I had the chance to visit the W Residences(<-----floorplans) sales office this week. I was very impressed with the finishes(Dark Bamboo flooring, granite/stone countertops, double sinks, soaking tub, granite countertops, and beautiful floor to ceiling windows). The pricing was a bit steep but with new construction costs, it is tough to price anything reasonably. On the rear of the building, facing the South End, pricing starts in the $800/foot range. On the front however, we are looking at pricing in the range of $1,050(Lower Floors) up to $1,500 for the beautiful penthouses. Your 2 bedroom, front facing entry point is $1,375,000 and quickly moves to $2,000,000+ as you move to higher floors. The building will be spectacular with its hotel services, spa, gym, valet parking, bars, lounges and fine dining. I will be looking forward to seeing how sales go in this challenging time and poor lending environment.
February 4, 2009
Some Uncommon Luxury Rental Deals In Boston
Due to the rough economy, some luxury condo seller’s are resorting to renting their units out in order to stop the proverbial bleeding. Rather than making money, some owners are willing to let their Ultra Luxury Condos rent for prices that put then at a HUGE loss per month. In most cases, owners are unable to recoup more than 50-60% of their carrying costs. This is shown by some of the recent rentals at The Mandarin Oriental, One Charles and The Ritz Carlton. Units that were on the sales market for $2.5 to $3.5 million dollars are now renting, in some cases, between $5,500 and $8,000. I will let you do that math but keep in mind, the condo fees alone, in most of these buildings, are $1.00 to $1.75/square foot. The deals are out there, you just need to find the right agent to dig them up for you.