The 1850 Goes to Auction, and BCG Clients Receive a 50% Discount

Following the trend in which the Folio (Financial District) and Longwood Towers (Brookline) developers undertook, The 1850 Lofts, in Boston's South End, are heading to auction on June 28th. Located at 90 Wareham St, The 1850 Lofts development consists of 60 luxury units, 35 of which will be auctioned off, with minimum bids starting at $175,000 (for units previously priced at $385,000) and ranging up to $395,000 (for a unit previously priced at $799,000). The lofts range in size from 679 to 1,564 square-feet, and offer such features as central A/C, brick and beam construction, deeded parking, large windows, granite countertops, stainless steel appliances, washer/dryer hookups and more.

Important information for bidders: "On auction day, all approved registered bidders must present a separate Cashier's Check, Traveler's Check, Certified Check or Money Order ("Cash Equivalent") in the amount of $5,000 for each residence that they have been approved to purchase. Each bidder is also required to bring a blank personal check. The blank check will then be added to the $5,000 to equal 5% of the winning bid price. Cash Equivalent(s) should be made payable to yourself."

Wells Fargo is representing the developer as the preferred lender for the auction and will offer mortgages to buyers with high FICO credit scores (700 and above). Wells Fargo will be offering 90% loans, with the winning bidders required to put down 10%.

Potential buyers must register for the auction by Wednesday June 24th. The 1850's Lofts are open from now until the auction for viewing, helping prospective buyers decide which unit(s) to bid on. Be sure to secure the assistance of a Boston Condo Group agent when touring The 1850 Lofts. Our Agents will provide you with Professional Representation, ensuring that you fully understand the auction process, and have complete knowledge of this development. Additionally, Boston Condo Group is offering all of our clients the following coupon... A 50% Refund!

*This refund is given off our services if our client(s) purchase a unit at The 1850 Lofts Auction. The commissions paid to Boston Condo Group, the buyer's broker, are paid by the developer, and not by our clients. We will return one half of the commission we receive back to our clients. And, since this cash is determined to be a refund off of services rendered, our clients DO NOT need to pay taxes on this money. See below: past sales at The 1850 Lofts with new auction prices for comparable units.

- Loft # 412: Sold 8/15/08 for $410,000
o Loft #512 being offered at auction for starting bid of $195,000

- Loft # 303: Sold 7/28/08 for $437,500
o Loft #403 being offered at auction for starting bid of $225,000

- Loft # 307: Sold 7/11/08 for $480,000
o Loft #407 being offered at auction for starting bid of $260,000

To learn more about this auction, or to learn about our 50% refund, please email us here, or call us at 800-975-5BCG.

With Prices Down, It's a Great Time to be a Buyer

The sales data from 2008 has been reported, and is shows that the median home price fell almost 12 percent last year. In the Boston area alone, prices fell over 7%, and a full 15% between November of '08 and their peak in September of '05. For those looking to purchase a first time home, now is the time to buy.

Jenifer McKim of the Boston Globe published an article yesterday titled "It's all a matter of ZIP code". In it she supports the argument of why first time buyers should consider pulling the trigger now and taking advantage of this "sluggish real estate market".

Read the full article here.. "It's all a matter of ZIP code"

Waterfront Battery Wharf Condos Currently Priced Well Below 2005 Preconstruction Prices

Battery Wharf has been under construction for the past 3 or 4 years, and since it's groundbreaking, the project was slated to be the newest luxury hotel-condo development on Boston's waterfront. The 105 residences originally went on the market at preconstruction prices starting at $975,000 for a one-bedroom condo. Regent Hotels & Resorts teamed up with Battery Wharf in 2004, and the development was to offer 150 luxurious hotel rooms (in addition to the 105 residences), as well as many services and amenities to the residential condominiums. Regent Hotel and Resorts announced in June that it was no longer going to be associated with the development, and was leaving the Battery Wharf project. Condominium residents at Battery Wharf were concerned because many of the amenities that they had been promised (such as 24-hour concierge service, valet parking, 24-hour room service, a state of the art spa and fitness center, and more) were now put on hold, until Battery Wharf found a new hotelier. Thankfully, for the development, it's residents, and the North End/waterfront area, Fairmont Hotels & Resorts announced it will take Regent's place, and manage the new Fairmont Battery Wharf. Scheduled to open in December 2008, Fairmont Battery Wharf will feature a restaurant, "designed with guidance" from three-star Michelin Chef Guy Martin, and lounge with harbor views and water taxi service to Boston Logan International Airport.

Now is a great time to purchase a condo at Battery Wharf, and be one of the first to experience the newest full service luxury development on Boston's waterfront. Several units have been drastically reduced in price since originally being marketed with a minimum preconstruction price tag of $975,000 in 2005. Currently, 1-bedroom homes, with 1-full, and 1-half bath, and almost 1,000 square-feet of living space begin at $750,000! If you would like to take advantage of this great opportunity to purchase a brand new waterfront home for well less than preconstruction prices, contact us today for more information about purchasing at the new Fairmont Battery Wharf Hotel and Residences.

