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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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Highest Condo Sale In South End!

32 Rutland St #3L, the penthouse, is not only the most expensive condominium sold in the South End this year, but it is one of the most incredible penthouses ever built in our wonderful neighborhood.  This condo was one of six units built in the recent renovation of the old “Project Place” at 32 Rutland St, which was a homeless and low income assistance program (which is a great cause and still exists).

The project was marketed beautifully by Mary Kelleher and her team at Sothebys International Realty and sold by Briggs Johnson in the South End office of Coldwell Banker Residential Brokerage. Two of the best!

                 

This particular penthouse duplex is 1 of 6 units that has about everything that you could Imagine: Direct Elevator Access, 2 Fireplaces, Enormous Master Suite, Surround Sound throughout, 3.5 bedrooms, garage parking, modern metal and wood railings, 2 decks (with 1 being 1100sf with outdoor kitchen and grill and a 6 person hot tub, with tv). The Master bath is in a class of it’s own. It boasts a whirlpool tub with a tv built in, and the master shower has the Kohler 12 jet digital shower system which is just just crazy , oh, and a TV in the shower too. It has 3,145 square feet and sold for $2.6M which comes out to $827 per square foot.

                 

So far, 5 of 6 have been sold with the largest and priciest one left which can be seen here This unit is a large lower duplex with even more bells and whistles, so check out this listing.

Compare this property to the “Best on the Beach” Waterfront property I posted about a few weeks ago. An interesting comparison as to what close to $3M buys you in the South End vs Provincetown.