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Four Seasons Pricing – Boston

Interesting post by Scott.

Four Seasons Pricing

 

The Four Seasons tower (shown in the center) will open in 2017.

The Four Seasons tower (shown in the center) will open in 2017.

Cambridge Seven Associates

By Scott Van Voorhis

 

Boston.com Correspondent |

 

Condos selling for more than $20 or even $30 million are poised to become the new normal in downtown Boston’s condo market as a bevy of uber luxury towers takes shape on the skyline, experts say.

Leading the pack is likely to be the new Four Seasons Tower, which could see its three, gold-plated penthouses on its 61st floor each fetch upwards of $20 million, according to preliminary price estimates.

That means the Back Bay tower’s top floor may reap a total of $60 million to $70 million in sales. That figure would dwarf the $37.5 million that the 60-story Millennium Tower — now under construction in Downtown Crossing — is seeking for its top floor penthouse suite.

Construction recently kicked off on the $750 million Four Seasons tower taking shape near the Christian Science Plaza, with an opening day pegged for 2017. It will be Boston’s tallest residential building.

“This is absolutely like nothing Boston has ever seen before,” said downtown Boston broker Tracy Campion, whose Campion & Co. is selling the Four Seasons condos. “I am absolutely sure they will set records.”

So what exactly will it cost to buy one of the two-story penthouses that will crown the new tower?

Campion declined to offer up an official pricetag but indicated that a “ballpark” estimate of $3,000 per square foot was not off the mark.

Other brokers not connected with the new tower offered similar price estimates for the Four Season condos of roughly $2,500 to $3,000 a square foot.

With each unit offering 8,000 square feet of living space atop Boston, that would put the penthouses in the $24 million range.

That’s practically double the previous price record set by a condo at the posh Mandarin Oriental, also in the Back Bay, which fetched $13 million.

The Four Seasons penthouses will have a number of features — for instance, a “huge” staircase, an elevator that opens into the unit, 14-foot high ceilings — that will likely make them a hot item, especially among the deep-pocketed international investors who have begun to flood the Boston market.

And while the prices are likely to come as a shock to the Boston area, jet-setting buyers used to stratospheric New York and London values are not likely to bat an eyebrow, brokers say.

In fact, $2,300 to $3,300 a square foot is simply considered “luxury” in the New York market, with “uber luxury” in the Big Apple now priced at $5,000 a square foot, according to Otis & Ahearn, a downtown Boston luxury condo marketing and brokerage firm.

“We are not used to those numbers but those are numbers we are going to start to see,” notes David Crowley, director of sales and marketing at Raveis Marketing Group. “They are building these properties to appeal not necessarily to a local market, but to international buyers and investors.”

“International tastes are driving a lot of the finishes, layouts and amenities,” Crowley added.

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general info trends

Southie Leads Development Boom

Another great post by Scott.

 

Southie Leads Boston’s Development

 

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Flickr Creative Commons

 

By Scott Van Voorhis

 

 

 

Boston.com Correspondent |

Sure, Back Bay and Downtown Crossing may have all the new towers, but when it comes to overall development activity, South Boston is arguably the epicenter of the city’s development boom.

Southie currently has 42 projects either in the planning or approval stage, under construction, or recently opened. Most feature or include new apartment rentals, townhomes, or condos, according to the Boston Redevelopment Authority’s map of the Hub’s development scene.

The developments range from converted churches to brand spanking new buildings. The luxury West Square development at 320 D Street, which is still under construction, includes 259 apartments and 143 parking spaces.

If you throw in another 22 projects happening in the South Boston Waterfront, including the multibillion-dollar Seaport Square development , the number rises to 64 – three times or more than any other city neighborhood.

Not that super hot neighborhoods like the Back Bay (11 projects) and South End (19 projects), are any slouches either.

Back Bay and neighboring Downtown include plans for the three poshest and tallest towers even built in Boston: one still in the planning in Copley Square, and construction underway at the 61-story Four Seasons Tower and the 60-storyMillennium Tower.

“There has been a big shift in our city,” said Tracy Campion of Campion & Co., the brokerage in charge of the building’s sales. “Back Bay and Beacon Hill are bursting out of their seams.”

