High End Sales Push City & Waterfront’s Prices up 10%

Filed under: Advice for Home Buyers, Advice for Home Sellers, Back Bay Boston, Back Bay Luxury Condos, Beacon Hill Luxury Condos, Boston Luxury Condos, Boston Luxury Real Estate Market, Boston Real Estate Market, Boston Waterfront Luxury Buildings, Cambridge MA Luxury Real Estate, Luxury Real Estate, Mandarin Oriental Residences, North End Amenities, North End Luxury Condos, North End Waterfront Condos. • Tags: , . By

Boston’s Downtown Condo Market is booming this year.  The overall median price for Boston rose by 10.2 percent to $487,000 this year, while luxury building prices rose 13.1 percent to a median of $735,000.  Both of these metrics are only about $15,000 shy of 2008 peak prices just before the financial crisis frightened buyers.

Boston WaterfrontAlthough these numbers seem good, citywide home sales in Boston have declined by 10% since last year.  The increase in both medians is likely due to the 26.8 percent increase in high-priced luxury condominium sales, most of which are in the downtown Boston area.  Another major factor allowing prices to increase while sales decrease is that there is simply less supply, giving sellers more power in the market.  Debra Taylor Blair, president of the Listing Information Network, a Boston company that tracks the city’s downtown condo market, presented the idea that “Sellers can rent their properties out and more than cover their mortgage.”  This at least partially explains home-owners’ reluctance to sell, and points to positive trends in market confidence despite the sales decrease.

John Ranco, a broker with the South End’s Hammond Residential Real Estate, also pointed out that much of last year’s sales were driven by federal home buyer tax credit.  These incentives mainly affect first-time home buyers, and therefore lower-priced sales.  Again, this helps explain 2011’s lower sales quantities but higher prices.

To read more about Boston’s booming real estate prices, visit Boston.com’s article at http://articles.boston.com/2011-07-26/business/29817026_1_condo-market-condo-prices-debra-taylor-blair.

Interested in buying or learning more about Boston Luxury Condos?  Contact CL Waterfront today!


Mandarin Oriental Luxury Home Under Agreement

Filed under: Back Bay Amenities, Back Bay Boston, Back Bay Boston Real Estate Market, Back Bay Events, Back Bay Luxury Condos, Boston Luxury Condos, Boston Luxury Real Estate Market, Boston Real Estate Market, Carmela Laurella, CL Waterfront Properties NEWS, Featured Sold Properties, Luxury Real Estate, Mandarin Oriental Residences. • Tags: , . By

CL Waterfront Properties is scheduled to close Mandarin Oriental unit W 10C in January, marking the only sale in the Mandarin in the past 9 months and the 1st sale of 2011.   In 2010, 4 condos sold at the Mandarin with an average sale price of $5.287M ($1,516 per sq/ft).

Mandarin Oriental, unit W 10C

Mandarin Oriental, unit W 10C living room

Listed for $3.8M ($1,486 per sq/ft), this custom-built, corner home has 3 bedrooms, 2.5 baths and over 2,500 sq/ft of living space.  This luxurious residence features floor-to-ceiling windows, ash floors, custom audio, lighting and window treatments.  The designer kitchen has Poggenpohl cabinetry, chef’s stove, imported granite and matching island.  The private master suite has marble bath with window and southern exposure, dressing area and custom closets.  The condo has 2 deeded parking spaces and storage.

Owners at the Mandarin have full access to 5 star hotel services, concierge, doorman and valet parking.

Browse available Boston luxury condos for sale or rent here.   You can also browse our Waterfront luxury properties, or our other Back Bay luxury properties on our website.

If you need assistance buying or selling premier Boston property, please contact CL Waterfront Properties to speak to one of our knowledgeable agents.