Battery Wharf currently has many listings on the MLS. Please click the following list for a full list. If you would like any additional information on the units, or the development, please contact us at 800-975-5BCG (5224).
Battery Wharf Listings

Click this link to view our Batter Wharf Development Page - Battery Wharf

It's Not All Bad News!

With the start of each day, or just about, our morning papers are littered with articles discussing the horrendous condition of the housing market. Whether we are reading about foreclosures, mortgage rates, median home price sales, or inventory levels, the news always seems to build on our fears. But the fact is that the market is still quite active, many properties in Boston are selling, and as mortgage rates move toward historical lows, the current condition creates a perfect time to buy for the right individual.

We've seen quite a bit of this recently in the Boston market. There are buyers out there, plenty of them, and as certain property values have exhaled to more realistic levels, they are being sold. When desirable properties hit the market it's not unusual to see several buyers get quickly involved in the bidding process.

Sunday's Globe ran a great article discussing three exceptions that often make a property be "less affected" by a poor housing market. They were "Location", "Price", and "Condition". To read the article, click this link - "Bidding Wars? Quick Sales? It's Happening!"

Costly Mistakes Buyers are Making In Today's Market

Buying a home is a very important decision in one's life. When purchasing a home many consider (amongst other things) money (financing), location, value and "vital features" the buyer's home must have. However, it is during this buying phase that many people make the most common mistakes that not only lead to buyer's remorse but can easily be avoided.

Many buyers go into the purchasing process with the belief that finding a home should take a lengthy amount of time. This is not the case. Sometimes buyers may find their "dream home" within the first few weeks of searching (some even within the first week!) yet pass over this home and continue to search. The reason for this is because many people often think that more "time and effort" is equivalent to how perfect the home will be. While purchasing a home is a major investment in the buyer’s life, the buyer if properly represented by their broker/agent should trust their agent's advice. Brokers/agents know what kinds of properties exist and which do not, what is available and what is not. Passing up a perfectly great home because it seemed "too easy" can be a bad decision for both the buyer and the agent. Your broker/agent is there to serve you and will advise you to help you make the best decisions possible. Buyers often feel uneasy about purchasing one of the first homes they have found, however with the proper guidance from your broker/agent this just might be the perfect home for you.

While purchasing a home is a large financial investment, buyers should not hold out on price if the unit they desire is their "dream home." When buying a home many buyers often think that they are spending too much money. However, if your reputable broker/agent and you do the proper research you may find the home is correctly priced. Backing out of a deal because of a small price difference can be a big mistake. Many buyers will always have a hindsight bias, where they believe they should have purchased in earlier years when "prices were more reasonable." However, in three years you may be saying the same thing about the unit you had passed up.

Another mistake buyers often make, is having the belief that buying a home is strictly for financial reasons only. If you believe the market is "unstable" and this is just a financial investment (like investment banking) then it will never be "the right time" to purchase a home. However, see purchasing a home as more of a way to meet ones goals, move your life forward, and possibly even a new adventure.

After making a large investment (such as purchasing a home) buyers often try to cut costs by not hiring a lawyer. Lawyers can not only help look over the fine print but make the buyer feel more secure with their purchasing decision. They can also take care of any last minute errors. Therefore, hiring a real estate attorney whose fees remain constant despite the price of the home you are purchasing is the best route to go.

Lastly, when searching for one's "dream home," make sure to really investigate the surrounding location. Many open houses are often held during prime time to make the residence look the best. You want to be happy with your new home 24 hours a day, seven days a week. Not seven hours a day three days a week. Come check out the area at night, the weekends, and even during rush hour. This way you know the home is exactly what you thought you were purchasing. And with an insightful broker/agent who may have even done the research for you, you are sure to be happy with your new residence.

Saying 'Goodbye' to the Big Dig and 'Hello' to the Greenway and the New Boston

Many often wonder if they will ever truly reap the benefits of Boston's Big Dig. With a lot of controversial issues, over-spending, and serious inconveniences, many Bostonians have thought negatively about the Big Dig. That is all about to change. Over the years, all we've seen from the Big Dig are clouds of dust, traffic backups and hundreds of construction workers. There is now a positive side to all the hassle. Such things as bike paths, green commons, beautifully landscaped parks, art exhibits, memorials, and private quarters are all part of the Big Dig's payoff, besides the dismantling of the central artery and smoother traffic flow. It has been projected that within the next several years, many beautiful and desirable features will exist in what will be the Rose Kennedy Greenway, or as, the soon to be household name, The Greenway.

Standing at the base of North Washington Street is the most noticeable aspect of this massive infrastructure development. the Leonard P. Zakim Bridge. This engineering feat, supported by cables, is a beautiful and architectural addition to Boston's scenic view. In due time (optimistically by Summer 2007's end) there will be more than a mile of green parkland (the Greenway). Such new features do not end here. In the North End there will be two blocks of parks running along Cross Street and over to North Street. A plaza nearby will feature a map of what the 'old Boston' used to look like (Boston five years ago).

