With Rising Prices, Boston Luxury Real Estate Developers Kick Into High GearSeptember 27, 2014
Boston prices are getting very close to New York prices. The recent sale at the 4 Seasons was at $2,908 per square foot. The sales at the Carlton House, The Mandarin and the Heritage on the Garden were not too far from that price mark. Boston luxury home prices are getting close to the $3000/square foot range and the developers of some of the newer projects are aiming to surpass $3000/ft range for their more luxury Penthouse level homes.
Three noteworthy Boston luxury homes projects in the pipeline are :
THE NEW CHRISTIAN SCIENCE TOWER development project. A 58 story tower next to the Christian Science complex that will feature The Four Seasons hotel, providing hotel and concierge services to all 180 ultra luxury Boston real estate condominiums from the 40th floors up.
The completion date is slated for 2017.
THE MILLENNIUM TOWER in Downtown Crossing is currently under construction. The 56 story tower has amazing views of the city, Boston Harbor and the River from the top floor units.
DON CHIAFARO’S PROPOSED new Harbor-side complex that is still under review and undergoing the approval process. This development proposes multi-million dollar residential units.
All three Boston luxury homes projects will have residential units on the Penthouse levels well above $3000/square foot. As new products come on the market, it will up the game of older luxury units in the marketplace. Renovations will need to be made to stay competitive, including updates to building exterior, units, common areas and adding amenities that these newer buildings offer.