Boston is experiencing a formal paradigm shift to a truly international, 24/7 city. With this transformation we have seen a new appetite for luxury Boston real estate and robust price appreciation most notably in the residential new development market. Contemporary architecture is being added to the city’s skyline. Local and foreign buyers are clamoring for this high-end product, driving pricing to unprecedented levels.
Jason Weissman, founder of Boston Realty Advisors & Advisors Living, presented at Biz Now’s Boston Forecast 2016 on December 1st – and he’s bullish on Boston. Unlike NYC which is approaching an oversupply of ultra-luxury product, Boston’s luxury condo sector remains supply constrained. Mr. Weissman anticipates strong sales at Millennium Tower, One Dalton, 50 Liberty and Pier 4 (Advisors Living is the marketing consultant) as well as more record-breaking prices for second generation condo sales.
The new year is just around the corner, and if the real estate market continues the upward momentum as predicted, then 2016 is going be an exciting year for Boston real estate.
Millennium Tower has been a highly publicized and closely followed project for years.
Although construction won’t be complete for yet another year, it has already become a staple in Boston’s evolving skyline and one of the most recognizable current new developments.
As the Boston Business Journal recently reported, the new structure can now be seen from almost anywhere around the city. (View Photos HERE)
Located in Downtown Crossing, Millennium Tower stands at over 60-stories tall, making it the tallest residential building in the city’s history. It will be home to a total of 442 luxury condominiums starting on the 10th floor, just above the 23,000 square feet of club space on the 8th and 9th floors.
There are 3 different series of floor plans on offer: The City Residences, The Grand Residences and The Penthouses. The plans only get more extravagant as you move up the 60 floors to the top.
All of these luxury amenities and interiors culminate at the very top with the Grand Penthouse, which comes in at 12,846 square feet. The eventual owner of this spectacular home will be living high above the city where no one in Boston has lived before!
It’s no secret that the Boston luxury condo market has grown immensely in recent years with new projects being erected left and right and of course UP but could anyone foresee a price per square foot near $4,000!? That is the new reality after the most recent sale at the Mandarin Oriental was recorded this week at a price of $12.5M for the 3,222 square foot condo. The 2 Bedroom / 2.5 Bath home came in at a record breaking $3,880 per square foot which broke the previous record set last year by nearly $1,000. We aren’t even talking about a penthouse or a spectacular unit with private outdoor space, just your “average” 12th floor condo in the Back Bay.
This turn of events raises the obvious question: Where do we go from here?? Well the onslaught of new luxury towers doesn’t seem to be letting up so there will be plenty of new opportunities to match this recent Mandarin sale. The much anticipated Millennium Tower project being constructed in Downtown Crossing will certainly have something to say about it. Preliminary listings have a price per square foot under $2,000 but that seems to be for the “run of the mill” options. There is still the penthouse which is said to be listed for $37.5 Million, which obviously, depending on square footage, could surpass this.
There will also be the new Four Seasons Residences, Twenty Two Liberty and Pier 4 Condos all being constructed over the next couple years that will also bring even more opportunities for record breaking sales prices to the city. There is no question that we are in the midst of an unprecedented run on luxury condo sales here in Boston and it will be very interesting to see how many more times this record will be broken in the near future.
Mandarin Oriental Boston
According to AARP’s “Livability Index”, Boston is the second most livable large city in the US, behind only San Francisco. Their definition of a large city was anything with a population of 500,000 or more. Boston beat out cities like New York, Seattle and Washington, D.C. (view the Top 30). The index uses 7 criteria to determine the score out of 1oo: housing, neighborhood, transportation, environment, health, engagement, and opportunity. Boston’s final score came in at 65, just one point behind the leader. AARP’s study revolves around the fact that the elderly are restricted to a fixed income and need a home that they can afford and a public transport system that is sympathetic to their mobility.
The large city wasn’t the place that Boston and the surrounding areas showed up, Cambridge actually came in 10th on the list of medium sized US cities with a score of 63. And when going even smaller, Boston’s Downtown Crossing made AARP’s list of the 10 most livable neighborhoods. This beautiful area is adjacent to the Boston Common and its many recreational amenities and close to the arts of the theatre district, perfect for the active adult. There are many great residential options here that would help with the ease of living necessary for an older individual. The under construction Millennium Tower will have concierge service and is also close to shops restaurants and most recently a grocery store. There are also opportunities to rent in Downtown Crossing at buildings like the Radian or The Kensington.
We will have to see if all the positives pointed out by the Livability Index can outweigh the stigma of the New England Winter but with all the offerings of luxury buildings these days, one may not need to even leave their home from December to March. Just a thought…
AARP’s Boston “Livability Index” Score
Could there be anything more convenient than having a grocery store just steps from your building? That is what you will get with a new home at the Millennium Tower in Boston’s Downtown Crossing.
The area’s first grocer will be Grand Opening with a ribbon cutting ceremony on Wednesday, April 29th. Roche Bros. will be a great addition to the area and will surely add convenience for residents and workers alike. Located adjacent to the Millennium Tower, residents will have a variety of options to choose from as PR Newswire notes: “Convenient features include the produce department’s “Chop Shop” where home cooks can choose from more than 40 varieties of veggies cut fresh daily in the store, chef-style and recipe-ready. The Downtown Crossing location will offer Boston customers services to suit their busy lifestyles, such as full-service catering for business and social events, festive event packages for special occasions, and grocery delivery to the home or office after shopping in the store. Online ordering with home delivery will also be available, like other Roche Bros. locations.”
It was announced last month that 70% of the 442 Units at Millennium Tower have already sold prior to their opening scheduled for 2016. Of those buyers, 75% are thought to be local so they will be thrilled to have the amenity of this well known and well liked grocery chain. And just the same, Roche Bros. will be equally excited to have hundreds of customers living right at their doorstep.
Folks, we bring you some peculiar news of Millennium Tower. Currently in the midst of construction, this 60-story skyscraper plans to rid of their 13th and 44th floor. This is an apparent tradition in Boston, and it is due to nothing else but plain ole superstition. The developer’s argument is that a building cannot be built on a premise of bad luck and death, and who could possibly disagree with that?
According to the BostInno, “We don’t tell developers how to number their floors,” Boston Redevelopment Authority spokesperson Nick Martin told BostInno in an email. “There is a tradition, which isn’t always followed, of not numbering the 13th floor (or calling it the 14th) because of bad luck associated with the number 13.”
Read more: “Millennium Tower Floor Plans Impacted by Superstitious Fears of Death & Bad Luck” – BostInno