As one of the countries most historical cities, Boston will be lined with bronze rails engraved with historical figures and quotes. The North End will have these bronze plaques inscribed with quotes from the North End's residents ranging from the early 17th century until today. Such features will not only add to Boston's beauty, but pleasure history buffs all around Boston. Side streets and main streets all along the central artery will be lined with trees and flowers. Ramps no longer stand in between North Street and Christopher Columbus Park, but rather another one of the Boston Museums architectural buildings. Every inch of the Greenway will have something different for condo residents.

The central portion of the Greenway is the four Wharf District blocks that go to the Boston Harbor Hotel. The outlines of the four historic wharfs (City, Central, Long and India) are identified by decorative paintings. However, the heart of the Greenway is the two blocks between State and India Street. This is where most of the activities are held, with fountains and greenery. Then there is the 31 story Russia Wharf office tower that casts a shadow on the Greenway. Although Russia Wharf is only air space at the moment, the approved plans and architectural renderings are something that everyone in the area must marvel over, and most certainly will, once the massive green, glass development is completed. Even Chinatown will have its own additions, with a park laced with bamboo and willows. Anyone lucky enough to become a resident along the Greenway, whether it be in the North End, Chinatown, Financial District or waterfront, is sure to enjoy themselves and the beauty of Boston even more, due to these incredible aesthetic and engineering improvements.

East Pier Development Coming To A Momentary Halt?

Last month, the newest $275 million residential and retail complex on East Boston's waterfront was surprisingly delayed. The project is said to be quite essential to the livelihood of East Boston and it's surrounding neighborhoods. With such impressive architectural structures approved for development, the surrounding property values, as well as overall livelihood of the areas residents, are set to greatly improve. Due to recent increases in development costs, construction on pier one has been recently postponed. Construction of the project is to continue in a series of phases. Construction companies were granted an extension of 60 days before they had to begin the next phase of construction. Construction on the 368 condos and 177 apartments is scheduled to continue in late summer or early fall.

While some argue the real reason for the delays is because of the poor market, others are quick to deny such theories, stating that the recent delays have been due to the switch in subcontractors. This project has been “years in the making” and is one of the most ambitious projects to hit East Boston. While some residents have been skeptical, many residents of East Boston have been looking forward to this development for it will feature housing, shops and even marina facilities along the waterfront for condo owners. Not only will the project feature these amnesties, but parks and other public spaces as well, along the pier. Some residents of East Boston were disappointed by the delays in this massive project. Government officials involved with the project released a statement saying that the project had hit unexpected costs and even switched from the Skanska USA Building Inc. to Suffolk Construction Co. It is no surprise that a project of this magnitude would go over budget, but many residents of East Boston hope this project will continue to push on and add even more value to the once historic site rich with culture.

Boston Area Beginning to Sizzle After a Slow Year

Following a year of slow sales and seemingly overpriced inventory, there has finally been a turn around in the real estate market. As sellers and real estate agents alike soon came to find, declining prices have suddenly changed the direction of the market. The declining prices of homes and condos have increased not only the buyer pool but brought the declining market back to life as well. Sales are now increasing, and therefore decreasing inventory; making condos of the Greater Boston area (as well as downtown) a hot commodity once again.

After more than a year of a plummeting sales and vacant homes and condominiums, sellers are finally willing to lower their prices. As a result, more buyers are investing into these properties and more homes are selling. While many sellers focus on pricing, they have come to realize that the realty market is unforgiving of overpricing. Buyers will not make a purchase if they do not feel that they are getting their moneys worth. The real estate market is about flexibility and sellers are now learning to become more flexible with the realization that sellers will not stick around. Homes and condos, that were once idle, have experienced a reduction in price, and are now flying off the market (with a handful receiving anywhere from three to five bids a day).

While many thought that the market would continue on a steady decline, analysts soon found that a way to turn around the once booming market would be to lower prices. Lower prices would attract more buyers, offer better investment opportunities and turn the market around, which is exactly what is starting to happen. According to Multiple Listing Service Property Information Network, pending home sales have risen and selling prices are about ten percent lower than they were last year. Some analysts have predicted that as a way of remedying itself, market prices will hit record lows within the next year. This would leave room for more sales and once inventory levels have been minimized, prices will then begin to rise with the economy. While it has been noted that sales outside of Boston are still struggling, Boston’s sales are continuing to heat up. According to MLSPIN, there are twenty one percent fewer condominiums available for sale than a year ago. This is understandable, considering the Boston community is not only one of the most cultural but pleasant cities to live in within the country.

