The super luxury market in Boston has risen to one of its
highest points since the boom seen in 2004 and 2005. The level of
sales in Boston have reached sales near some of the most elite
cities globally such as Geneva, Paris and Hong Kong. Sales of
high-end condos at $1,000 per square foot, or close to $1 million
and above, have increased rapidly compared to last year at a rate
of 30 percent.
So far this year there have been 38 condo sales over $1,500 per
square foot compared to a low of 14 sales two years ago. On a list
that was made public in 2012 of the most expensive condo markets
globally, this price was roughly the median price of all luxury
properties in Beijing who came in 11th throughout the world. Some
sales are reaching well over this said to be median price here in
Boston with a unit at the Four Seasons taking in close to $3,000
per square foot as well as a unit on Commonwealth Avenue going for
more than $2,700 per square foot.
A recent boom in new condo construction featuring many
Manhattan-style luxury towers in the downtown Boston area has been
lessening the price gap with these elite cities. There has been
talk about the planning of the 60-story Christian Science condo
tower charging $3,000-$4,000 per square foot. Then in Downtown
Crossing we have the developers of the new Millennium Tower raving
about the towers 60th-floor penthouse on sale for $37.5 million.
This price is approximately three times higher than any condo that
has been ever sold in Boston.
With the recent rise of condo prices, Boston is currently on
track to be in the top 10 or 12 most expensive condo markets in the
world by 2020.
Some native New Englanders may think that these downtown Boston
condo prices are a bit far-fetched, but have really opened the eyes
of international investors as deals to them can certainly be had
here. In these elite cities- London for example- we have seen
$4,000 per square foot condominium sales. Meanwhile in Hong Kong, a
275-square-foot condo, the same size of some less expensive
micro-units being pitched to young entrepreneurs in Boston, sold
for an outstanding $772,000.
The recent surge of these luxury condos has really been catching
and keeping the attention of international investors. While most of
the buyers in Bostons downtown condos have been said to be wealthy
locals, in the Theater Districts W Boston tower foreign buyers are
occupying about a quarter of the units. Moreover, there has been no
secret that Asian buyers, Chinese specifically, are on the rise in
the Hub as well. With the new direct connection flights from Logan
to various locations in the world, the number of these
international buyers is guaranteed to grow in the years to
come.
More Information: Boston.com