Other neighborhoods are also seeing a big surge in development.

East Boston may now be one of the hottest new neighborhoods in terms of big projects outside of South Boston.

A trio of grand waterfront developments is in the works for the neighborhood’s once hardscrabble waterfront, including 400 new apartments and condos at Clippership Wharf.

Charlestown’s real estate market heated up a couple decades ago, much like Eastie’s is doing now. The Charlestown boom continues, with plans for 85 new residential units and public space on the first floor at Pier 5.

Fenway is another neighborhood in the middle of a dramatic transformation, from a gritty student alcove to one of the more exciting places to live in the city.

With building sites scarce in the densely packed neighborhood, developers are pushing to span the Massachusetts Turnpike with ambitious air-rights projects.

Developer John Rosenthal is lining up financing for Fenway Center , a $550 million apartment and retail project proposed for an air-rights platform over the Massachusetts Turnpike by Fenway. Plans for Parcel 7 air-rights include a seven-story residential building and a 22-story residential and office tower.

Near the Hynes Convention Center and the Berklee College of Music, New York-based Peebles Corp. is pushing plans for a $330 million air-rights project at Parcel 13, including 88 condos, a hotel and shops.

Often overlooked, Dorchester now has 20 major projects in the works, including a proposal for for 275 residential units and 143 parking spaces at 25 Morrissey Boulevard by the JFK/UMass T station, while St. Kevin’s redevelopment, now underway, features 80 affordable units.

Brighton has 21, including 1505 Commonwealth Ave., a proposal to convert an office building into 85 residential units. Allston’s 15 projects include a new proposal for 87 apartments, ground floor retail, and 66 parking spaces at 37-43 North Beacon Street.

Meanwhile, Roxbury has 20 big projects in the pipeline, a number that includes 102 residential units in two buildings in the first phase of Bartlett Place , along with 16,839 square feet of commercial space and a garage with 130 spaces. When the build out is complete, the entire development will have 323 residences.

Last but not least, Jamaica Plain has 16 new projects, including The Commons at Forest Hills Station, which calls for 283 new residential units at the former Hughes Oil site. Demolition work began last fall.

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January Sales – Provincetown

 

Snow Snow and more snow…but that didnt slow down the Provincetown real estate market in January.

 

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Twelve condos sold in January, most sold in the popular mid market price range of $500K to $800K. Six of them are pictured below.

 

18 Standish Street #A, 2 bed/1 bath, 636 sf, sold for $380,000
18 Standish Street #A, 2 bed/1 bath, 636 sf, sold for $380,000
12 Conwell Street #A, 3 bed/3 bath, 1,400 sf, sold for $586K
12 Conwell Street #A, 3 bed/3 bath, 1,400 sf, sold for   $586K
480 Commercial St. #2, 3 bed/2 bath, 1,225 sf, sold for $625K
480 Commercial St. #2, 3 bed/2 bath, 1,225 sf, sold for $625K

 

 

 

 

 

 

 

 

 

57 W. Vine St #B, 2 bed/3 bath, 1,300 sf, sold for $692K
57 W. Vine Street #B, 2 bed/3 bath, 1,300 sf,  sold for  $692K
19 Tremont Street # 3, 2 bed/3 bath, 1,146 sf, sold for $786K
19 Tremont Street # 3,  2 bed/3 bath, 1,146 sf, sold for $786K
555 Commercial Street #D, 2 beds/3 baths, 1,300 sf, sold for $1.3M
555 Commercial Street #D, 2 beds/3 baths, 1,300 sf, sold for $1.3M

 

 

 

 

 

 

 

 

One single family property sold. 160 Bradford Street is a 6 bedroom 6 bath B&B, single family home with 2,493 square feet.  It sold for $980K.

Whats up for February?

 

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See all available properties at Beachfront-Realty.com.

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Provincetown Sale Of The Week

Three bedrooms and three baths freestanding condo.

12 Conwell Street #A  recently sold for $568K. It is a three bedroom three bathroom freestanding condo with 1,364 square feet. Conwell Street is in the center of town, and the condo is 1 1/2 blocks to the bay.

