough inquiries and early bid submittal interest (it was reported that 3 units went Under Agreement during this time), that they pulled plans to hold the actual auction event in an effort to save costs.  Instead, offers were solicited via a sealed bid process on the remaining units up through 7pm on Sunday May 18, 2008, at which time the developer reviewed all offers. Following this effort, the units that still remained for sale were repriced and eventually sold through a standard listing process by the same firm that represented the property before the auction happenings.  Some of the data points specific to the Modern sales effort are noted below.

• First closing was September 4, 2007
• Last closing was August 22, 2008
• Approximate average price per square foot was $466
• Sales value of $12 million +

At the top end of the price per square foot scale in the development ($670), the Skyhouse (unit 701) that sits atop the entire building boasting 1,341 square feet (the largest single unit) was the first unit to close at the Modern.  This is somewhat typical, that is, the premier unit in a development sells early – we’ve seen the same thing happen at places like Zero Marlborough and the Providence on Newbury to name several Back Bay examples.

Unit 503 was the last unit to close at the Modern on August 22, 2008, with an original list price of $699,000 and a final sales price of $575,000 – 1,330 square feet, equating to $432 per square foot. The largest single price drop (according to the Boston MLS) recorded during the building’s sales cycle was $168,000 for unit 601, a 1,040 square foot unit that was originally priced at $635,000, but sold for $467,000 (this was one of the final units to sell in the building).

Some residents of the Modern have been unhappy with the mix of units that ended up in the hands of renters, with the majority of the complaints surrounding noise from parties. However, the building was never touted as a rental development, and the significant majority of the units are owned by single individuals, rather than a contingent of developers and/or investors. According to the public record, there are only two multiple unit owners in the Modern – one owner has three separate units, while a different owner has two separate units.

An unfortunate site has been the graffiti that has marked the north side of the finished condo development.  Graffiti tags are splattered several feet from the front door entrance to the new condo development, and leave residents and neighbors frustrated, but not deterred from pushing forward with further development in this area west of Massachusetts Avenue.

Developers are in talks, and the banners are visible (see photo), regarding a second phase of the Modern.  The additional cost of adding underground parking to a development is significant, but the second phase of the Modern may be well served by having a full-size parking garage that can accommodate vehicles of all sizes (the small garage and system of car lifts in the current garage have deterred some Buyers from purchasing in the first phase of the Modern simply from a practicality standpoint).  While the existing development partially overlooks a rather busy gas station to the south, the proposed second phase of the development would not be burdened with this, and outdoor space that accompanies many units in the existing building would be more desirable in a new second phase.

In looking at the goals of the developers at the Modern South End, many of them were accomplished, and the overall project has pushed the boundaries of South End condo development west of Massachusetts Avenue, into Roxbury, and sets the tone for more bold and cutting edge design and development to enrich the city.

Not more than two months following the condo auction at Broadluxe in Boston’s Financial District, there are three resale units available for sale – all of which sold at the auction on June 21, 2008 to a single bidder. If you’re at all close to the Boston MLS, you may have even seen these units hit the market in July, however, they were removed because the auction bidder did not actually own the units at the time. Closings on auction units at Broadluxe began on July 28, 2008.

These three Broadluxe flips have steep price increases from the prices paid at auction less than two months ago (unit number – price paid at auction / new list price):

• 5A – $482,500 / $688,500 ($635 per square foot)
• 7A – $375,000 / $750,000 ($739 per square foot)
• 8B – $595,000 / $1,075,000 ($809 per square foot)

Bear in mind that Broadluxe had two overarching unit types, finished units, and what were called shell units. The former are move in ready, while the latter need to be finished by the Buyer (i.e. unfinished concrete floors, sheet rock on the walls, and rough plumbing and electrical installed, that’s it).  Terms were written into the Purchase and Sale Agreement for the shell units that construction to finish the units needed to commence no later than 6 months following purchase, and finish no later than 18 months following purchase.

Unit 5A will remain as is, it’s a corner unit that came finished. Units 7A and 8B appear to have plans to be finished by the current owner (i.e. in addition to the price paid at auction, an investment will be made into finishing the unit to make it move in ready) . All in (including finishing units 7A and 8B), the current owner is attempting to make, as they say on the Flip This House TV show, an “expected profit” of at least $200K on each unit. 15 units remained for sale following the June auction, and most of those sold rather quickly in the month following the auction, but while post auction units have not been selling at (minimum bid) auction prices (i.e. they have been selling for more than auction minimum bid prices), tremendous value has still been available for most Buyers.

