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100 Shawmut project will offer 138 new luxury condos

By Wayne Braverman | Boston Homes | March 10, 2020

“We are thrilled to celebrate yet another milestone of 100 Shawmut,” said Jonathan Davis, Founder & CEO of The Davis Companies during Monday’s Topping Off Ceremony. “This project is a great example of an innovative and sustainable development in what is becoming a new nexus between the Back Bay and South End neighborhoods. We are honored to be a part of it.”

The last beam is in now in place at one of Boston’s newest and most exciting projects. On Monday, The Davis Companies, along with the Boston Chinese Evangelical Church (BCEC) and the Chinese Consolidated Benevolent Association (CCBA), signed and raised the final steel beam on 100 Shawmut.

“We are thrilled to celebrate yet another milestone of 100 Shawmut,” said Jonathan Davis, Founder & CEO of The Davis Companies during Monday’s Topping Off Ceremony. “This project is a great example of an innovative and sustainable development in what is becoming a new nexus between the Back Bay and South End neighborhoods. We are honored to be a part of it.”

He added, “This project would not have been possible without the efforts of my leadership team, led by Brian Fallon, who have been working with our South End partners to reach this milestone. Thank you for your continued commitment to this project.”

The Architectural Team, Inc. located in Chelsea, was in charge of designing the building’s exterior and EMBARC Studio, located in Boston, designed the interiors. Suffolk Construction is the general contractor for 100 Shawmut. Also involved in this project is Copley Wolff Design Group. They are taking care of the landscape architecture.

Engineers for 100 Shawmut are Howard Stein Hudson Associates, McNamara Salvia and WSP. Construction lenders for 100 Shawmut include M&T Bank, Berkshire Bank, HarborOne Bank, Needham Bank and Bank of New England.

In a recent interview, Colleen Daniels, a member of the 100 Shawmut team, talked about how a lot of work has been done to preserve the “sweetness of the original structure.” When 100 Shawmut is completed, the 232,000-square-foot property will “seamlessly integrate the historic character of the original 1920s facade with a newly constructed glass structure, designed by The Architectural Team (TAT).”

The original brick and arched windows will form the heart of a hybrid building topped with elegant, angular glass curtain walls showcased on the upper levels.

This 13-story residential project offers a wide range (from studios to four-bedrooms) of one-of-a-kind condominium residences. The exquisite collection of 138 luxury residences encompasses 22 studios, 34 one-bedroom units, 23 one-bedroom units with a den, 27 two-bedroom homes, 15 two-bedroom homes with a den, 12 three-bedroom units, 3 three-bedroom units with a den and 2 four-bedroom homes – 11 of which are penthouses.

EMBARC Studio, the interior design team, “has created a modern approach to the interiors with a mixture of white oak wood detailing and textural stone conveying a warm, neutral color palette, transitioning and merging the historic architecture with a fresh, new interior.”

The new residents will enjoy a treasure-trove of features that create an exceptional blend of classic character and contemporary comfort, complemented by an ample expanse of glass providing impressive panoramas of the Boston skyline.

Some of these luxurious facets include high ceilings and white oak wood floors throughout; professionally designed upscale kitchens with state-of-the-art, fully integrated appliances; and Silestone countertops in the kitchens and baths.

100 Shawmut is a full-service lifestyle building offering a comprehensive suite of amenities that will make living here a special experience.

The enjoyment will begin upon arrival, stepping into the beautifully appointed lobby, punctuated by a stunning pass-through fireplace, and will continue in the adjacent suite of spaces designed for entertainment and leisure, co-starring a chef’s kitchen, library and a billiards room.

Residents will also enjoy the Great Room, private dining/conference rooms with entertaining/ caterer’s kitchens, and additional lounge/activity areas, including a fitness center. And that’s not all. Kids will delight in the children’s playground and the family pet will relish being pampered at their own spa.

According to project leaders, “the building will have an unprecedented amount of outdoor space, including a number of private balconies offering unmatched vistas of the city.”

