Corona What? The Luxury Market is Alive and Well
Corona What? The Luxury Market is Alive and Well
“The Batterymarch Insider” is a brief snapshot of our current market thinking and some highlights of what we see going on in the downtown Boston market. As always, our “terms of use” apply. We encourage you to subscribe.
In this issue:
Corona What? The Luxury Market is Alive and Well
142 Beacon Street, Penhouse - No Triplex Discount - Well Sold
344 Marlborough Street - Solid Single Family - Well Bought
What’s Catching Our Eye
Corona What? The Luxury Market is Alive and Well
The Back Bay/Beacon Hill luxury market is off to a robust 2021 start, maybe those $600 stimulus checks are starting to kick in. We’re seeing high-end inventory that had been languishing getting snapped up left and right. It’s looking more and more like the rumors of the demise of urban living have been premature.
On Beacon Hill, the $10 million+ condominium club lost a member as Penthouse 1 at 45 Temple Street reports a contract after 155 days on market (DOM). The last asking price was $10,400,000 ($2,998/sf).
Accepted offers on the Hill this week include: 61 Mount Vernon unit C, 164 DOM, last asking price $4,350,000 ($1,537/sf). 51 Beacon, unit 5, 58 DOM, last asking price $3,250,000 ($2,341/sf). 33 Mount Vernon, unit 1, 106 DOM last asking price $2,550,000 ($1,414/sf).
Over in the Back Bay, 192 Commonwealth Avenue, unit 9 has a contract after 252 DOM. The last asking price was $3,345,000 ($1,212/sf), down from the original ask of $4 million. Just down the street, 255 Commonwealth Avenue, unit 2 reports a contract after 183 DOM, last asking price $2,750,000 ($1,260.sf).
Well Bought/Well Sold
142 Beacon Street unit PH – Well Sold
It took 675 days, but the Penthouse at 142 Beacon Street finally sold this week for $9,200,000 ($2,354/sf). The developer, Mainsail Management, paid $11,000,000 for the building in late 2012 and completely transformed the property into three very high-end condominium units. Located on the river side of Beacon Street between Berkeley and Clarendon Streets, the location is about as good as it gets in the Back Bay.
The pros - The unit is a 3,900 square foot 4 bedroom triplex with front and rear facing balconies, and all the high-end gadgetry that one would expect at this price point. Additional features include 2 car garage parking and direct elevator access with stops on all three floors.
The cons – It’s hard to find much to gripe about with this one, the developer here certainly knows how to put together a luxury property. One of the key characteristics of a luxury property relates to spaciousness. In our book, when you spread the 3,900 square feet over three floors you lose some of that spacious feeling. $2,354/sf is market correct price for this level of renovation, it should be noted that the pricing started at $11.5 million, or $2,942/sf.
The buyer here got the triplex discount, but we see liquidity issues down the road, we’re calling this one – Well Sold.
344 Marlborough Street, Single Family – Well Bought
The single family at 344 Marlborough Street in the Back Bay changed hands last week for $5,050,000 after 182 days on the market, a 27% discount to the original asking price of $6,890,000. The last sale here was $3,525,000 back in 2012. It appears that this property was investor owned and had been rented out.
Pros – It’s a single family on Marlborough Street with two parking spaces for under $1,000/sf (that pretty much sums it up). Located between Gloucester and Hereford Streets, you get the benefits of a quiet street right in the heart of the Back Bay.
Cons – It’s not clear if this will remain a single family or be converted into condominium units. Either way, it’s going to require a meaningful additional investment to bring the property up to date.
The price was right on this one, we’re calling it - Well Bought.