While the Broadluxe auction presented downtown Boston Buyers with one of the best bargains available in 2008, time will tell if such flips as the three described above will command anything close to their asking prices.

Following the successful Broadluxe condo auction on June 21, 2008, and multiple post-auction (accepted) offers, there are currently six (6) of the original 44 units left for sale. Details of what remains at the Broad Street Financial District development are below.

• 2F – $456,875 – 755 square foot studio
• 3G – $361,250 – 541 square foot studio
• 4F – $361,250 – 544 square foot studio
• 5F – $361,250 – 539 square foot studio
• 7C – $690,000 – 1,312 square foot duplex
• 7D – $640,000 – 1,220 square foot duplex

Note the reduced list prices on the duplex units (each with 2.5 baths). Contact us to discuss the property further and get a tour.

Note: As of July 23, 2008, the penthouse units (priced at $1,018,500 and $1,023,750) fell out of agreement, and are now available again.

So how’s the view from the common roofdeck at 285 Columbus Lofts? Stunning. But perhaps more exciting is what’s been happening inside at what is one of downtown Boston’s hottest new high-end properties. Pat Cutter and Elaine Dolley (the real estate salespersons representing the seller) have blazed a trail, selling 49 of 63 units in the loft-style development, positioning themselves to take a real run at selling out the entire building in less than one year (a rather unheard of feat for a building of its size and price point in the Boston market). The majority of the units that have sold at 285 Columbus Lofts sold in preconstruction, before doors ever opened to residents in May 2008.

Back to the roofdeck…the deck is situated in what seems to be an ideal spot, with the Hancock building towering behind you, the Financial District skyline to your left, and the South End front and center. Click on either of the two exclusive pictures to enlarge them. In terms of remaining units at the loft-style development, one-bedroom units are priced in the mid $500K to mid $600K range, while the least expensive two-bedrooms that remain are priced starting at $975K (on the Columbus Avenue side). For more information, feel free to contact us using the link at the top of this page.

Following the Broadluxe auction that took place on June 21, 2008, where 29 out of 44 units were sold (66%), unit prices were raised to be more in line with resale market prices for other Financial District condos. Some were surprised to see that prices were raised on units that did not sell at the auction, however, it came as no surprise, as Tranzon (the auction company representing the Seller) announced that prices would be raised following the completion of the auction.

It was on Tuesday, June 24, 2008, that the updated pricing was released. Since that time, interest in the Broadluxe has not dimmed, and according to sources, units 2E, 6G, and 7F have all gone Under Agreement, and interest and offers are in on other remaining units.

Before the auction began, we assembled an exclusive comparable market analysis for Buyers that we were representing. This analysis provided a comprehensive look at comparable Financial District properties and Boston condo developments – armed with this information, logical conclusions can be drawn about what price per square foot values are reasonable and realistic for Broadluxe, both before and after the auction. This information is still available for clients with which we have a Buyer representation agreement.

The exclusive photos below are of Broadluxe kitchens in units 2A and 2E respectively – cooking is gas, self-closing-drawers are in all units (except for shell units obviously), and many units offer the island you see in the first panoramic photo (click on the image to enlarge).

Circa 1900, and rehabbed in the 2005 / 2006 timeframe, Loft 43 in the Midtown neighborhood of Boston offers a boutique 7-unit development that, given its location, boasts true urban feel. Regardless of the hustle and bustle surrounding you in the Midtown neighborhood, the views of the Boston Common and State House offer an intimate tranquility hard to find in the city.

Currently available in the building, sitting at 43 Winter Street is unit 7, a 1,465 square foot two-bedroom two-bathroom loft-style condo that boasts exceptional views and the standard baseline of high-end city living. Currently priced at $799,000 ($545 per square foot), this unit also features direct elevator access, and a valet garage parking space (for an additional $218 per month). The HOA fee of $584 includes water, sewer, master insurance, refuse removal, and elevator maintenance.

Our Featured Open House will take place at Loft 43 (43 Winter Street) on Sunday, June 29, 2008 from 1:00 PM to 2:30 PM.

With Bruce Willis filming his new movie called Surrogates outside, the Langham Hotel adjacent to Post Office Square played host to the much anticipated Broadluxe auction. The staff at Tranzon Auction Properties had run a very professional ship leading up to the auction, and they did not disappoint on the big day. At approximately 10:15 am in the morning, the auction got underway in front of a 100+ person capacity crowd, with the first several units selling at minimum bid prices. As more popular floorplans were introduced to the crowd, prices began to rise as high as $39,000 over minimum bid pricing.