Our recent personal experience has witnessed this first hand. For example, over the past few months, while preparing a list of potential condos (on a Monday or Tuesday) to view over the upcoming weekend, a client may have 6 to 8 top choices. By the weekends conclusion, 4 or 5 of those properties may be under agreement, or have received a considerable amount of offers. The bottom line is… the properties that are priced right, are attracting a lot of consumers, and are the ones that are selling. It is still a buyers market out there. Now go take advantage of it!

Who Features the Most Boston Condo Developments?

Over the past couple of years all of us at Boston Condo Group have worked hard to build our online directory of Boston Condo Developments. We have always felt that it isn't enough to simply provide access to the Multiple Listing Service, but that we should provide information on the many different condo buildings located throughout the city. We began mapping out all the buildings, both new and old, collecting as much information on them as possible, and visiting each of them to take photographs. Recently, we have wondered where we stand compared to other Boston real estate websites. We first took a look at the number of developments located within the city limits of which we had individual web pages built. Here's what it looks like on a map...

After comparing our volume of developments with other Boston websites we quickly became assured of our the vast size of our directory. Not only do we list the newly constructed and pre-construction properties, but we try and list all major developments in each neighborhood. This seemed to separate and distinguish our site.

We then decided to look at the abundance of information provided for each building, and as expected, we once again found are web pages leading the group. This second realization is continually reinforced by the number of calls and emails we receive from competing brokers and agents whom are trying to collect additional information from us so that they can better serve their own clients.

Concluding that are site lists more developments and offers more information then any other site in the Boston condo market does not deter our efforts. We are excited about all the new projects currently underway, and what it means for the future of Boston's different neighborhoods. We are always digging up as many details as we can, chasing down rumors, and publishing the information once we our comfortable with it.

If you're thinking about purchasing a Boston condo in the near future, and you're looking to find representation that is sure to have full knowledge of the Boston market, as well as the resources necessary to ensure you receive the full presentation deserved from you buyer's agent, please contact us at Boston Condo Group.

Boston Needs No Benchmark

Boston has once again been ear-marked as the runner up, second on the scene, younger sibling, and wannabe, to New York City. This past week's Boston Sunday Globe published the article "The Manhattanization of Boston", where the city's recent construction boom of high-end and high-priced condo developments was referred to as a reaction to what is already available and already been done in New York. If there's one thing Bostonians don't respond well to, it's beling pinned beneath the Big Apple, and being told they're unoriginal. However, later in the article, it was noted that many developers said it's less of Boston catching up with New York, rather Boston playing its part in an era of International modernism within urban condominium developments.

All of the developments mentioned in the article are featured on BostonCondoGroup.com. For more information on any of them, please click on their links below:

Residences at Battery Wharf

Residences at The Intercontinental

45 Province Street

Ritz Carlton Towers

One Charles

Trinity Place

The Belvedere

Mandarin Oriental Boston

Taj Boston

The Heritage on the Garden

Sources: "The Manhattanization Of Boston" Thomas C. Palmer Jr., The Boston Globe, March 25, 2007

Penny Savings Bank... Not Too Shabby!

When real estate developer Stonegate Property LLC first announced their intention to convert the Penny Savings Bank into luxury condos, many people expressed their doubts and concern. The Penny Savings Bank has long been an architectural icon since it was first built 100 years ago in Boston's South End. The developer proposed to maintain it's 5-story base, built with white marble, and to erect a 3-story addition of clear and translucent glass that will sit on top. South Enders could only imagine the daunting clash of style and architecture that would overtake what is currently a beautiful stretch along Washington Street.

Fortunately, those speculators seemed to of had little to worry about. The project is due for completion this Summer, and the exterior of the building looks terrific. The conflicting styles of a white marble base with glass story's atop hardly look as if they were designed and built almost 100 years apart. Simply put, they compliment each other very well. There are 23 condo units within the Residences at Penny Savings Bank, and they are being bought up fast. On the first floor of the building will be a high-end restaurant and a Citibank. Residents, however, will have a private entry that opens up to a lovely lobby.

Please contact us for more information, or visit our dedicated development page - Penny Savings Bank.

Battery Wharf Project Picks Up Pace

Piling by piling, beam by beam, story by story, the impressive mixed-use development known as Battery Wharf is beginning to take shape on the North End waterfront. With a delayed ground breaking about 18 months ago, many questioned the developers anticipated completion date of fall 2007 for this massive project. Simply getting started on the construction of the development was not an easy task for the construction team. As a North End resident, I have seen each step that has been taken since ground breaking. From the months of removing old rotten wood pilings from Boston Harbor, to the digging of the foundation and underground parking garage (which will contain over 375 valet parking spaces), to the hammering of new steel and concrete pilings, to the erecting of the building structures. During this time, residents and visitors to the impressive North End site have seen the construction teams working in rain, snow, intense temperatures and everything in between. The crew seems determined to have the residences and amenities available to condo owners by the end of the year.

