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 its first true resale unit.  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).

While D4’s first true 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.

The BRA recently held a Small Project Review of the proposed redevelopment of 199 West Brookline Street (Concord Baptist Church).  At the meeting, Peter Zagorianakos, the proposed  developer, presented updated plans of the project. Highlights include:

• 9 market rate condominiums
• Parking in basement accessed via an elevator off Warren Ave at the location of the existing double doors.  The opening will be widened to 8′-3″ and new mahogany double leaf doors will be installed.
• Original roof lines will be recreated, excepting the addition of two small dormers and skylights. To achieve this, current roof structure will be removed and replaced with a new structure.
• North and south walls will also have to be largely rebuilt with the stated intention of recreating the original brick detail.
• 4 sets of non-operable windows are proposed for the West Canton Street side

Attendees at the project review expressed concern about vehicle access off Warren Ave.  Concerns centered on noise and safety of pedestrians.  The developer stated that an audible alarm announcing cars leaving the elevator is not a requirement.  He offered the possibility of mirrors to allow drivers leaving the elevator to see pedestrians on the sidewalk.  Kristin Kara of the BRA stated that the City’s traffic department will review the project design. The developer also indicated that, for a number of reasons, access to the garage from the alley is no longer under consideration.

Concern was also expressed about potential construction impacts.  The developer estimated construction would last approximately 18 months, during which time  he will need to lease several on-street parking spaces on Warren Ave from the city, a common practice.  HVAC equipment will be on the roof, only partially visible from the street.

Some that have been connected to the progress of this proposed development state that the updated plans represent movement on the part of Zagorianakos toward a project that preserves the architecture of the existing church and is one the neighborhood can support.

Plans may be reviewed at the Office of the Secretary of the BRA, Room 910, Boston City Hall between 9:00 AM and 5:00 PM, Monday through Friday except legal holidays.  The phone number of Boston’s Planning and Economic Development Office is 617-722-4300.

With construction of the Boston W Hotel & Condos moving quickly (see exclusive video below), the developer’s sales center has recently opened its doors, and is now ramping up its staff to accommodate interested Buyers - please contact us to setup an appointment.

On Tuesday, October 14, 2008, with the final piece of steel being put in place, the “topping off” ceremony marked the end of steel construction on the Boston Hotel and Residences - work with now continue on the facade and interior.

Unlike some of the other high-end developments in the city, the developer of the W Boston Residences has decided to immediately release all units in the building for sale under preconstruction pricing (most oftentimes, you will see a phased release of units into the market). Bear in mind that (preconstruction) prices will tend to fluctuate as residences are sold, and rather than releasing a price list to the public, unit prices are provided as interest in specific residences is shown through sales center appointments. For planning purposes, you can assume that 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).

Construction is still on track for a Fall 2009 completion. 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 500+ square foot studio unit, while the penthouse level will be home to 5 generously sized condos, 3 of which will offer commanding views.

Built in 200, Trinity Place, a 100 unit luxury condo development adjacent to the Boston Public Library in Back Bay, remains one of the most coveted places to call home in ht heart of the city.  The boutique feel, the professionalism of the valet staff, and the concierge staff provide a welcoming feel to residents of the 18-story building that sees approximately 5% turnover per year.

Currently, there are 6 units available at Trinity Place, including the two penthouse units, which at one time, were being offered as a single unit for (historically) a record breaking listing amount of $15 million.  HOA fees in the development average a little over $1.00 per square foot, and other onsite amenities include a gym with small locker rooms.

• 205 - 1 bed / 1 bath, 846 square feet - $749,900
• 906, 1 bed / 1 bath, 836 square feet - $765,000
• 601 - 2 bed / 2.5 bath, 1,900 square feet - $2,200,000
• 403 - 3 bed / 2.5 bath, 2,111 square feet - $2,350,000
• PH1 - 3 bed / 3 bath / 2 half baths, 2,838 square feet - $4,500,000
• PH2 - 5 bed / 5 bath / 2 half baths, 3,650 square feet - $7,000,000

The best bargain on the list is more than likely unit 906, which is a double exposure northwest facing condo that gets you just above the Boston Public Library and most surrounding rooftops.

With ultra luxury residences like the Mandarin Oriental now coming online 1.5 blocks away from Trinity Place, it’s the consistent quality and attention to detail that will keep Trinity Place, and similar high-end developments, in demand for years to come.  For more information, please contact us using the link at the top of this page.