 

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MLS COPY: Stand alone condo that lives like a single family home. Dramatic reverse floor plan has entertainment size living room with hardwood floors vaulted ceilings and a wall of windows with views to the Provincetown Monument. Chefs kitchen with 6 burner gas stove, large granite island. Storage area/pantry and a powder room directly off the kitchen. Large private deck with Monument views. All 3 bedrooms have great closets and multiple window exposures. En suite master bath as well as a built in office nook. Second full bath and a large storage/laundry/mud room on the bedroom level. Central A/C, and quality window treatments throughout. Fenced front yard and garden. 2 Parking spaces. Lives large and fun. 1 1/2 blocks to bay beaches, steps to Farland and downtown. Great rental income.

 

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See all available properties at Beachfront-Realty.com.

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New Provincetown Retail Shops For Rent

Gorgeous Retail Shops For Rent. Prime Proven Location.

 

For those of you who have wanted a business in Provincetown or to expand your current business by adding another location…these two new shops at WA provide the perfect opportunity.

 

WA front

 

The shops at WA, at 220 Commercial Street will be ready for occupancy in early spring. Both spaces have architecturally significant interiors with hardwood floors, recessed lighting, granite display counters, 16 foot vaulted ceilings, central air, heat and wireless. These spaces provide the best opportunities for interior display options and retail success with terrific retail flow, back office/storage space and easy access for deliveries – on the best block of Commercial Street.

 

 

Both spaces are approximately 1,600 square feet with 1000 square feet of retail space and 500-600 square feet of back office, and storage space.

These are full 12 month leases with year round income potential. $75,000 includes heat, AC and electric.

 

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To view floor plans click on WA floor plans.

This property is also available for sale for $1.350M.

Call or email for more details. Jon Goode 617-512-8565.

 

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Provincetown Listing Of The Week

 

19 Bangs Street is an charming  3 bedroom, 1 bath  single family house in the East End. It has 1,020 square feet with room for expansion. It is being marketed at $699K.

 

19 Bangs 1

 

 

MLS COPY: Charming home with potential for expansion located in the gallery district of Provincetown. There are three bedrooms, country style kitchen,living room and bedroom on first floor. There are two additional bedrooms on the second floor, garden area, parking, and a short stroll to town! Great location, great price, won’t last long!

 

19 Bangs 2

19 Bangs 3

19 Bangs 5

19 Bangs 4

 

 

 

 

 

 

See all available properties at Beachfront-Realty.com.

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Provincetown Sale Of The Week

20 Montello Street is a classic  three bedroom three bathroom property with a freestanding cottage with 1,558 sf . It sold for $705K and had been marketed at $759K.

 

20 Montello

 

 

 

 

 

 

 

 

MLS COPY: This classic West End single family home, with separate freestanding cottage, is sited on a quiet  side street and minutes to Commercial Street. Main level consists of living room with woodstove, large kitchen, dining area, and full bath. There are front and back staircases taking you to the two, second level bedrooms and bath with walk-in shower. There is also a large, cathedral ceiling sitting / office area on this level. Home has front and side decks, small side yard and parking for two cars. New windows recently installed in main house. Cottage has full kitchen, bath with walk-in shower, living area and sleeping loft, with propane heat and electric hot water. This is an in-town home waiting for your renovation vision and personal touches

See all available properties at Beachfront-Realty.com.

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Provincetown Listing Of The Week

New construction hilltop home.

664 R Commercial Street #3 is a 3 bedroom, 4 bathroom stand alone home deeded as a condo with 1,560 square feet. Sited on a hilltop in the East End the views from this beautifully designed reverse floor plan home are gorgeous. There will be two other condos built on the site. Residence #3 is being marketed for $1.250M.

 

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MLS COPY: Premier hilltop water view location off Commercial Street in the East End. New construction single family Cape with classic Nantucket dormer on the front and full dormer facing the harbor views. Upside down floor plan with great room on second floor. Open plan high end kitchen with center island, dining and living area open on to large upper deck to drink in the views. A flex room that can be used as and extension of the living area or or home office or third bedroom with ensuite bath completes the upper level. First floor features two master bedrooms with sitting area and ensuite baths. Both bedrooms open onto decks and there are some waterviews even from the ground level. Full basement. Red oak floors throughout. High end Kohler baths. FHW/propane heat, central AC. 2 parking spaces + guest parking.

