Just a few short years ago, the idea of record-breaking real estate deals occurring in Boston’s Fenway-Kenmore neighborhood would have seemed preposterous. In today’s brave new world of record-smashing Boston real estate transactions, however, Pierce Boston – the tallest residential spire west of Back Bay – is turning it into a regular occurrence. In a recent news release, developers behind the soaring glass spire announced that the building had officially sold its last luxury condo – and virtually all of its more than 200 apartment units have been leased too.
The announcement is particularly incredible because the building only started selling units in March 2018 – less than a year and a half ago – and because the asking prices and sales prices have been truly off the charts. That is especially true for this Boston neighborhood, which has somewhat lagged behind tonier ones like Back Bay and downtown in terms of record real estate deals. At any rate, Pierce Boston is likely a sign of things to come – including the fact that finding remotely affordable housing in Fenway is rapidly becoming a thing of the past.
Stay on Top with Boston City Properties
Whether you are in the market to buy a luxury condo in the city or want to rent a high-end apartment in a landmark building, Pierce Boston is a logical choice to consider. Of course, with the majority of units leased or sold, acquiring a place here will be easier said than done going forward. Boston City Properties has the resources that you need to gain a key advantage in your quest for a luxury abode in one of the city’s hottest new residential towers, and we can help to keep you in the loop regarding ongoing developments.
From our vast online database of searchable MA real estate and apartment listings to our connections with experienced real estate agents throughout the city and state, Boston City Properties is the name to trust for guidance and information regarding Boston real estate. Our business is Boston real estate, so we stay on top of the latest developments in this sphere to keep you continually in the loop. We believe that informed buyers and renters fare better, and we are here to arm you with everything that you need to buy or rent a place even in a highly desirable and exclusive place like Pierce Boston.
Pierce Boston is Sold Out
Located at 188 Brookline Avenue, which is at the corner of Brookline Avenue and Boylston Street, Pierce Boston has made a massive splash in the local real estate market – and that is saying a lot considering how crazy the market has been here for some time. In a recent press release, Samuel and Associates and Landsea Homes – the developers behind the project – stated that the last of the building’s 109 condo units had officially been sold.
That’s not the only incredible news that was made public in the press release. In addition to being sold out of luxury condo units as of May 11, 2019, the building has leased out 236 of its 240 apartment homes as well. Additionally, all 23 of the building’s extra storage spaces have been sold, and all 12 of its exclusive sky cabanas have been claimed too. In addition to happily forking over some of the highest prices in the area for condos here, then, buyers have enthusiastically been upgrading to snap up extras in the amenity-laden building as well.
A Brief History of Pierce Boston
Although Pierce Boston only became a news fixture fairly recently, its development has been in the works for some time. Developers originally filed proposals with the Boston Planning and Development Agency, or BPDA, back in 2013. At the time, the building was slated to be called The Point, and it was going to be a 22-story residential tower. However, the scope of the project was broadened in 2015 to call for a 30-story glass tower with 240 apartments, 109 condos and two ground floors of retail space. The total price tag for the project landed at around $290 million.
Groundbreaking on the new building officially began in October 2015. Prior to that, however, existing structures at the site had to be razed or redeveloped. Up until plans for the new building were made, the site had languished as a somewhat gritty retail section of Fenway. For many years, it was home to the D’Angelo sandwich shop and a few other mom-and-pop retailers. With the new mixed-use tower, however, it is now home to glitzy retailers like Crate and Barrel and specialty wine shops. At this site, it is easy to see gentrification in action.
This is hardly the first foray for Samuel and Associates into the Fenway real estate market. The developer has been busy transforming this section of Boston for several years now. At the time that the Pierce Boston project began, Samuel and Associates had created more than 1,200 new residential units in the neighborhood, and they spanned all market types. According to the developer, however, the latest project – which exclusively consists of high-end luxury units fetching astronomical prices per square foot – has sold out far more quickly than any that came before. Given how steep the prices are for units in this building, that is a definitive sign that Fenway is rapidly becoming every bit as upscale and exclusive as areas like Back Bay and downtown.
About Pierce Boston
At 340 feet in height and with 30 stories, Pierce Boston is now the tallest residential spire west of downtown. Consisting primarily of glass and steel, it features sharp angles and creative textural touches that lend it a truly eye-catching yet cohesive look. Located across from the Landmark Center, which is unofficially known as 401 Park, it provides truly amazing views of surrounding areas while transforming the overall look and feel of Fenway.
