The third Monday of April is nearing which means the world’s oldest annual marathon is just around the corner. The Boston Marathon, one of the world’s best-known road racing events, takes place on Patriots Day. The event has been in existence since 1897, and this year marks the 120th race. For those new to the Boston area, the 120th Boston Marathon will be held on Monday, April 18th and will begin a little before 9:00am. The historic course starts on Main Street in the rural New England town of Hopkinton and runs through numerous other towns ultimately ending on bustling Boylston Street near the John Hancock Tower in Copley Square (and right by the Advisors Living headquarters!)
Along the marathon course, rowdy fans and elite runners have the chance to take in the new and under construction development projects that are coming to fruition. Ashland Woods, located at 277 West Union Street in Ashland, MA is the first development site near the marathon. Access to the race cannot get simpler if you live in the new 60-unit apartment complex developed by Trask. Ashland Woods is in the Highway Commerce Zone and includes two 32,000-square-foot buildings both holding 30 units.
From Ashland the runner will travel next into Framingham where Brendon Homes is quickly selling through the new construction development with detached, single-family style condos as well as attached homes. They also offer a single level living plan (ideal to go home to after a long run); so there is truly something for everyone. They have sold over 80 homes in the last year with Phase 1 completely sold out and Phase II nearing 80%. Phase III won’t be far behind.
On to Natick from there, home to one of the more unique properties on the route, Nouvelle at Natick. These luxury condos are attached to the Natick Mall and provide both luxury and convenience to its homeowners. This community sold out back in 2012 but re-sales do pop up now and then so keep an eye out!
The next of many miles lead runners through the beautiful homes of Wellesley, Newton and Brookline. These are some of the most affluent suburbs that Massachusetts has to offer. Spectators young and old line the streets in front of spectacular, single family homes and wonderful brownstones depending on what part of the course they are on. Brookline is also home to the Longwood Medical Area where Mosaic on the Riverway is being constructed. This 10-story building will have 42 luxury condos when complete later this summer. They are nearing 75% sold but there are great 1 and 2 bedroom options still remaining.
The home stretch will of course lead runners into the heart of the city. Veteran runners who ran last year will probably notice even more high-rise buildings like Millennium Tower and One Dalton or even 22 Liberty in the Seaport. All of these buildings have been rapidly growing into the Boston skyline.
If you’re looking for real estate along the Boston Marathon route, there are plenty of options and quite the variety. Prices will range in any of these towns but if you are looking to save a few dollars, you should run outside of the city, not in it!
Perched along the waterfront at the edge of Pier 4, sits the empty building that once housed Anthony’s Pier 4 restaurant. This week Anthony’s Pier 4 restaurant could finally see demolition, according to The Boston Globe.
Tishman Speyer, a New York development company now owns the property and has plans to redevelop the area, incorporating it into the vastly expanding Seaport District. A 9-story luxury condominium with 100 units is set to go up in its place at Pier 4.
Surrounding that are plans for a one-acre park at the end of the pier where residents and locals can take advantage of strolls and evenings along the water’s edge. President of site developer Tishman Speyer, Rob Speyer, said, “We need to honor the site’s history by creating something that will be as relevant to the future as [Anthony’s] was to the past.”
Opened in 1963 by Anthony Athanas, an Albanian immigrant, Anthony’s Pier 4 was a staple of the Boston Waterfront. Celebrities like that of Elizabeth Taylor and Richard Burton, and even Julia Child dined at its white table-clothed tables. Celtics players, businessmen, politicians and United States presidents walked through its doors.
Plates of popovers, local seafood dishes and an extensive wine list, made Anthony’s Pier 4 a favorite among locals as well. Overlooking Boston’s harbor, Anthony’s Pier 4 restaurant hosted fundraisers, family dinners and business meetings with views of Boston’s harbor teeming with boats and vessels.
At one point in its storied past the restaurant was one of the most profitable restaurants in the nation, bringing in $12 million a year. Three years ago, Anthony’s Pier 4 shuttered its doors to patrons as the family focused on other businesses.
