A Peek at the Ultra High-End

Hi. Welcome to my new blog. If you are reading this you are also reading the very first entry.

Did you happen to read the Boston Globe on Friday July 8th? You might have caught the front page article entitled “What price luxury.” See the Boston.com article here. In a nut shell, the 6,829 square foot Penthouse at the Mandarin on Boylston Street in the Back Bay just sold for $13.2M (Hey you do get 4 parking spaces for your $10,000+ per month condo fee, and 3000 sqft of deck space). The sellers paid about $13.1M about 3 years ago, and never even moved in. secure server . Interestingly, these same sellers put it on the market for $16.99M and it took 32 months for it to sell.

This appears to me to be the most expensive condominium ever sold in the city of Boston. Second Place goes to another Mandarin unit that recently sold for $12.2M and 3rd place to a Penthouse Unit at 51 Comm. Ave. that sold last year for $10.8M. That unit took 4 years to sell. Currently there two other off-the-charts Penthouses available. One at the new Clarendon for $6.75M and the other at the Four Seasons for $8M. If you’re really interested in the Clarendon unit, ask me about as I saw it a couple of weeks ago.

New York has had $10M+ apartments for a long time so why not Boston? I don’t think it says too much about the real estate market in general. One, it means that Boston is attracting some of the super rich. That is good as it helps maintain Boston’s reputation as a world class city. And two, no matter what the price range, overpricing your property is still a bad strategy.

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Comments

  1. Aaron Lippert says

    Good stuff… perhaps your next piece should be on the hazards of leasing a Gulfstream G650.

  2. Wendy Weiss says

    Boston’s wealthy don’t embrace the flash nearly as much as NYC. They tend to embrace the traditional. As the nouveau riche (and I’m not referring to taste level, simply wealth) population grows, so will the luxury condo sales. Perhaps that’s why we still haven’t had a Real Housewives show yet?… haha

  3. Joe Rancatore says

    Yeah, I saw it. Nonsense and good for the city. For that site. They need some traction in this market. Also, I thought your brokered it?

  4. Adam Wiener says

    I am most interested in how they tried to sell for 29% above what they paid. And in this economy!
    Had they been able to sell it would have been truly remarkable but what happened to them was the arrival of reality in the form of a market which eventually told them what it was worth. As a real estate appraiser I am not surprised. I know Larry Wenglin and understand that he pays attention, listening to our real estate market which is a very different from other Massachusetts markets. His ability to set realistic asking prices makes him the best real estate agent around when you need one.

  5. Michael Galer says

    As a formernBoston Realtormand developer I am always interested in the latest information about Boston Real Estate, especially the Back Bay. I spent my