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Luxury condo prices surge: Builders in Boston set to raise the bar
By Scott Van Voorhis
Boston Herald Business Reporter
Sunday, June 17, 2007
H
ere s another sign the downtown condo market is heating up again: Developers of new Boston luxury towers are raising their prices.
Builders pushing two planned condo high-rises are now quoting prices well above the current gold standard - $1,000 a square foot.
The price increases in the new towers come amid an overall upsurge in both condo sales and prices in neighborhoods like the Back Bay and Beacon Hill.
It is similar to a condo pricing surge a few years ago in the Big Apple, which soared past the $1,000 a square foot mark and has never looked back, said David Costello, an executive at ERA Boston Real Estate Group.
It s not all that uncommon in new high-end development downtown to be seeing $1,000-plus per square feet, Costello said. A few years ago, it was unthinkable.
The developer behind the planned redevelopment of the Filene s complex, which will include condos on the top floors, confirmed he is exploring prices that could hit $1,500 a square foot.
Condos on the top floors of the 38-story tower will have spectacular views of the nearby Boston Common and the Boston skyline, among other sites, said John Hynes, president of Gale International.
Three sides have views to the Common and the Public Garden and the river and the fourth side has a view back into the city, Hynes said.
The Abbey Group, which is developing a 31-story tower on Province Street near the base of Beacon Hill, is in the same price stratosphere, citing prices in the $1,100 to $1,300 a square foot range, said Costello, who is representing a client looking at units there.
Meanwhile, Robert Beal, whose development firm is building the Clarendon, a new residential high-rise near the Hancock Tower, is still hammering out his prices. But he said his firm fetched in excess of $1,000 a square foot for recent condo building conversions on Beacon Street and Commonwealth Avenue.
Still, the market leader is the new Mandarin Oriental on Boylston Street in the Back Bay. Units in the new condo/hotel high-rise under construction near the Prudential Center have sold for an eye-popping $1,600 a square foot and up.
The units in the new towers are being marketed at a premium, offering commodities that in Boston, with its large stock of grand old buildings, are still relatively scarce, such as the combination of elevators and concierge service, said John Ford, head of Ford Realty.
That doesn t mean rising construction prices aren t also a factor as condo tower developers raise prices.
Even that said, I still feel there is a strong market for the luxury high-end, Ford said.
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