As the demolition of Anthony’s Pier 4 paves the way for new cityscapes, the surrounding Seaport District continues to evolve into a live, work and play neighborhood. Amid the new Pier 4 luxury residences will sit a 13-story, 373,0000-square-foot commercial building and two levels of parking to draw residents from all over Boston to the Seaport District, just as its restaurant predecessor had once done.
Twenty Two Liberty and Fifty Liberty are other luxury condominiums and apartments building up the Seaport District, near the site of GE’s new headquarters in Fort Point.
As the first quarter of 2016 comes to a close, the volume of sales in the luxury market has continued its upward trend of year-over-year growth. We’ve seen an 11% year increase in luxury sales from December 2015-February 2016 in comparison to December 2014-February 2015. This increase can be partially attributed to the delivery of 22 Liberty in the Seaport. However, a large part is also a result of the increase in existing inventory value.
The demand for new luxury construction in Beacon Hill continues to climb despite the high barrier to entry in this picturesque, historic neighborhood. Since 2012, the average price-per-square-foot for luxury condominiums sold per year in Beacon Hill has increased by almost 35%, further illustrating that luxury real estate today is very hot. It’s also the investment choice of many because it is viewed as a “safer” and “higher return” option compared to investing money in the stock market or in a bank CD.
As more and more buyers purchase real estate in Boston, prices will only continue to increase in this supply-constrained market until new inventory is built or old inventory that is severely dated is purchased, renovated and resold.
New developments are creating exciting investment opportunities as builders continue to move forward with their projects per the market demand. Today, it has become even more important to understand the luxury market and stay appraised of the current offerings in Boston in order to secure a new home or investment property to not only have a comfortable place to live but an investment that will maximize its return later on.
Below are several current investment opportunities in the Beacon Hill neighborhood:
73 Mount Vernon Street – 73 Mount Vernon Street is a nine unit, +/-8,514-square-foot brownstone that offers investors the opportunity to own a rarely available asset with value-add potential. The property features brick construction, elegant window lines, lawn space and unobstructed rooftop views spanning the Financial District to the Charles River. It is situated along the south slope of Beacon Hill, across from the height-restricted horse stable building, which allows for views across the hill and is just steps from Louisburg Square. Working gas lamps and brick sidewalks accentuate the charm of this distinguished residential area, cordially referred to as “Billionaires Row.” With a starting price at $6,500,000, which includes plenty of outdoor space including a large front yard in the most desirable part of Boston, this has the potential to be a very savvy investment.
Maison Vernon – Maison Vernon is a newly developed residence featuring seven luxury condominiums ranging in size from 1,911 square feet to 3,990 square feet. This property overlooks the nation’s oldest public park and is situated at the top of Beacon Hill on the corner of Mt. Vernon Street and Joy Street. Amenities include 24-hour valet parking service, resident storage, concierge service and wine storage. Current units for sale range from two to three to four bedroom floor plans and are priced between $2,995,000 – $5,595,000.
25 Beacon Street – 25 Beacon Street is a six full-floor unit redevelopment right next to the State House. Among these beautiful luxury residences is an $11,500,000 penthouse with bike storage, direct elevator access, a wine cellar, and parking for two. Amenities for the whole building include a 24/7 concierge service, roof deck, and fitness center.
The Whitwell– Located at 32 Derne Street, these 14 luxury homes are just a few steps away from quintessential Beacon Hill shops, restaurants, antique galleries and all that Charles Street has to offer. These homes range in size from 2 to 7+ bedroom residences from 1,850 to 3,250 square feet. The Whitwell also has three large penthouses with private terraces and open floor plans overlooking the State House and Charles River for as much as $12,750,000. Amenities in the Whitwell include direct elevator access to onsite underground deeded garage parking, an onsite concierge and a common rooftop terrace.
It is clear from all of the new construction that something exciting is happening in the Seaport District. Luxury condo buildings, luxury apartment buildings, new restaurants and large corporations (including GE’s new headquarters) are now making their home in the Seaport District. With an abundance of businesses, including hotels, retail and outdoor recreational spaces located in this area, the Seaport is quickly becoming one of Boston’s most popular new neighborhoods.