In addition to the generous private balconies, residents will enjoy the 13th-floor, which features an indoor and outdoor lounge as well as a rooftop sky lounge equipped with gas grills and fire pits and a backdrop of the Boston’s skyline.

Other building amenities include 24-hour concierge, an elevator and private garage parking.

Thanks to a partnership between The Davis Companies with the BCEC and the CCBA, there will be up to 536 rental and home ownership units, including 26 percent dedicated to affordable housing, as part of this project.

100 Shawmut also incorporates the ground floor retail, commercial, community and cultural spaces that will enliven the Washington Street and Shawmut Avenue corridors.

Moreover, 100 Shawmut will provide 26 percent on-property public open space, including an East/West pedestrian connection that will provide local residents with a safe, well-lit public pathway.

The Davis Companies also committed $200,000 to community programs, including the planning, designing, engineering and construction of an open space area, job training and services to the Asian American Civic Association and additional funds to the Community Benefits Grant application process.

The new owners of 100 Shawmut will appreciate the location, which is at the intersection of Herald Street and Shawmut Avenue just around the corner from Whole Foods and minutes to Chinatown, Back Bay and Seaport.

Boston’s legendary South End neighborhood is home to historic brownstones and more than 20 parks nestled among its meandering, tree-lined streets, as well as an array of restaurants, locally-owned specialty shops, lifestyle amenities and a vibrant art scene.

The home is within walking distance of the very popular SoWa Art and Design District, not far from the Boston Center for the Arts and the Underground at Ink Block. It’s also within easy reach of Peter’s Park, Castle Square Parks, William Gary Walsh Playground and the Berkeley Community Garden.

PRICE PRESSURES

In Boston’s luxury condos, supply-and-demand economics don’t apply

Boston’s luxury condo market is facing a mismatch between supply and demand: Developers are building condos aimed at the wealthiest buyers, but buyers are looking for a wider range of prices, according to real estate experts and recent data.
While Boston’s population is growing, wage growth hasn’t kept up with the fast rise of prices, according to a recent recap of Boston’s luxury condominium market by The Collaborative Cos.
“Buyers have not been able to fully engage in this new, costlier market,” the report said. “The factors which would traditionally support a fast-absorbing pricing dynamic do not appear to be available for this current supply of product.”
In other words, thousands of luxury units are being built across the city, but sellers may have to lower those prices or risk sitting on unsold condos until the supply-demand imbalance gets restored. The report recommends that a consistent volume of sales can only happen if new residential units are designed with a broader range of sizes and price points.
Record-high sales prices

Total home sales fell over the course of 2019, sending worries through Boston’s residential brokerage community. But at the same time, Boston saw record-high sales prices: The median cost for a condo in Boston was $810,000 in 2019, and average listing prices were $280,000 higher in 2019 than in 2018, said Laura Gollinger, vice president of The Collaborative Cos., who oversees research and design development programs for the Boston-based residential consulting and analytics firm.

“Some people were kind of saying the sky was falling. And in reality, yeah, the absorption was less. But the price points were much higher,” Gollinger said. “The number of transactions was slightly less, but the price points were record-setting.”

For instance, at both the recently opened Four Seasons Private Residences One Dalton Street in Back Bay, and at Pier Four in the Seaport District, some units sold at over $4,000 per square foot. “The city’s never seen anything like that,” Gollinger said.

Some 25,700 units are either planned or under construction across Greater Boston, according to the report. In the Seaport alone, some 1,200 apartments and condominiums are expected to come online within one block of each other, at NEMA Boston, EchelonSeaport, Gables Seaport and the St. Regis Residences, Boston.

EchelonSeaport is a good example of unit diversity: With a price range of $700,000 to $5 million and higher, EchelonSeaport has seen a “brisk pace,” selling around 10 units per month.
This year prices may level off, which could allow wage growth to catch up, said Mike Schlott, president of Kinlin Grover Real Estate, which operates from Cape Cod through Plymouth and Bristol counties.

