Another condo sale at 45 Province poured in recently, hitting the books at approximately 95% of list price. Condo sold, great for the developer, and a happy new homeowner, all sounds good in theory. However, the closing represents only the 21st closing in the building, a building comprised of 138 units. The 15% building occupancy is paltry, to say the least.
Sales velocity across the ultra luxury downtown Boston condo developments has been quite slow in 2010, save the Clarendon Back Bay with decent pace as the only true high-rise Back Bay condo development. 45 Province is averaging less than one sale per month, and with that pace, a developer and the financier could begin to get concerned.
The latest sale at 45 Province was a two-bedroom two-bathroom unit on the 26th floor accompanied by a single parking space. The condo closed at $2,175,000, and with a little more than 2,000 square feet, it carried a $1,072 price per square foot value.