The $275 million project will include 104 residential condominiums, a Regent Hotel with 150 guest rooms, a 30,000 square-foot fitness center and spa, restaurants, cafes, conference rooms, a nice bar, lounge... you name it. The exterior structures of 3 of the 4 buildings are near completion, with one building yet to commence. The two pier buildings are going to be the first completed, with The Regent Hotel guest rooms and facilities on the first two floors, and the beautiful residences on the upper four (4) floors. In front of the pier buildings will be a 300 foot marina with boat slips available to the residences for purchase.

With the number of residential sales increasing for the buildings, it seems that the development should approach sold-out status by the time completion is near. Contact us today for more information on the project known as Battery Wharf: Utopia Engineered.

Condo Market Picking Up?

The real estate market is cyclical. It always has been, and it always will be. The slow market of recent years was sure to break at some point, and lately there's been strong signs of that progressing period being upon us. The median price of single-family homes fell a few percent in the past couple of months, more then likely compensating for the market's overvaluation. The median prices of condos fell 1.2% alone, compared to an 8% gain the previous year. In what can only be received as promising news, Warren Group of Boston declared a recent increase in real estate sales. Whether the increase is due to the mild winter, or to housing becoming more affordable, analysts aren't quite ready to commit. Whatever the cause, its terrific to see activity buzzing in Boston's condo market.

Kimberly Blanton of The Boston Globe wrote,

"Real estate agents statewide told of a flurry of recent activity... They reported their open houses are busier and buyers who window-shopped last year are now putting deadlines on finding a house. Some sale listings have even elicited multiple bids, they said."

It is impossible to declare whether or not this recent trend is a defining indication of the real estate market turning, but it is certainly reason to be optimistic.


Sources: "Housing market on mend?" Kimberly Blanton, The Boston Globe, February 28, 2007

Russia Wharf - Making Waves

Russia Wharf is a titanic redevelopment project just starting its early stages of construction. The 31-story structure will maintain its brick base, and will reach its proposed height by erecting a glass encased structure that will tower over the new Rose Kennedy Greenway. It has recently made headlines by forcing the developers of the newly finished Intercontinental Boston, luxurious condos and hotel, to draw up a lawsuit for obstructing views on one side of the building. The property was purchased not too long ago as part of a nationwide $39 billion dollar deal, and now it is being offered up to developers. 12 developers initially showed interest, but due to an eruption of demand for the project, the list has been narrowed to 4 able candidates. These 4 bidders must submit their bids by tomorrow. One thing is for sure, we haven't heard the last of the Russia Wharf development.

For more information on condominiums at Russia Wharf, click the following link : Russia Wharf condos.

Luxury Living in Boston's Seaport District

Living the condo lifestyle in Boston means many things. It means having certain luxuries and amenities, it means being in the short proximity of trendy restaurants and heavily commerced city blocks, and it means living in one of the few Boston neighborhoods where this is all possible. After years of restoration, redevelopment, and heavy private investing, that list is now being accompanied by Boston's Seaport District. The Seaport was once an area where the majority of Bostonians couldn't bare the thought of hanging their hats. Besides a trip to Anthony's Pier 4, Jimmy's, or the Pavilion, what reason could there be for venturing over the Channel? Surely not to enter the neighborhoods of South Boston. If anything, the Seaport District most rewarding value came from the bumper it provided. Today South Boston is being flooded with young professionals eager to gentrify their new surroundings, and their bridge into Boston, the Seaport District, is earmarked to become one of Boston's most desirable places to live.

Why is this change happening? The Seaport District has long been severed from Boston's most presentable neighborhoods. To venture their by foot, one use to have to walk beneath the Central Artery, move through the dodgy waterfront, then across the Fort Point Channel. Today, the artery has been buried beneath the streets, the seeds of the Rose Kennedy Greenway have been planted in its place, and the waterfront is being built with luxurious hotels and condo developments, such as Russia Wharf and the Intercontinental. The reconnection has been completed, but the development continues deep into the Seaport. The massive Boston Convention Center sits on summer street, and is littered with activity on most nights. Right next store, the new Westin Boston Waterfront just opened last year, and by the end of this year, the Renaissance Boston Waterfront will be opening its doors on Congress Street.

The Seaport's restaurant scene is also on the rise. The Westin is home to "Sauciety", and the Renaissance will be opening "Georges Bank Bistro". Legal Seafood's opened a test kitchen, properly named "LTK", and "Anthony's Pier 4" is still holding strong with some of the city's best seafood. Jimmy's has closed it's doors, but the word on the street is that 3 new restaurants will be taking over its waterfront location. Beyond food, the Institute of Contemporary Art has relocated to the Seaport, now occupying a prime location next to Anthony's. In the same sentence one can now say the words "Boston's Seaport District", "culture", and "class".