“The last couple of years I think we’ve seen a more normalization in price appreciation in Massachusetts,” Schlott said. “Hopefully wage growth is keeping up with that.”

Million-dollar battles

The heaviest competition continues to be for homes priced under $1.5 million. In past years, the buyer pool would have been focused on the under $1 million range, Brian Dougherty, managing director of residential brokerage Compass in Boston and head of the firm’s private brokerage division, said.

“The price band under $1.5 (million) is where buyers have to roll up their sleeves and really make a very strategic effort to find a place in core Boston,” Dougherty said.

Dougherty recalled one property, priced at $1.25 million, that recently received 17 offers to buy. “There are for sure buyers that in years past would have been in the mix, and they’re kind of waiting it out, or they’re priced out of the market,” he said.

Boston’s buyers have predominately been locals, Gollinger said, as opposed to Manhattan, which tends to draw a larger pool of foreign investors. As a result, the pool of buyers who can afford an ultra-luxury product is small relative to the city’s entire residential market. In 2019, for all of Boston’s luxury residential buildings, there were just 60 transactions at $6 million and above, Gollinger said. Most of those were at One Dalton and Pier 4.

“As you get larger in terms of your price point, your demand dips,” Gollinger said.
At the ultra-luxury Raffles Back Bay Hotel & Residences, now under construction now at 40 Trinity Place, a majority of units will be priced between $2 million and $5 million. That’s an example of where The Collaborative Cos. is advising developers to not emphasize the top 1% of buyers.

“There’s definitely demand for both new luxury and new mid-luxury,” Gollinger said. “I just caution that, as people are planning new projects, really keeping in mind who the buyer is, because having empty buildings isn’t good for anybody.”

100 Shawmut Tops Off

By BLDUP | February 17, 2020

100 Shawmut in the South End has topped off. The new 13-story tower which incorporates the preserved facade of the brick and beam building on the site will offer 138 luxury condos. Amenities at 100 Shawmut will include a 13th-floor rooftop deck and amenity space and a 9th-floor rooftop terrace, both offering sweeping views of the Boston skyline.

Steel Framing Rising for 100

2019_11_21-100_Shawmut_Hero_Day-Final

By BLDUP | January 11, 2020

Steel framing is rising for the luxury condo project, 100 Shawmut in the South End. The project will offer 138 homes featuring elegant finishes including white oak wood floors and Silestone countertops. Resident amenities will include a 24-hour concierge service, valet parking, a fitness center, library, pet spa, children’s playroom, and a rooftop sky lounge.

The Outlook for 2019 Interest Rates – Will Rates Drop Lower?

The Federal Reserve is currently debating whether or not interest rates will continue to drop in July. Even after the drop this week from 3.99% to 3.94% according to Bankrate, investors and homebuyers nationwide are hoping that there could be a quarter point to a half a point drop next month. The last time mortgage rates were this low was November of 2016. It was the seventh decline in the past nine weeks for the 30 year fixed rate mortgage, which was at 4.55% this day last year. Most institutional investors anticipate a quarter point drop in July of this year in order to combat the uncertainty of the upcoming trade talks between President Trump and Xi Jinping. If the Fed anticipates that these discussions may turn sour, then they will buoy the economy by lowering the interest rates to spur investment.

So what does this mean for new home buyers and sellers? Now is the time to start researching how much buying power you have, because with this new rate decrease, monthly payments will be lower than ever. You may not even need to put 20% down depending on whether or not you are in a competitive real estate market. This is the time of year where deals can be made, and with lower interest rates, your purchasing power might be stronger than you expected.

Thought about refinancing your mortgage? Buying a new condo? There’s never been a better time to see what’s out there on the market than right now before the Fall frenzy begins. Contact us on our website and let us help you navigate the market.

“The Davis Companies Celebrates the Groundbreaking of $170 Million, 138 Unit Condo Building in Boston” by Boston Real Estate Times

BOSTON — The Davis Companies hosted a groundbreaking celebration to launch 100 Shawmut, the South End’s newest collection of thoughtfully designed luxury condominium residences slated to open in Fall 2020.

