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
The long thought out vision of the Fan Pier property is coming more and more into focus and Fifty Liberty hopes to be the next integral part. Fallon Co. and Elkus Manfredi Architects submitted plans to the Boston Redevelopment Authority and they are currently being reviewed by the Boston Civic Design Commission. A final vote could come as early as May 5th on this proposed project which would be a 252,000 square-foot L-shaped condo tower built on parcel D. It would be located directly next to the under construction 100+ units of Twenty Two Liberty which is scheduled to open later this year.
If the vote goes their way, shovels could be in the ground as soon as August of this year. Fifty Liberty would have over 100 condos as well as restaurant and retail space on the ground levels and would nearly complete the 21 acre Fan Pier area. Only 2 parcels will remain and it won’t be long until those are occupied by more housing, office space and/or hotels.
The ongoing transformation in the Seaport is truly a sight to behold and is very exciting to see the development of one of the city’s most beautiful areas. Spring has finally arrived so there is no better time to visit the marina, stroll on the Harborwalk and possibly choose your next home. Visit Advisors Living for more info residential options.
Elkus Manfredi Rendering
As if the Seaport needed another reason for people to want to be there, it is now the proud home to Mario Batali’s first Boston restaurant. Babbo Pizzeria e Enoteca is set to open its doors tonight at the ever-growing Fan Pier complex.
This new restaurant will be a reasonable choice for the local consumer with the most expensive plate coming in around only $35. It will join other restaurants like Strega, Empire and Sam’s at Louis at Fan Pier.
Add this to the growing list of amenities that will be at the doorstep of the many residential and corporate buildings being constructed in the area. Residents of Twenty Two Liberty and the future Pier 4 condos will be able to say they are neighbors with a James Beard award winner and a Culinary Hall of Famer. In combination with spectacular harbor views and state of the art luxury accommodations, Boston’s Seaport is a place to live the dream.
Read More on Babbo Pizzeria at Boston.com
As reported yesterday by The Wall Street Journal, Chinese insurance firms are investing in the Pier 4 Condos to be built in Boston’s seaport district. China Life Insurance Group Co. and Ping An Insurance Co. are joining Tishman Speyer Properties in the $500 million development where the Chinese investors will have a majority stake according to the Journal’s sources.
It is expected that the residential portion of the project will consist of 100 condos. The preliminary timeline is for the Pier 4 Condos to open in early 2018 after the opening of the office-building portion.
These residences will join the Park Lane Seaport Apartments, Twenty Two Liberty condos among other new luxury living choices in the growing area. With the 2018 arrival set for Pier 4 condos, the area should already be booming with the massive development of Fan Pier already underway. Even the smallest of condos are likely to fetch seven figures easily 3 years from now. A 2 bedroom/3 bathroom unit at the Intercontinental just came on the market this week for $2.375 Million located in the same area at 500 Atlantic Ave.
With foreign money more interested than ever in the city of Boston, there is no doubt the local real estate will continue to grow.
A Tishman Speyer Drawing