The prices at the Ritz Carlton in Boston continue to climb. Sales are being recorded at $1,500+/foot for units on high floors with premium views. With all the new construction pricing around the city, The Ritz is becoming more and more valuable. Construction costs have gone through the roof and therefor developers are forced to sell at prices in the $1,000 to $2000+(Mandarin Boston) price range. This in turn pulls up the pricing in pre existing properties around the city. Condos at 3 Avery, which is the low rise portion of of the Ritz Residences, are also seeing an uptick in pricing and activity. What was once $600 a foot two years ago is now approaching $800/foot. The best recource to see evidence of this pricing increase is to look at our sales grid.(http://www.luxuryboston.com/Ritz-Carlton-Condos)
In my honest, professional opinion, I see prices for the premium units at The Ritz approaching $2,000/foot in the very near future(2-3 Years).
In the recent weeks I have had the opportunity to preview The Clarendon(<---click to see floorplans and pricing) on the corner of Stuart and Clarendon. With over 30 floors, this Boston luxury condo and apartment property could prove to be one of the best newly constructed luxury condo buildings in Boston. Along with The Bryant, it is constructed with concrete between each floor. Although costly to the developer, in the long run, it should prove to be more durable, valuable and sound proof. The ceiling heights at The Clarendon will be close to 10 feet and units will boast floor to ceiling windows. Add an Equinox managed gym, a top of the line restaurant and gourmet market this under construction luxury condo and apartment building is 100% worth a look.
The highly anticipated 285 Columbus Lofts project, located on the corner of Clarendon and Columbus on the Back Bay/South End border, received it’s certificate of occupancy this past Monday and the first closings were on 5/15/08. A perfect blend of trendy loft-style condos and full service amenities has made The Lofts at 285 Columbus one of the fastest selling new construction projects in Boston’s new luxury condo market. As of 5/15/08, almost 70% of the entire building is under contract and that is within just a few days of receiving it’s C/O.
For more information on pricing, floorplans and for units that are for both sale and rent in this new loft project, please visit : http://luxuryboston.com/285-Columbus-Lofts-Condos
On the last day of March, 2008, Joshua A. Golden of Rikeman Real Estate, founder of LuxuryBoston.com, completed one of the largest, single family home sales in Boston History. The beautiful 9,500 square foot mansion, located in Beacon Hill was purchased by a European buyer for $9,500,000.00. It is by far, one of the most breathtaking properties in all of Boston. The home was built with old New England charm, coupled with modern, top of the line ammenities. The property was gutted to the studs just over three years ago and sits on one of the prettiest streets in Beacon Hill, Mt. Vernon Place, just a block from the public garden.
*Joshua A. Golden of Rikeman Real Estate represented the buyer and Beth Dickerson of Gibson Sotheby’s represented the seller.
We at Rikeman Real Estate LLC are proud to announce the hiring of two seasoned luxury real estate professionals, Jennifer Valerio and Marcus Roshotsky. They will be part of a fast growing, luxury real estate team, focussed on representing buyers, sellers, and renters in and around Boston. Both bring over two decades of real estate experience with them.
I have some good news for all those living in or purchasing at the Ritz-Carlton Residences who might be worried about the building height of Emerson College’s new dorm/performing arts center on Washington Street in Boston’s Theater District. The BRA has confirmed that the building height will be 108 feet or 11-12 stories. Beyond daily construction through 2009, owners in the north tower, on floors 14 or higher will not be impacted(Views) in the future.
Waterplace was billed to be an exciting condo project in the quickly growing Downtown Providence(Downcity). With the Providence condo market slowing and a lack of lenders willing to give jumbo loans on new condo projects, Waterplace has been faced with an interesting dilemma. Turn the building into an all rental project OR, now this is just a rumor, sell the building to a local University for dorm usage. Let’s say, Brown U perhaps, who is buying the entire downtown area along with Johnson and Whales. This professional real estate person is putting his money with apartment conversion or an all out sale to a local University, and why not, we all know colleges do not pay property taxes due to the fact they bring in so much revenue to local businesses. We shall see what happens.
It is rumored that Kensington Tower, which was to be located across the street from Archstone Apartments on Washington St. in Chinatown has been put off until further notice. My assumption is a lack of financing, and a softening condo market. From a pure neighborhood position I certainly hope a big developer does something exciting with the land, maybe a luxury hotel, to continue the momentum of gentrification in the area.
In the last few weeks interest rates on a non-jumbo loans have fallen approximately 25 basis points. Unfortunately though, luxury condo buyers are getting hurt the most as they are making up the slack for the subprime mess. A jumbo, 5 year ARM, which are loans over $417k are reaching upwards of 7.5%(6% 3 months ago). Forget about 100% financing, it does not exist in this environment. My friend who works at First Horizon mentioned that there was no warning for this. it happened overnight so professional and novice investors alike could not prepare.
My opinion: Personally I think rates will start to come down more dramatically the Fed lowers rates and people on Wall Street put their money in safer investments like bonds. As people buy these bonds, the yields will go down and interest rates on home loans will follow.
