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 Boston’s downtown condos have been said to be wealthy locals, in the Theater District’s 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