Developers of 45 Province Not Afraid of "Slow Market"

This past weekend, two of Boston's most published real estate resources,
"Boston Homes" and the Real Estate Section of the Boston Globe, both
featured the newest high-rise development to hit Boston, known as 45
Province. The 31-story mixed use building will feature one, two, and
three bedroom units, ranging from 800 to 2,600 square-feet. This asthetically pleasing high-rise is being erected in between Downtown Crossing and Boston Common, and has an anticipated completion date of Spring 2009.

The developers and marketing team for the development are by no means scared of all the "bursting real estate bubble" talk that everyone who even pretends to know anything about real estate is talking about.
Prices for the units are going to enter the market at some of the
highest prices (per square-foot) in all the city, starting at an average selling price of $900 per square-foot. The newest publications compared 45 Province to three other high-end developements, Residences at the Intercontinental, Battery Wharf, and The Mandarin Oriental, as developments that are near to setting records for units sold on a price per square foot basis. The Mandarin Oriental is the runaway leader with sale prices of $1,600 per square-foot, followed by Battery Wharf at around $1,250 per square-foot, and Residences at the Intercontinental at $975 per square-foot. While each of these developments will offer a wide array of amenities, such as state of the art fitness centers, spas, indoor pools, numerous restaurants, and spacious outdoor areas, one must wonder when the development, and therefore demand, of these massive, multi-million dollar projects will begin to slow down. Developer confidence, reflected in these selling prices, seem to hint that that time won't be in the near future.

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