The most recent additions to the Boston real estate landscape include the Clarendon Back Bay and the Boston W Hotel & Condos. Both ultra-luxury condo developments opened to residents in late 2009, and while the anticipation has been great, sales of actual units in the large-scale developments are slow. Both developments add more than 100 condos each to the market, and given the pace at which early units have sold, full building absorption could take years.
Clarendon Back Bay
Clarendon Back Bay Sales: 11
Clarendon Back Bay Average Sales Price: $1,147,909
Clarendon Back Bay Median Sales Price: $1,060,000
Clarendon Back Bay Average Price per Square Foot: $1,063
Boston W Hotel & Condos
Boston W Hotel & Condos Sales: 8
Boston W Hotel & Condos Average Sales Price: $581,250
Boston W Hotel & Condos Median Sales Price: $560,000
Boston W Hotel & Condos Average Price per Square Foot: $807
Given the slow rate of unit sales at the Clarendon (now the only true high-rise condo development in the Back Bay) and W Boston, there will be additional downward pressure on price, yet the sales figures noted above represent sales of units in the lower floors of each building, where prices are lower, and thus, there could be similarly strong upward pressure on prices as the buildings become absorbed into the Boston market.