With all that's being built, where is one to live? There are several completed condo luxury developments in Boston's Seaport District. They include the Channel Center and Fort Point Place, which are right along the Channel, as well as Park Lane, which is at the moment rent-only but is positioned very well along Northern avenue overlooking the harbor. Opening this year will be a beautiful three building complex named FP3. These units will consist of lofts, condos and penthouses. And in the next 2 to 3 years, Fan Pier, Waterside Place, and Pier 4 will all be opening their doors, which will entail several thousand new condos. It's an exciting time in Boston, and it is sure to be exhilarating to live in the Seaport District and experience one of Boston's most promising neighborhoods come to life.

Condo Market Holds Relatively Steady in Year-End 2006

Year end figures for 2006 exhibited a mild decline in condo prices for the downtown condo market. Although there was a mild decline for the year overall, fourth quarter sales and condo prices increased 2.8% from the same period a year before. Typically thought of as one of the slowest times of the year for real estate transactions, the boost in condo prices during the final three months of 2006 should create optimism for the market in 2007.

Despite most of the negative press that has been published about the poor state of the Massachusetts real estate market, it seems as though buyers who previously decided to "wait to see what's going to happen to the market" (as I frequently heard this past fall) have once again began to actively get involved with viewing units and purchasing. This seemingly sudden interest from buyers can also be attributed to sellers becoming more educated about the current state of the market and lowering their prices to more realistic (non-inflated) prices. Just in the past two weeks, I witnessed this trend first-hand while working with a client. The client had three top choice residences that he wanted to strongly pursue. The units had been on the market for between 127 and 471 days as of Monday, a couple of weeks ago. Two of the three condos went under agreement that day (the unit on the market for 471 days had received 3 offers in a 12 hour period) and the third condo had an accepted offer a few days later. Other than the shock that I had, when finding out three specific units (which had been on the market for a while) all went under agreement in a 10 day period, I felt a boost of confidence that the market is moving in a positive direction

I was recently quoted in the Boston Globe in an article written by Kimberly Blanton about the current state of the downtown condo market. When we spoke, we had a nice discussion about the real estate market boom of a few years ago, the current state of the market, and my thoughts on the near future. She has written many great articles that we have used as a base for some of the content and news updates on this website.

BostonCondoGroup.com Updates

In our ongoing effort to have a full index of all present and future condo buildings in Boston, we have recently added 8 more developments. Most of these projects are currently in mid-construction, and should be completed anywhere between the next couple of months and a couple of years. Please contact us if you have any questions regarding these properties.

Allele in South Boston

Penny Savings Bank in the South End

ArtBlock in the South End

Longwood Towers in Brookline

700 Harrison in the South End

The Meads of Commonwealth in Back Bay

Worcester Square in the South End

Audubon Park in The Fenway

Web 2.0 and The Search For Boston Condos

The Boston condo market is currently undergoing a defining period of development and growth. Alongside this change, the resources available to consumers to help navigate the market are also evolving into much more sophisticated tools. While the condo market owes many of its advancements to city sponsored renewal projects such as the Big Dig, the innovations in available resources are due to the Internet and the emergence of Web 2.0. The premise behind the newly termed "Web 2.0" is that the Internet is no longer a place where visitors only jump from site-to-site reading information, but rather they are now able to interact with both websites and other users, utilizing the Internet as one large computing platform, and consequently adding value to each individuals unique experience. Boston Condo Group is proud to announce the development and integration of Web 2.0 dynamics into its website, bostoncondogroup.com, giving buyers and sellers an improved arena of tools and possibilities that will change the way they search, navigate, and gain knowledge of the condo market.

Up until now, most real estate websites have been able to offer nothing more then brochureware, meaning they display properties and buildings with information equivalent to a simple paper brochure. When maps have been presented on a page, it has only been to show the location of a specific property. Boston Condo Group has taken this function to the next level by integrating Google maps and API technology on each of their building pages. There are several hundred condo buildings of at least medium size in the city, but the problem is that most people have never heard of them or are not familiar with their exact locations. Visitors often find real estate sites after performing a broad search based on a city area, or after searching for a buildings that they are familiar with. When a visitor views a building's page on bostoncondogroup.com, they will be able to see the building pinpointed on a Google map, and then they will have the opportunity to "Display Nearby Buildings". Using this function triggers the interactive map, and all condo developments in the area will pop up in the form of red pushpins. The user has the ability to click on each of the pushpins, bringing up the name and picture of each development. They are also given the option to go to that building's specific page where they can view additional pictures and learn more about the development.

Boston Condo Group also makes it easy for their content to be tagged and shared among larger networks. In the past, when an individual found a page with useful information, they were able to bookmark that page so that they would be able to relocate it later. Web 2.0 has flourished social networking communities, meaning that Internet users now have the ability to bookmark pages on a network much bigger then just a group of people who use one individual computer. They can now tag them in an online social community where pages can be evaluated by other users, shared with millions of people, commented and discussed, and retrieved from any computer that simply has an Internet connection. Bostoncondogroup.com makes it easy for site visitors to participate in social networks by integrating simple "add to" buttons for 4 of the major communities, "del.icio.us", "digg", "Google", and "Yahoo".