100 Shawmut is the first of three abutting projects, collectively approved by the Boston Planning and Development Agency, to commence construction. Speakers included Martin J. Walsh, Mayor of Boston, Jonathan Davis, Founder & CEO of The Davis Companies, Steven Chin, Senior Pastor at the Boston Chinese Evangelical Church, and Paul Chan, President of the Chinese Consolidated Benevolent Association.

“Today, we celebrate the groundbreaking of 100 Shawmut – a project realized through a unique partnership between The Davis Companies, the Boston Chinese Evangelical Church and the Chinese Consolidated Benevolent Association,” said Jonathan Davis, Founder & CEO of The Davis Companies. “Our collaboration has yielded a dynamic development for the historic South End and this innovative property will ensure that our Chinatown-based non-profit partners will be able to serve the community for years to come, in addition to bringing new housing and jobs to our city.”

Located at the intersection of Herald Street and Shawmut Avenue, the $170 million, 13-story, residential project is comprised of 138 condominiums, including studios, one, two, three- and four-bedroom units, many featuring a den space.

When 100 Shawmut is completed, the 232,000 square-foot property will seamlessly integrate the historic character of the original 1920’s facade with a newly constructed glass structure designed by The Architectural Team (TAT). The building will have a number of private balconies offering sweeping vistas of the city. EMBARC Studio, the interior design team, has created a modern approach to the interiors with a mixture of white oak wood detailing and textural stone conveying a warm, neutral color palette, transitioning and merging the neighborhood architecture with a fresh, new interior.

The building will have a comprehensive amenity program that includes 24/7 concierge, private parking, a private dining/conference room with an entertaining kitchen, a great room, a billiard room, an activity lounge, library, fitness center, dog wash station and children’s playroom. The Penthouse features an indoor and outdoor residents lounge, and a rooftop sky lounge equipped with gas grills and fire pits. 100 Shawmut also houses 3-levels of enclosed private parking containing 112 spaces for residents.

“100 Shawmut presents a rare opportunity to live in a stylish, new condominium building in the South End, one of Boston’s most sought-after historic neighborhoods,” said Janice Dumont, CEO of Advisors Living.  “The definition of modern luxury has just been elevated. The comprehensive amenity program, along with the building’s incredible views, private outdoor spaces and the availability of three-and-four- bedroom residences and penthouses creates a new lifestyle experience in the heart for the city for homeowners. We are privileged to be the exclusive brokerage firm for The Davis Companies on this unique property.”

The Davis Companies will be making a $15,000,000 contribution toward the creation of Inclusionary Development Policy (IDP) units in an escrow account controlled by the BPDA for the benefit of the CCBA Building. In addition, The Davis Companies has committed $200,000 to various community programs.

Suffolk Construction is the general contractor for 100 Shawmut.  The Architectural Team, Inc. located in Chelsea, MA is the design architect and EMBARC Studio, located in Boston has designed the interiors. Copley Wolff Design Group is the landscape architecture firm for the project. Engineers for 100 Shawmut are McNamara Salvia, WSP and  Howard Stein Hudson Associates.

The project is financed by a $105,000,000 construction loan from M&T Bank with participating lenders that include Berkshire Bank, HarborOne Bank, Needham Bank, and Bank of New England.

The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $6.2 billion in gross asset value through real estate equity, debt and fixed-income securities. A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 10.2 million square feet of office, retail, hospitality, light industrial, healthcare and life science properties and approximately 5,000 residential units across the Eastern United States.

Advisors Living is a full service luxury real estate lifestyle and brokerage company representing residential, new development, and leasing clients. Our team is committed to exceptional service and delivery and our depth of experience is unparalleled in today’s market. The properties we represent include Pier 4 in the Seaport, which has achieved the highest price per square foot to date in the City of Boston. New development sites extend as far north as Newburyport and as far south as Westport with a strong presence in the metro west and Boston markets.

