Buying New Condos

WHY BUY NEW? BENEFITS OF BUYING NEW CONSTRUCTION

Boston is in the midst of a high-rise condo development boom, and everyone wants a piece of the action. Buildings such as Millennium Tower and Twenty Two Liberty are selling completely off-market, prior to opening, at staggering rates. Boston’s high-end housing market is so hot these days even brand new condos that haven’t been lived in yet are being flipped for big profits.

That’s what happened at Twenty Two Liberty, a new glass-walled condo building on Fan Pier with views of the Boston harbor and the downtown skyline. Six of the 118 units were sold by their original buyers before the building even opened at the start of this year — each one for at least $500,000 above the original price. Five more units are currently listed for sale. 22 Liberty hit the market just as demand for the upper end of the luxury market was surging, and there was little competition. Millennium Tower Boston is already 95% pre-sold out in less than 18 months, including the penthouse, which is currently under agreement, and the tower is still six months from final completion.

The median price for condos in nine downtown neighborhoods, South Boston, and Charlestown jumped nearly 10 percent from 2014 levels, to $680,000. Prices for luxury condos — buildings with concierge service and parking — climbed at double that rate, to a median of $1.75 million. That translates into nearly $1,200 per square foot. And four in 10 condos sold above asking price.

Developers are gradually shifting to meet that market, planning more condos after a several-year run of building apartments all over town. In the first nine months of 2015, according to city figures, 28 percent of new housing permitted in Boston was for-sale condos, up from 26 percent in 2014 and 17 percent in 2013. In the three months ending Sept. 31, more than 40 percent of permitted units were condos.

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    Living at Pier 4: Where to Eat, What to Do, Things to Know

    Living at Pier 4: Where to Eat, What to Do, Things to Know

    If you've always wanted to live on the water, now's your chance. Located in the Seaport neighborhood, the new Pier 4 condos are surrounded by water on three sides for the ultimate luxury living experience. From modern public spaces to myriad dining options to luxury amenities, these Seaport new construction condos give you unlimited access to Boston's prettiest area: the harbor front. Slated for 2017-2018 construction, be one of the first buyers in at the prestigious Pier 4 condos.  At Elevated Realty, it’s our pleasure to offer complimentary Buyer Representation for the Pier 4 luxury condos. Featuring nine stories and 100 units, this mixed use building is on target to become one of the city's most aspirational new communities. Highlighted by gorgeous views of the Seaport District and Downtown, these condos will feature a one-acre park at the tip of the pier and a public plaza to ensure an insulative, desirable community in which to live. Check out some more features of the Pier 4 condos:

    • Boutique residences
    • Lush public spaces
    • Retail stores and restaurants
    • Luxury amenities
    • Sustainably-designed living spaces
    • Nine stories tall; 118 feet high
    • 16,800 square feet of ground-floor retail and a two-level underground parking garage
    • One-acre public park
    • Continuation of the Harbor Walk around the perimeter
    • Public plaza between Institute of Contemporary Art (ICA) and the condo building
    • Immediate access to Interstates 90 and 93
    • Design by renowned Boston and New York architects
    • Rooftop terraces
    • LEED® Gold certification
    • 24/7 manned security

    This direct waterfront mixed-use development site in Boston’s Seaport District offers are variety of floor plans and price points that fit a variety of needs and budgets. Unit reservations will be accepted in the coming months. Interested in getting in on the plans to secure your spot at Pier 4 Condos? Call Elevated Realty for more information and availability at  617-701-6300 or email info@elevatedboston.com. For floor plans, pricing and unit reservations or to schedule an appointment for a presentation from the sales team, please provide your contact information here. Or, to learn more about other similar luxury buildings in Boston's Seaport District, click here.

     

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    The Seaport District Neighborhood

    Thanks to a thriving shopping area, luxurious living spaces, bustling commerce, and quick access to the T, airport, and highways, the Boston Seaport has morphed into a prime spot for growth, says Boston Magazine. It wasn't always that way. The early 20th century brought textile mills that eventually gave way to crumbling parking lots and abandoned warehouses. Recent years have brought about an urban explosion, as retail stores, boutiques, restaurants, condos and office buildings dot the landscape. The immediate Seaport area is certainly reason enough to invest in property here; however, when you combine other attractive features such as its amazing views and location, you have a diamond in the rough. The convenience is unparalleled: not only are the Pier 4 condos right off the highway, they're a quick T ride to the airport and right across from the downtown area. If you work in downtown -- or anywhere else in the city for that matter -- you're in prime position for fast commute times that make for stress-free work weeks. There's lots to see and do here in this little section of Boston -- one of the best if we do say so! First off, the Harborwalk is a must. You can easily spend a whole day strolling along, visiting anything from the latest exhibit at the ICA, to a cruise on the Spirit of Boston, to a show at the Hatch Shell. There are plenty of restaurants to choose from, too, whether you're in the mood for the fresh catch of the day at Legal Seafoods or Mexican fare at Rosa Mexicano. Treat yourself to the leading visual artists and performances of the Institute of Contemporary Art, or ICA for short. This non-profit organization showcases contemporary art in all media, such as visual art exhibitions, music, film, video, and performance through an eclectic mix that stirs the senses and inspires the soul. If it's a cocktail and appetizers you crave after a long day, head to the many outdoor dining establishments that give you beautiful views of the harbor. Whiskey Priest is one such rooftop patio that serves up tasty drinks made all the better by the gorgeous surroundings. For a weekend treat, head to the serene Little Brewster Island and Lighthouse off the coast, or go for a dinner cruise on the Spirit of Boston. For a pick me up, go for a beer tasting and tour at the Harpoon Brewery and Beer Hall. As for museums, you have your pick of the litter. Learn about the city's history at the Boston Tea Party Ships and Museum, bring the kids to the Children's Museum for some educational play time, or check out the vast sea life that calls the New England Aquarium home. Go on a whale watch, trolley tour, or Segway tour, or pop over to Quincy Market for fresh fruits and veggies every day. With so much to do right here in the Seaport District, you'll never be at a loss for what to do. Imagine if you actually lived here in the Seaport new construction condos!

    Contact Elevated Boston

    If you'd like to know more about the Pier 4 Condos, please contact us at 617-701-6300 or via email at info@elevatedboston.com. You can also schedule an appointment through our convenient online form. Elevated Realty is happy to be your first choice in full-service sales and leasing brokerage for the Greater Boston Metropolitan Area. You get access to our experience in leasing, property management, land development, and acquisition as your one-stop shop for Boston real estate. We're not your typical brokerage company: we are comprised of professionals including lawyers, investors, contractors, marketers, and entrepreneurs. Plus, we live and work here too so you can rest assured we know the area inside and out. Give us a call today to get started on your next home buying journey!  

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