In the midst of perhaps the most anticipated opening of a Boston condo development, the Mandarin Oriental can now lay claim to boasting that it houses the most expensive Boston condo listing to ever hit the resale market in Boston at almost $17 million.  The 8,000 square foot Mandarin Oriental penthouse (not double, but quadruple exposure) is listed at a record breaking $16,990,000.

Details from the Boston MLS: Boston’s most awe inspiring Penthouse ever to be built!!!! 14 stories above Back Bay, this 8,000 sf oasis features floor-to-ceiling windows on 4 sides providing unmatched and unobstructed views of Boston’s skyline, Cambridge and the Charles River. Unique in every way this sprawling top floor residence includes two large terraces and two enormous private decks spanning over 3,000 sf, which can be accessed by private elevator truly allowing the city to become yours.

This new Boston Mandarin Oriental condo shatters the $15 million Trinity Place listing that was the previous most expensive condo listing to hit the Boston market (see Trinity Place Penthouse - $15 Million).  For more information, please contact us using the link at the top of this page.

The Boston Courant ran an insightful piece this weekend that gave some visibility into the Mandarin Oriental rental apartments that are now available for rent, and ready for move-in shortly.

New housing projects in the city of Boston with more than 10 units are required to include an affordable component with units “comparable” to market-rate units.  The Boston Mandarin Oriental Developer, CWB Boylston, LLC, is leveraging their apartment rental units to fulfill the affordability requirement, and interestingly, decided to bypass the “comparable” piece and make the affordable rental units the same as the market rate rental units.

A two-bedroom market-rate apartment…rented for about $12,000 per month. That same two-bedroom unit, [with the same finishes] will rent for $2,316 a month to a four-person household not making more than approximately $102,950, or 120 percent of the areas’s median income.

The 14-story residential tower will house 10 affordable rental units, along with 25 market-rate ones, all between floors four and eight.  While there are affordable units on the rental side, the for-sale condos, which sold out long ago, with some now going through resale (see Buzz Continues at Boston Mandarin Oriental) have no affordability component to them - recent closings on for-sale luxury condos at the Boston Mandarin Oriental include:

• E-9C    $4,450,000
• E-10B    $4,095,800
• W-9D    $2,950,000
• E-PH2    $13,089,000
• E-10E    $5,685,420
• E-10A    $5,616,300
• E-9C    $4,450,000
• E-9F    $2,223,920

In March 2008, we ran a story about the Clarendon (see Clarendon Back Bay Condos Looking Up), out of which came a conversation thread about whether the 33 story tower would block views of the Hancock Tower from the adjacent luxury Albert A Pope Building once the new ultra luxury Clarendon was complete.

It was somewhat speculation in March what the situation would entail, but it is apparent now that the Clarendon Back Bay will indeed block views of the Hancock Tower from the Pope condo development.  Inside sources connected to the Clarendon are stating that the building should top off in approximately 6 weeks time, and the 33 stories will definitely block views of at least the lower portion of the Hancock Tower.

There were two units available for sale at the Pope building earlier this year, both have since closed for $1 million+ each, with price per square foot averaging a little over $600.  Sales at the Clarendon appear to be strong, at a different price point ($1,100+ per square foot) entirely.  Regardless of a direct view of the Hancock Tower, the 24-unit boutique Albert A Pope Building that sits above the Mistral restaurant will remain one of the premier condo developments along the Back Bay and South End border.

The northern part of the South End offers quiet tree-lined streets in close proximity to the Back Bay, restaurants deeper in the South End, and the remainder of the city by either foot or T.  406 Columbus Avenue Unit 2 is a condo that recently hit the market that offers a very well laid out floor plan, making it feel like you have much more than the listed 540 square feet.

A spacious living area with exposed painted brick, as well as a deck overlooking the very private Carlton park are several of the highlights of this unit currently listed at $399,000 with a $102 monthly HOA fee that includes water, sewer, and master insurance. This unit is conveniently located 3 blocks from the Orange Line Back Bay T Stop.

A first open house is scheduled for Sunday, September 14, 2008 from 12:00 PM to 1:30 PM.  For more information on this condo, or others similarly priced in the South End, please contact us using the link at the top of this page (406 Columbus Avenue Boston, MA 02116).