To meet this rapid increase in demand for new homes, developers are pushing the definition of “luxury” in Boston to unprecedented heights. Below are a few of the most exciting new luxury residences that were delivered in 2015 or will be delivered from 2016 until 2018.
22 Liberty – 22 Liberty was sold out before delivering residences in November 2015. By January 2016 it was completely closed out. 22 Liberty has 106 market rate condos on the Fan Pier and was designed by CBT Architects. With views overlooking the harbor, penthouses fetching over $8.3 million dollars and world-class amenities, it is no wonder 22 Liberty was sold out without area broker participation. 22 Liberty was the pioneer in “luxury condos” in the Seaport District and set the “New Market” with resales and same-day flips all fetching more than $2,000-per-square-foot.
Pier 4 – Pier 4 is being developed by Tishman Speyer, one of New York’s most prominent real estate building and operating companies. Pier 4 is a luxury condo building with over 100 units set to deliver in 2017/2018. To be located where the iconic Anthony’s Pier 4 Restaurant once stood, Pier 4 is surrounded by water on three sides, which will allow for both city and harbor views. Residences will have access to various concierge services, a clubroom with an outdoor grilling area, as well as a fitness and yoga space. In addition, Pier 4 will host dining and convenient retail options and beautiful, open public spaces on the ground level.
50 Liberty – Following in the footsteps of 22 Liberty, 50 Liberty is an upcoming development that will reside on Fan Pier next to 22 Liberty. 50 Liberty is designed by Elkus Manfredi Architects and is expected to have 118 units and is anticipated to be delivered for 2017. Soaring balconies and harbor views accent this development.
50 Liberty, Pier 4, and 22 Liberty are sure to make an additional impact on the waterfront area in the Seaport District, continuing to add to the buzzing new construction happening each day in the area.
For the first time in history, Boston will host the 2016 Grand Prix of the IndyCar Series. May of last year is when city officials announced the Boston race had been added to the 2016 Verizon IndyCar Series season. The Grand Prix of Boston will be a three-day racing competition held in the streets of South Boston and specifically the Seaport.
The race will feature more than twenty of the world’s most talented drivers, and the event will span September 2nd – September 5th, 2016. INDYCAR and IndyCar Boston will offer multiple options of entertainment and activities before, during, and after the race for all ages.
Many different hotels and restaurants have partnered with Grand Prix of Boston to offer the best experiences for all fans and spectators. The Westin Boston Waterfront hotel is located at the heart of the event. You can enjoy the race from the luxurious suites that offer an amazing view or you can join the crowd right on the course. Either way the Westin is a top-notch spectator location. The Seaport Boston Hotel is located on the waterfront in the Seaport District, and offers beautiful city and harbor views, and convenient access to the main entry point of The Grand Prix, the Boston Convention Center.
It probably won’t be easy to get a table on this weekend but there are some great restaurant spots in the area including: Some of the restaurants in the area include Menton, Ocean Prime, and Strega Waterfront just to name a few.
If you are a part of the community that resides in the Seaport area you already have a front row seat or pretty close to it. Residents of the Twenty Two Liberty luxury condos and the 100 Pier 4 luxury apartments will be able to walk out their front doors to be a part of the action. And if all goes well and this becomes an annual stop on the racing schedule, future residents of 50 Liberty and Pier 4 will be right there with them.
According to The Boston Globe, The Boston Redevelopment Authority has put out a formal request for proposals for redeveloping the Winthrop Square Garage located in the Financial District. Eight development teams have already submitted proposals, including Millennium Partners, the team responsible for the Millennium Tower in Downtown Crossing, Boston’s 690-foot luxury condominium. The Fallon Co., the team behind developments in the Seaport such as Twenty Two Liberty, a 118-unit luxury residential tower in Fan Pier, has also submitted a proposal. Their proposal for the Winthrop Square Garage includes two buildings composed of 32 floors of apartments and 18 condominiums. Accordia Partners pitched a 750-foot building containing 140 condominiums, a public gallery, retail and hotel.
These proposals could change as revised plans are submitted and new ones filter in in the next six weeks. For a preview of the eight pitches already submitted visit Curbed.
While proposals range from a public plaza to sky-high developments, what do you think will tower above the rest?
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.
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.