 

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See all properties that are available at Beachfront-Realty.com. 

 

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Provincetown Listing Of The Week

 

A great West End property, 66 Commercial Street was recently listed for sale for $2.195M.  It is a 7 bedroom main house and  a 2 unit cottage with a lot of 10,090 sf.

 

66 Com

 

 

 

 

 

 

 

MLS COPY: A rare and enchanting find in the desirable West End of Provincetown. The property is comprised of a seven-bedroom antique home and a freestanding two-unit cottage. It has an expansive back yard that extends along a private lane. Ample parking. A large yard awaits your creativity.

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The pictures above are of the 2 unit cottage in the rear of the property bordering on Atwood Avenue .

See all available properties at Beachfront-Realty.com.

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$500K to $800K Condos In Provincetown – The Most Popular Price Range.

$500,000 to $800,000 – the most popular “price point” in Provincetown.

40 of the 127 condos sold so far this year had sales prices  between $500K and $800K –  1/3 of all condo sales. This is 42% more than last years 28 sales.

Within this price range the average sale price was $600K for a 1,030 square foot two bedroom two bathroom condo with an average price per square foot of $583. In 2013 the average sales price was $588K with an average of 1,124 square feet for an average price per square foot average of $523.

Below are six favorites.

45 Commercial St. #8, 2/2, 555 sf sold $520K
45 Commercial St. #8, 2b/2b, 555 sf sold $520K
8 Wareham St # B, 2/2, 1,004 sf, sold $575K
8 Wareham St # B, 2b/2b, 1,004 sf, sold $575K
6 Cook St #3, 2/2, 915 sf, sold $615K
6 Cook St #3, 2b/2b 915 sf, sold $615K

 

 

 

 

 

 

11 Georges Path # B, 2/2, 1,150 sf, $615K
11 Georges Pth #B, 2b/2b, 1,150 sf, sold $615K
67 Commercial St #3, 1/1, 475 sf. sold $695K.
67 Commercial St #3, 1b/1b, 475 sf. sold $695K.
4 Bradford St #2, 2/2, 1,100 sf, sold $780K.
4 Bradford St #2, 2b/2b, 1,100 sf, sold $780K.

 

 

 

 

 

 

 

 

 

There are 28 condos available for sale in this market segment with an average asking price of $635K or $587 per square foot. Below are six of favorites.

 

83 Bradford St #3, 2/2, 926 sf, asking $539K
83 Bradford St #3, 2b/2b, 926 sf, $539K
143 R Bradford St EXT. 1+/2, 975 sf, asking $559K.
143R Bradford EXT. 1b/2b, 975 sf, $559K.
606 Commercial St #3, 3/1, 1,307 sf, asking $599K.
606 Commercial St #3, 3b/1b, 1,307 sf, $599K.

 

 

 

 

 

 

 

67 Commercial St #1, 2/3, 821 sf, asking $729K.
67 Commercial St #1, 2b/3b, 821 sf, $729K.
55 W Vine St #B, 2/3, 1,174 sf, asking $759K.
55 W Vine St #B, 2b/3b, 1,174 sf, $759K
19 Tremont St #32/3, 1,146 sf, asking $799K.
19 Tremont St #3, 2b/3b, 1,146 sf, $799K.

 

 

 

 

 

 

 

 

There are currently 10 pending sales in this range with an average asking price of $663K or $586 per square foot.  9 of the 10 are in the West End. Three favorites are shown below.

 

23 Winthrop St #2B, 2/2, 807 sf, asking $599K.
23 Winthrop St #2B, 2/2, 807 sf,  $599K.
62 Franklin St #4, 3/1, 960 sf, asking $694K
62 Franklin St #4, 3/1, 960 sf,  $694K
5 School St # 2, 2b/3b, 960 sf, asking $799K
5 School St # 2, 2b/3b, 960 sf,  $799K

 

 

 

 

 

 

 

This week several more condos have gone under agreement in this price range. Perhaps a sign of a strong winter market to come. BRRRR!