
Millennium Flips Winthrop Center Tower Back to Condos
Millennium Partners will begin marketing 317 luxury condos at its $1.3 billion Winthrop Center skyscraper in Boston in April, amid a recovery of the downtown market.
Millennium Partners will begin marketing 317 luxury condos at its $1.3 billion Winthrop Center skyscraper in Boston in April, amid a recovery of the downtown market.
The urban condo market may be making a comeback, but only at the lower end of the spectrum. Something else is happening at the top end as supply of luxury units builds up.
A new report from Yardi-owned listings portal Point2 Homes says 34,8 percent of home listings – condominium and single-family combined – in the Boston area had asking prices above $1 million.
The Boston real estate market has been experiencing a wild ride since mid-2020 when COVID-19 appeared on the scene. The speed of the precipitous pricing decline for both urban core rental and for-sale product surpassed even 2008’s historical crash.
The resiliency of the downtown Boston residential condominium market is currently evidencing itself, despite the devastation caused by the global pandemic and has again marched forward through a recession.
Despite its bumper crop of new luxury condominium towers, Boston won’t be joining the gilded world of $100 million penthouses anytime soon. The mixed results of sales of several luxurious penthouses points to a price ceiling of sorts.
The building has stunning Manhattan skyline views, its spa offers deep-tissue massages, and the fancy restaurant off the lobby serves up prime steaks. Best of all, many apartments at the Trump World Tower are selling at a deep discount — assuming the buyer doesn’t mind the name over the door.
Developers of a 21-story tower are casting a vote of confidence in Boston’s condo market as they seek a switch to 148 for-sale units at their LaGrange Street project.
After a broad-based dip in Boston’s luxury condo market in 2020, developers of the Raffles Boston Back Bay Hotel & Residences have a brighter post-pandemic outlook for sales of 146 condos at their 35-story tower.
Overnight, deluxe high-rises like the 60-story One Dalton and its $34 million, 7,500-square-foot penthouse have seemingly become an icon of a soon-to-bygone age.
The pandemic will influence buyers’ tastes, and a desire for a bigger suburban home will make a comeback, but there will always be a demand for city luxury condominiums.
Is it even a luxury penthouse if you can’t top the list of most expensive sales?
Sales activity at EchelonSeaport could be a good barometer of what to expect in the Boston luxury condo market for 2020: healthy demand for smaller, more efficient units that appeal to buyers in the sub-$1 million range.
While developers of new office towers are betting on no recession, or a very shallow one, apartment and condo builders are clearly looking at the future a bit more warily. Both sides can’t be right here.