Tour The Archer Residences, going up now in Beacon Hill

A new look at The Archer Residences, going up now in Beacon Hill

 

How do you open a 14-foot, $200,000 window?

Turns out, very easily.

At least, Manuel Davis, senior vice president with Advisors Living and exclusive listing agent for The Archer Residences in Beacon Hill, made it look easy. The windows are major features of some of the 62-unit luxury condominium property, under construction now in Boston’s Beacon Hill.

Davis toured the Business Journal through the property, located immediately behind the Massachusetts State House, on a recent midwinter afternoon.

Prices at the 62-unit property start at $990,000 for an 864-square-foot one-bedroom unit; $2.5 million for a 1,656-square-foot two-bedroom unit with one on-site, valet parking space; $3.6 million for a 2,484-square-foot three-bedroom unit plus a study, with one on-site, valet parking spaces.

Penthouse units begin at $9 million for 2,940 square feet, a private terrace and on-site valet parking spaces.

Davis sees the 50 garage parking spots underneath with 24-hour valet parking as an invaluable asset in the uber-tight Beacon Hill.

When asked about the demand for a high price point residential product — particularly with a potential downturn looming — Davis said unique historic aspects of The Archer make it a “superior product” that stands out against high-rise glass towers. Indeed, Beacon Hill lost just 3 percent of its total residential value in the last downturn, Davis said.

“There’s a safety in that. There will never be another Beacon Hill. You can never recreate this beautiful neighborhood,” he said. “A lot of the people who are purchasing here are really sound, brilliant financial minds.”

The historic Archer and Donahue buildings were previously home to Suffolk University’s law school, prior to Suffolk selling the property in 2015 for $43.5 million.

Center Court Mass LLC developed the Archer Residences, which were designed by The Architectural Team and LDa Architecture & Interiors and built by Consigli Construction Co.

The Archer Residences will open in the first quarter of 2020.

Read More Here

Lesson Learned: Don’t Wear Too Many Hats At Once by Christy Murdock Edgar

Boston Realtor Manuel Davis learned it was best to delegate the responsibilities of the home inspector, mortgage broker and attorneys, and let them do their job

 

In this Monday column, Christy Murdock Edgar asks agents across the nation to share the lessons they’ve learned during their time in the industry.

For Boston Realtor Manuel Davis, understanding your strengths — and your clients timeline — helps ensure optimal results.

As senior vice president of residential sales for Boston Realty Advisors, Manuel Davis has built his reputation in the unique and competitive Boston real estate market based on his sterling professionalism and his enviable insight and knowledge. Through his nearly two decades in the business, Davis has learned that understanding your clients’ needs and preferences — and your own — is key to building your business and your network.

 

How long have you been in the business?

In high school, I got a job as a carpenter’s assistant. Through high school and college, I worked for various developers in Belmont and Somerville, Massachusetts. In 2001, a local and now retired developer recommended that I get a real estate license. He saw potential in me and became a mentor. His vision was for me to combine my artistic aptitude with my people skills in order to sell his product. I got my real estate license and together we achieved mutual success.

 After immediate success collaborating with developers, I joined Coldwell Banker in Cambridge and focused on working with buyers and sellers. This concentrated effort yielded over sixty transactions within my first year at Coldwell Banker and gave me the confidence to propel my career forward.

While at Coldwell Banker for five years, I predominantly worked with homebuyers and sellers. Concurrently, I was also advising developers and purchasing my own real estate for condo conversions. It was then that I learned wearing too many hats is a disservice to all. I recognized that my love for working with people outweighed my excitement for developing a real estate portfolio.

I’m at my best when working with discretionary buyers and pairing them with exceptional properties that uniquely work for them. Advising and educating buyers at The Archer in Beacon Hill is a perfect example of what I do today.

 

Where do you see yourself in five years?

I came to Boston Realty Advisors in 2007 and plan to be here for the long-term. I hope to be doing more of what I’m doing today and working with the same people as we continue to lead and differentiate our brand. My plan is to be part of a team that helps developers create a product that will be appreciated and loved by many, to be hyper-focused on the buying and selling experience and to achieve records and break the norm.