Some of the interesting data points from the auction are as follows:

• Number of units sold: 29 out of 44 units were sold (66%)
• Average Sales Price per Square Foot: $494
• Neither of the two (finished) duplexes sold
• Neither of the two (unfinished) penthouse units sold

15 units do remain for sale (see auction details 118 KB PDF, those not highlighted in gray are still available), and they will eventually be listed in the Boston MLS. Note that on Tuesday, June 24, 2008, updated pricing was released for remaining units. For more information about submitting a post-auction offer on one of the remaining units, please contact us.

There have been several condo auctions over the past 5 years in Boston, most notably the Folio auction that took place in 2006. In May 2008, bidders were poised to make a run for remaining units at the Modern South End as it was scheduled to hit the auction block May 19, 2008 (see Modern South End Auction). However, as you may know, the actual auction event for the Modern South End units was canceled, due to what people say was “early demand”, yet, units (re)hit the MLS following the (canceled) auction, with the same listing agent as before the auction (whether the latter was the right thing to do could be the subject of another blog post). So what kind of impact does this have on this weekend’s upcoming Broadluxe auction, or more importantly, why can the Broadluxe auction be different than that of the Modern South End? To answer crisply, location.

The Financial District, historically, has not been known for residential living options, regardless of demand for such housing. It has only been in the past several years that Boston’s Financial District has seen a surge in demand for, and a corresponding limited amount of, residential condominium options. Broad Street in particular is developing into a popular day and evening (i.e. residential living), hotspot, with the addition of three condo developments (Folio, 65 Broad Street Lofts, and now Broadluxe), as well as a handful of restaurants and bars. Being only steps to the Waterfront, and the Rose Kennedy Greenway, and a stone’s throw from many office workers’ desks, Broadluxe offers a location of convenience.

Furthermore, the Modern South End is actually argued to be in Roxbury, rather than the South End, while Broadluxe finds itself in the heart of the Financial District, and has been the center of attention (or at least in the back of people’s minds during the property’s hiatus) for some time – we’ve fielded roughly 300 inquiries on the property in the past year alone, perhaps because we stayed close to the property when interest from other media outlets waned. When downtown Boston condo auctions are a possibility, interest on many fronts surges.

We’ve assembled a very robust set of support materials for the clients we are representing in the Broadluxe auction (for instance, a comprehensive comparable market analysis that lays out the subtle differences between Broadluxe and other comparable properties, and quantitative analysis that makes it simple to draw comparisons, compiled information that you won’t find anywhere else). There is still time to begin working with us, simply use the contact us link at the top of this page. Regardless of what happens this Saturday at the Broadluxe auction, more residential living options in this area of the city will only serve to brighten the community.

The exclusive photos below offer a look at unfinished penthouse shell unit 9B at Broadluxe, as well as the commanding view from its large deck.

After a recent price reduction of $50,000, duplex penthouse unit 7F at the Lafayette Lofts development in Boston’s Midtown neighborhood is sitting at just under $800 per square foot. The unit provides outdoor space with excellent city views in a boutique like 42-unit development at the corner of Essex and Kingston Streets.

The above photo is of the front upstairs bedroom, complete with double exposure and commanding city views. The two upstairs bedrooms have their own bathrooms, and are separated by an open and bright sitting / office area with tall ceilings and an overhead skylight.

Listed at $1,449,000 and boasting 3 bedrooms and 3.5 baths, this 1,827 square foot unit offers all the perks of Boston penthouse living (including outdoor space) in a sophisticated building. HOA fees are $759 and include Heat, Hot Water, Gas, Water, Sewer, Master Insurance, Elevator, Exterior Maintenance, Snow Removal. Perhaps the only downside to this unit is that it does not come with deeded parking – rental garage parking is available for $385 per month. Lafayette Lofts is a pet-friendly condo development, has two elevators, and offers secure keyless entry (but no concierge). Boston property taxes are estimated at $10,296.44 (not including the Boston residential tax exemption).

Our Featured Open House will take place at Lafayette Lofts (88 Kingston Street Boston, MA 02111) on Sunday, June 08, 2008 from 1:15 PM to 2:15 PM. Also, an additional open house will take place on Monday, June 09, 2008 from 5:00 PM to 6:00 PM for those of you who work in the city and can pop in after work.

For more information about this Boston midtown penthouse at Lafayette Lofts, or the other two units that are currently available in the building, contact us using the link at the top of this page.