The gamut of pricing is represented today, and most Sundays, in the South End with open houses on condos ranging in list price from $269,000 up through $1.8 million.    With an open house tour, a buyer has the ability to see upwards of 10 homes in a rather short period of time, and this can be done with or without the broker that you’re working with.  Oftentimes, a first glance of a property at a South End condo open house can lead to a second showing sometime early in the week, and an eventual Offer to Purchase.

The sweet spot from a timing perspective is 1pm, +/-, as the majority of Sunday open houses in the South End run between 11am and 3pm.

With more than 6,000 square feet, 3 exposures, multiple terraces, and custom finishes throughout, unit 11-B is currently offered at $12,500,000.  Getting to the 10th floor of the 49 unit ultra-luxury development garners you views of the Charles River several blocks away.  The Mandarin development in Boston is one of the latest in what appears to be a growing list of hotel & condo development mixtures, offering residents the benefits of a 5-star hotel with the convenience of downtown Boston living.

The Mandarin takes the crown for the most expensive condo listing in Boston’s Back Bay, however, it’s 306 Dartmouth Street, a 50 room mansion listed at $23,000,000 that is the most expensive single family home listed for sale in the Back Bay.

The duplex boasted a rich pedigree of features that would impress the most discerning South End condo buyer.

• Direct elevator access to residence with two convenient entries
• Expansive regal sized entertainment living space offering tree top oasis of 21st century living including 24’ x 20’ dining area, dramatic arched cathedral 32’ x 20’ skylit living room and gas fireplace with Zen inspired ceramic tile
• Magnificent kitchen by Venegas Kitchens/Boston Design Center with combination of lacquered and walnut finish cabinetry, Thermodor appliances including separate built-in refrigerator, 18” freedom freezer, 36” Masterpiece Series 5-burner cooktop, Bosch integrated panel dishwasher, GE Monogram wall oven and Avantrium convection speed cook oven, Calcutta marble countertops with breakfast bar and pantry room for food prep with additional sink
• Beautiful powder room with Ann Sacks tile floors, Geologica ceramic tile walls, Kohler Saile dual flush toilet, custom designed “Wave” pedestal with glass vessel bowl sink and Kohler faucet
• Wet bar with custom cabinetry, Marvel 24” beverage cooler, separate free standing ice maker and Miele Slim-line dishwasher
• Coat closet
• Full staircase leading to private roof deck with panoramic skyline vista
• Presidential sized master bedroom with gas fireplace measuring approximately 37’ x 14’
• Luxurious en suite bath with exquisite combination of Calcutta marble, glass and textured ceramic tile, Ge-berit toilet, walk-in shower with Grohe fixtures including body sprays and rain shower overhead fixture, Ultra Bain air jet tub, double sinks with custom vanity, Robern medicine cabinets, radiant heated hardwood floors and window offering natural light
• Large walk-in master closet
• French door access to balcony Linen closet
• Guest bedroom with walk-in closet, en suite bath with leather textured ceramic floors, angled walk-in shower with Hans Grohe fixtures, vanity with vessel sink, Kohler faucet and radiant heated floors
• Third bedroom with closet and en suite bath with leather textured ceramic floors, vanity with vessel sink/tub and radiant heated floor
• Laundry room with GE washer and gas dryer
• Utility closet plus additional double hall closet
• Walnut stained hardwood floors throughout living areas
• New Mitsubishi central air conditioning and heating with 8 programmable zones
• Supplemental in-line duct heaters for extreme cold weather temperatures
• One direct access parking space
• Additional garage parking available at Wilkes Passage
• Media closet with home run wiring for audio, media, alarm, wifi and window treatment control

Monthly condominium fees for the penthouse were estimated at $1,295.  At approximately $963 per square foot, 30 Upton Street came very close to breaking the $1,000 price per square foot barrier oftentimes only seen in downtown Boston at the most luxurious condominium developments, that said, definitely one of the most prestigious South End condos.

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.

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.

The two most notable statistics that can be evaluated across the properties, of which 8 out of the 10 are Back Bay condos, are sales price to original listing price ratio and number of days on market.  Both statistics demonstrate a luxury market that is suffering from one of two ailments – overpricing or lack of demand.  Sales price to original listing price ratio for these 10 ultra-luxury units that closed in the past month was a paltry 77%.  Additionally, average number of days on market was 246.

There are some highlights in each of these statistics.  Related to price ratio, unit W9-D at the Back Bay Mandarin Oriental carried a sales price to original listing price ratio of 64% – originally listed at $3.9 million and finally selling at $2.5 million after 176 days on the market.  And from a days on market perspective, unit 1 at the Back Bay’s Meads of Commonwealth finally sold after 777 days on the market. 

These types of statistics demonstrate that while there is indeed activity in the luxury Boston condo market, at the highest levels, for the particular slice of time investigated, the buying public are taking ample time in flexing their muscles to purchase at price points that are significantly off of original listing prices.

Immediately following the auction, the sales team from the listing brokerage Campion & Company sold four additional homes to auction attendees at similar prices, about $1.4 million.  The $675 sales price per square foot at the auction is substantially lower than average price per square foot sales prices of $956 for Back Bay condos that have sold for more than $1 million in the past six months.

Despite the flurry of activity that was kicked up by the auction at the Bryant Back Bay, the building still remains less than 50% sold, but with the new price point established by the auction event, buyers are looking more favorably upon the potential purchase at the Bryant, a building that sits on the border between the Back Bay and the South End.

The Bryant is a 50-unit luxury development that has sold 5 of its 50 units, and is looking to kick-start sales of its remaining inventory.  The building sits on the border between the Back Bay and the South End along Columbus Avenue, and offers large floor-through direct-elevator access condos that are southeast facing.

Pre-registration before the auction date is a must, previews are available September 22 – October 16 (Monday to Sunday noon – 6 PM) onsite at 303 Columbus Avenue Boston, MA 02116.  The actual auction will be held on Saturday, October 17, 2009 at the The Colonnade Hotel located in the Back Bay at 120 Huntington Avenue Boston, MA 02116.

The Benjamin Mansion (74 Beacon Street) offers essentially every amenity under one roof that an owner could ask for, in one of the most central locations in downtown Boston. Deeded parking and one parking space at the nearby Brimmer Street Garage is also included.

The Beacon Hill neighborhood as a housing market has stayed relatively resilient over the past year, however, we are seen slowdowns in market velocity and a decrease in average price per square foot.  Nonetheless, Beacon Hill condos are selling, on average, faster now than they did one year ago.  Some year-on-year comparisons for the first quarter of the year are located below.

January 1, 2008 – March 27, 2008
Beacon Hill Condos Sold: 36
Beacon Hill Average Sales Price: $676,476
Beacon Hill Median Sales Price: $377,500
Beacon Hill Average Price per Square Foot: $722
Beacon Hill Average Days on Market: 113

January 1, 2009 – March 27, 2009
Beacon Hill Condos Sold: 21
Beacon Hill Average Sales Price: $622,110
Beacon Hill Median Sales Price: $495,000
Beacon Hill Average Price per Square Foot: $681
Beacon Hill Average Days on Market: 125

The last condo sale that took place at Louisburg Square was at 1 Louisburg Square unit 5, a 683 square foot 1 bedroom 1. bathroom penthouse condo with an assigned parking space that went under agreement in 3 days at full asking price of $899,000 and sold December 22, 2008.  This represented a price per square foot of approximately $1,316, which rivals ultra luxury condo developments across various neighborhoods in Boston.