East Pier Breaks Ground and Soon Will Bring 550 New Units to the Boston Market

This past weekend, construction began on the East Boston waterfront. This project, known as East Pier, will bring 550 new luxury condos and apartments to the Boston market, and will offer fantastic views of the Boston skyline to a majority of the residents. Roseland Property, Co. purchased the rights to build on the East Boston location about six years ago. Many had wondered when the old rotten piers, and virtually obsolete structures that lined the Harbor's edge, were going to come down and a better use of the location was going to develop. Now is that time.

Roseland Property, Co. has teamed up with Lennar Urban Northeast for the project. They seem as though they will be a great team, because Roseland focus has been on rental apartments, whereas Lennar is a branch of the larger Lennar Corp., a national homebuilding corporation. The team will build seven buildings in two phases, on the 13-acre East Boston waterfront site. Many of the piers and a few of the large warehouse structures will be demolished prior to development. The first phase of the project will be on the landside of the site, and the second phase will be erected on massive concrete pilings, out into Boston Harbor. The first phase, anticipated to be completed in 2 years, will consist of three buildings, five to seven stories in height, and staggered throughout the property to maximize views of the Boston skyline. The second phase will be the remaining four structures, also five to seven stories in height, however completion is not expected until 2010.

Of the 550 units, about 177 are planned as apartments, with the remainder being a mix of one- and two-bedroom luxury condos. In addition, the ground floor of the development will include over 65,000 square feet of commercial and retail space. Restaurants, shops, service facilities, and meeting areas are planned for the space. For residents, and businesses alike, there will also be 800 parking spaces created, 640 of which will be underground.

As previously mentioned, Roseland purchased the rights for development of the site about 6 years ago. That was when the Boston condo market was taking off. Will the market be able to absorb another 373 some-odd units at a somewhat skeptical East Boston location? With plans to build a permanent water taxi which will transport residents, workers, and visitors from East Boston to the downtown waterfront, and prices for one-bedroom units starting in the $300,000's, I believe this project will do just fine. At first thought, you have got to think about every time you go to Logan Airport and back in the tunnel, or over the Tobin Bridge, and have to pay at least $3.00 just in tolls, that living in East Boston would become very uneconomic for those frequenting downtown Boston. With significantly lower sale prices than most, if not all, Boston waterfront luxury developments, and the additional forms of convenient (hopefully inexpensive) modes of transportation from the city to the site, East Pier has the potential to be a fantastic success, and an incredible luxury for those fortunate enough to take advantage of the opportunity of investing in a unit at this transforming waterfront location.

Source: "Change of scenery in East Boston: Building starts on luxe housing development as waterfront shows signs of renewal", By Thomas C. Palmer Jr., Globe Staff January 16, 2007

Condo Living On Boston's New Greenway

In 1959 Boston authorities made a tough decision when figuring out what to do with the overflow of traffic moving to, from, and through the city. Their solution was to erect a 6 lane elevated superhighway, one that would slice the city in half. The Central Artery, as it was called, displaced 20,000 residents from their homes, and severed Boston's Waterfront and the North End from the rest of the city. The ability for these neighborhoods to economically compete in the city's commerce were cruelly diminished. 25 years later, when the volume of traffic on the Central Artery began creating over 10 hours of congested traffic per day, and as the severed neighborhoods were still harboring their grudges, a solution was planned once again. This time it was called "The Big Dig".


The Big Dig broke ground in 1991 with a mission to remove the entire Central Artery, replacing it with an 8-10 lane expressway below the surface. It would require huge connector ramps on either side of the tunnel, and as an added bonus, the Ted Williams Tunnel would be constructed to connect Logan Airport in East Boston to South Boston, thus creating an alternate route for travelers approaching from the South and West. When it was all said and done, the Big Dig disrupted 7.8 miles of highway. If each lane of those highways were laid down one after the other, it would stretch out for more then 161 miles. The project is currently in its final stages, 15 years later.


Although the finishing touches still need to be applied, Boston residents are already realizing the effects of the Big Dig. The North End and the Waterfront are once again a part of the city, whereby residents can easily stroll from one neighborhood to the other. The sound of traffic is buried beneath the streets, and the once poisoned property along the Central Artery is busting with construction and realizing a growing volume of commerce. Besides bringing the city back together, the Big Dig is responsible for the creation of more then 260 acres of open land. Where the old artery once stood stretching through the city, a strip of parks, art centers, and recreational facilities are being built. The Rose Kennedy Greenway, as the strip will be termed, is being lined with new hotels, restaurants, shops, galleries, an arboretum within, and several new luxurious condominium residences. Rowes Wharf and the Boston Harbor Hotel have had the pleasure of watching the entire Greenway laid out in front of them. Other condo buildings, either new construction or recent conversions, have recently opened their doors in time to take full advantage of the areas new atmosphere. These include Greenway Place, Folio Boston, Broadluxe, and the Residences at the Intercontinental. There are several residential communities planned for the future, including Russia Wharf, which will position itself should-to-shoulder with The Intercontinental.