 

What’s one big lesson you’ve learned in real estate?

I’ve learned to never expect anything in real estate. Everyone handles a real estate transaction differently. Some people take it very personally, while for others it’s just business. Some people pretend that it’s one or the other. I’ve learned to pace myself — with everyone.

 

How did you learn it?

About five years ago, I received a cold call from a prospective client. He explained that he owned condos in both Boston and Cambridge, stating that he wanted to pick my brain about the current market to potentially sell his properties. We spent nearly an hour on our first call and I stayed in contact throughout the years.

After two years of cordial follow-up calls, I got together with him and his wife for our first face-to-face meeting. They made it clear that they did not want to sell their condos and preferred to keep them tenanted. Based on their decision to rent, I referred them to a qualified rental agent and a terrific contractor to help with rental marketing and the required maintenance prior to each turnover.

Over the years, they continued to flirt with the idea of selling. Each time, I prepared an in-depth marketing analysis, along with a marketing service proposal. I would meet with them for lunch to strategize and ultimately put one condo on the market, only to cancel the listing after a few days since the rental agent found a tenant for the home.

Every time they toyed with the idea of selling, the process began with an emotional attachment to each home. They vacillated between the fond memories each home provided their family and the potential benefits the transactional income would afford them. As a maturing broker, I needed to better understand this dichotomy.

It wasn’t until several years later that my client decided to sell the properties. The time was right for each home. The condos sold fast, for cash and above asking.

Without the patience and understanding, and more importantly, without a quality team of professionals to have delegated the legal, rental and contractor responsibilities, I doubt I would have been able to gain the trust and loyalty this couple gave me throughout the years — and the ultimate approval to list their condos.

 My experience has taught me that buying real estate is both an emotional and financial decision. I’ve learned to be a coach for people. My job is not to push in one direction or the other. Rather, my job is to advise by providing options in order for my clients to make an informed decision that best matches their lifestyle.

Over my career, I’ve learned that no two clients are alike and that people are in love with their homes for many different reasons. Some are in it purely for the investment, and others for a myriad of personal reasons. Being able to understand my client’s needs and rationale has been paramount to being a successful broker.  I take pride in being an exceptional listener and am privileged to have curated an outstanding referral base that consistently delivers results.

 

What advice would you give to new agents?

Try not to wear too many hats. Delegate the responsibilities of the home inspector, mortgage broker and attorneys, and let them do their job. In that process, build a core of good referrals. You’re as good as any referral you make.

 

Read more at:

https://www.inman.com/2019/01/14/lesson-learned-dont-wear-too-many-hats-at-once/

An Insider’s Guide to the Boston Luxury Real Estate Market

A behind-the-scenes look at new real estate in one of America’s oldest cities.

By Geoff Nudelman

December 31, 2018

It’s an increasingly familiar scene: hundreds of young professionals mill about a farm-to-table lunch, a hip workout gear shop, or a SoulCycle spin class.

Across America, this is a common snapshot in newer cities where affluent 20- and 30-somethings are starting fresh in more affordable secondary markets.

But this particular scene isn’t happening somewhere new. It’s happening in one of the oldest cities in America: Boston.

While the traditional neighborhoods of Beacon Hill and Back Bay are still alive and well, the growth of Boston’s luxury offerings are front and center in Seaport–a neighborhood that was literally underwater until the late 1800s and is now thriving as an example of the future of American living.

“It’s truly an iconic location,” says Janice Dumont, CEO of Advisors Living, speaking about the site of new building Pier 4–a dramatic, curved, 106-unit enclave tucked behind the Museum of Contemporary Art on Seaport’s northern side.

Pier 4’s modern architecture (designed by renowned firm SHoP), full-service amenities, and integrated waterfront living are drawing buyers from far and wide to the urban environment. (Some are paying as much as $4,200 per square foot for penthouses.)

“[Based on all on of this], Seaport has created a new destination within the city,” Dumont says.