The Greenway represents something brand new for a city whose streets and neighborhoods have already fathered so much history. Being a Boston resident affords each individual the ability to observe and contribute to this exciting era. Living along the Greenway and among all its integral surroundings offers a promise of something novel and unique in a city where that is often rare. The Rose Kennedy Greenway will be a hub of anticipation, of activity, of fresh character, and of exhilaration.

For a virtual tour of the Rose Kennedy Greenway, visit "Neoscapes A City In Bloom"
Statistics Source - Massachusetts Turnpike Authority

The New Institute of Contemporary Art and the Seaport District's Condo Scene

The Institute of Contemporary Art (ICA) will be opening up this week at its new location in South Boston's Seaport District. The building was designed by the world famous architectural firm Diller Scofidio + Renfro. The ICA building is sure to inspire vibrant conversation regarding its incredible design, its prime real estate on one of Boston's most valuable seaside lots, and just what exactly the Institute will feature. The building sits on 62,000 square feet, with an 18,000 square foot gallery and a 5,300 square foot Performing Arts Center. As to the building's inspiration, Elizabeth Diller said,

"The design of the ICA negotiates between two competing objectives: to perform as a dynamic civic building filled with public and social activities, and as a contemplative space providing individual visitors with intimate experiences with contemporary art. The "public" building is built from the ground up; the "intimate" building, from the sky down."

So, what does this mean for the Seaport District's condo scene? This is just another step in the gentrification, some say revitalization, of the area. South Boston's Seaport District was once home to many of Boston's most extravagant restaurants, such as Anthony's Pier 4, which now neighbors the Institute. New on the scene, is Legal Seafood's LTK, and Sauciety at the new Westin hotel. There are several new, or newly converted condo buildings already open, such as the Channel Center, Fort Point Place, and Park Lane (currently just apartments). However, in the next several years, Fan Pier, Pier 4, and Waterside Place will be opening their doors, and almost 1,500 luxury condominium units among them. Fan Pier, which will snuggles up to the Institute of Contemporary Art, will have almost 1,000 condos alone. In case you weren't aware, the Seaport District is soon to be one of Boston's most desirable places to live.

Understanding Boston's Condo Hotels

Just a few years ago, when the national real estate market was soaring, one of the trendiest properties to buy was the new condo hotels. Although the concept wasn't newly born, it appeared as such when condo hotel projects were sprouting up all over Miami Beach, Orlando, Fort Lauderdale and Las Vegas. What's not to love? The sales pitch is quite attractive; own a condo at one of the newest and hippest hotels in the country, receive all the glorious amenities of the hotel, mingle into the hotel's social scene, enjoy lavish spas and spectacular dining just a few floors below you, and realize the potential for regular rental income.
Unfortunately, as with most things, if its too good to be true, yada, yada, yada. As the real estate market slowed down, many projects in Miami Beach and Las Vegas had the plugs pulled before the first brick was even laid. Of the buyers who purchased pre construction, most had their 10% deposit returned to them. However, even with a few scrapped projects, condo hotels are still here, and because people desire them, more are on their way. Nationwide, 81 projects are currently in construction, with 29 opening this year alone.
Although Boston hardly supports a tourist market anywhere near the size of Florida and Nevada, some of the city's best hotels offer condo ownership. Just opened is the Intercontinental on Atlantic Avenue with 130 condominiums. Within the year, Battery Wharf in the North End will open with 104 units, and, soon after, the Mandarin Oriental with 40. Open for years has been the Residences at the Ritz Carlton Hotel with 53, Four Seasons Place with 90, and Rowes Wharf at the Boston Harbor Hotel with 96 condos. And that's just to name a few of them.
If you're interested in purchasing a residence at a hotel, its important to learn as much as you can about what comes with your ownership. What, if any, interaction exists between the residences and the hotel. Many times, especially in Boston, residences are not allowed to participate in any rental programs. In such cases, the units are generally much larger and more luxurious then the hotel units. If you're interested in learning more about any of the properties listed in this article, please contact us.

The new Intercontinental is the talk of the town

Although the grand opening is more than three months away, The Intercontinenal Hotel and Residences, located at 500 Atlantic Ave, has become one of the biggest topics among real estate professionals, locals, and visitors alike. With several exquisite new restaurants, state-of-the-art business and conference facilities, 424 hotel rooms, 130 residences, a lavish health club and spa, and much more, the hype that surrounds this new development is nothing but expected.

The Big Dig engineers had to create two large (268 foot-high) concrete ventilation towers for the exhaust to escape from the underground tunnels. Once completed, the Intercontinental began to erect from in between the Fort Point Channel and Atlantic Ave. Now, most admirers of the massive blue-glass structure have no memory of the eyesore that once stood as the focal point of the lot.
Click here to check out the Intercontinental

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.

Check out our page for45 Province