As much as a skyline dotted with cranes and construction is dizzying in Seaport, the center of traditional Boston luxury still resides in the #5 neighborhood of our Top 10 Priciest Neighborhoods in America: Beacon Hill.

“It’s a real village and a tight-knit community,” says Manuel Davis, senior vice president of Advisors Living and the exclusive listing agent at the Archer Residences, Beacon Hill.

The full-service, seven-story building (half of which was the original Suffolk University Law School) underscores the immense work and effort required to restore and modernize a piece of living history–and how attractive that proposition is to luxury buyers.

What started as 75 residences of varying sizes has been condensed to 61 condos due to buyer requests, many averaging above $5 million. (Davis could not give specific sales figures, but noted that they have been “robust.” The building will be completed towards the end of 2019.) The Archer Residences had to work with several historical commissions to carefully restore the combined building, retaining Beacon Hill’s trademark charm and style along the way.

Coupled with extremely limited inventory in single-family homes, Beacon Hill stands to remain an epicenter of Boston luxury for some time to come.

Just across Boston Common, the Four Seasons Boston Hotel and Residences remains another mark of traditional Boston affluence. Built in 1983, the residential side of the building has long been home to some of the city’s wealthiest people with a location overlooking the park and one of the earliest examples of modern, full-service amenity living in the area. Since its opening, residences have rarely traded on the market and haven’t been available for long.

The success of the original property spurred Four Seasons to build a large new residential/hotel hybrid tower just a mile-and-a-half away at One Dalton.

“It’s in a class all its own,” says Michael Carucci, executive vice president at Gibson Sotheby’s, which is the exclusive listing agent for the 61-floor project.

While he can’t reveal sales numbers, he did say that the building is 75 percent sold with “sales at a record pace compared to other Four Seasons projects around the world, and at price premiums above the Boston market that are higher than most price premiums achieved by other comparable projects in their respective markets.”

“Boston is becoming such a global destination [for the ultra-wealthy]. A lot of us were wondering: What took so long?” he says.

Opening in spring 2019, One Dalton will bring 160 condos perched above the new hotel, which marks a decided shift in the local luxury market. Three separate floors are earmarked as dedicated amenity spaces, with several floors at the top of the building reserved for unfinished penthouses. Pricing will range from $2.5 million to over $40 million.

Carucci noted that luxury buyers across the entire spectrum–not just the younger set–are looking for all-in-one, live/work/play lifestyles, drawing them to buildings in places like Back Bay and Seaport that are close to major commercial centers.

“There’s no longer an appetite for commuting,” he says. “It’s very important to people to not to sit in traffic anymore.”

Perhaps therein lies much of this newfound attraction to Boston: it’s a highly walkable city. End-to-end isn’t much more than an hour at a strolling pace, and many of these newer projects are taking advantage of the old “location, location, location” adage.

Boston’s next major neighborhood renewal, Lovejoy Wharf, takes advantage of its waterfront location. While Related Beal has already opened a 15-story, 157-unit building right next to the relocated Converse HQ (and complete with an Instagrammable restaurant facing the water), that’s just the tip of iceberg.

This largely quiet residential area sits next to TD Garden and a major transit hub, and as it stands could be Boston’s next micro-hotspot.

“The evolution has been really interesting,” says the Codman Company (TCC) managing director Sue Hawkes (TCC works with several residential properties throughout Boston). “It’s been a niche area that was formerly cut off by some of Boston’s man-made boundaries.”

Besides shoes and brunch, the Hub on Causeway is bringing a major mixed-use development–complete with Boston’s largest supermarket–to a site across the street from the sports arena. The planned residential and office components are aimed at attracting tech and advertising workers–the ones that can afford luxury properties and the required amenities of 21st century living. (Verizon has already pre-leased a significant chunk of the building’s available office space.)

However, all of this new inventory coming online may present new challenges for a city that has traditionally had a tight luxury housing market.

“The developers are going to have to deliver a really good product,” Carucci says, “because over the next couple of years there will be fierce competition for buyers. There’s no question about that.”