Not surprisingly, the new residential tower is loaded with high-end amenities and services, and it is clearly designed to cater to the most discerning Bostonians. The developers have stated that the building’s services, amenities and high-end luxury units are specifically designed to pique the interest of the city’s ever-increasing population of tech investors and entrepreneurs. Some of the building’s most notable amenities and services include:
- Fitness center with yoga studio – The building boasts a high-end fitness center with floor-to-ceiling windows that afford striking views of the surrounding area. In addition to boasting a bevy of top-end strength-training and cardiovascular equipment, the area includes a yoga studio where residents can practice yoga, Pilates and other activities with plenty of space and comfort.
- Levity 30 – Reserved only for residence owners of the buildings – in other words, apartment renters are not permitted – Levity 30 is Pierce Boston’s stunning rooftop gathering place. It includes a sky-top swimming pool and hot tub; a sprawling deck; a private dining area with a gas fireplace; and a cozy library that is perfect for more intimate gatherings.
- Sky Cabanas – A limited number of private sky cabanas were also developed on the top floor near the swimming pool. These have proved to be quite popular as they have already sold out along with all of the condo units. Each cabana includes a private entertainment space, a wet bar and awe-inspiring views of the surrounding area.
- Climate-controlled storage areas – Also completely sold out, a number of private storage areas are also available at this high-end residential tower. They are not only spacious – a major plus for city dwellers with limited space – but they are climate-controlled and therefore suitable for safely storing just about anything.
- 24/7 concierge and doorman – At any time of the day or night, a concierge and doorman are available to greet residents and to assist them with a variety of things.
- Indoor bike storage – With cycling as huge as it is in Boston, it makes sense that the building offers secure, indoor bicycle storage for residents.
- Dog spa – Although the building charges a fairly steep pet rent for pooches – you’ll pay an additional $100 per month to rent an apartment with a dog – it also caters to pet owners well. In particular, it offers a dog spa and pet washing station for the convenience of all residents.
- Indoor garage – Many of the condo units come with assigned, underground garage parking. Unassigned spaces are also available for renters, but the monthly price exceeds $300. There are 80 spaces in the garage, so odds are that they will be sold out quickly as well.
- In-house car detailing – For those who do own vehicles, the building has on-site car detailing services that make it easy to keep cars in tip-top shape.
High-End Retailers Quickly Filling Up Ground-Floor Retail Space
Two levels of ground-floor retail space are included at Pierce Boston, and that space has quickly been snapped up by a number of high-end retailers and eateries. CB2, a sister brand of Crate and Barrel, is one of the more notable tenants. There are also wine specialty retailers like Nathalie, a wine bar, and The Wine Press, a specialty wine store. Orfano, an Italian dining concept, is one of the eateries that has already snagged space in the building.
401 Park
Another perk of acquiring a condo or apartment at this development is its proximity to the fairly new Landmark Center. Unofficially known as 401 Park, the mixed-use development features 980,000 square feet of space. More than 500,000 square feet are dedicated to offices and retail, and many first-rate medical and tech companies have moved in, including the Harvard School of Public Health. The space also includes Time Out Market, which boasts an REI, a Bed, Bath and Beyond and numerous other popular retailers and eateries. On top of all of that, the site includes 1,000 parking spaces, and it is close to numerous public transit options.
Condos at Pierce Boston: What to Expect
Given that all of the condos in this building have officially been snapped up, it’s easy to feel like you are out of luck when it comes to acquiring one. However, Boston City Properties expects to see a few of them hit the market in the next year or so, and we can fill you in regarding what to expect from these high-end condo residences. Several floor plans are available, for example. There are four different plans for one-bedroom condos; two different layouts for two-bedroom units; one layout for three-bedroom condos; and four different designs for the 10 particularly luxurious penthouse condo units.
To give you an idea for what to expect from these condos, let’s take a look at one that was listed for $2.6 million when it first became available: unit 21A. Like all of the other condos in the building, this one has since sold. Located on the 21st floor – all of the condos here are found on floors 19 through 29 – this one offers 1,852 square feet of space and includes three bedrooms, two full bathrooms and one half-bathroom. The unit comes with one assigned parking spot in the garage, and the monthly condo association fee is around $2,000.
As suggested by the angular style of the building, this unit has a triangle-shaped open living area with dramatic floor-to-ceiling windows and soaring 9.9-foot-tall ceilings. From these windows, you can take in views of Dorchester Bay, the Muddy River, Cambridge, Brighton, the Charles River and the Blue Hills reservation. The open living area includes living and dining space with a gas fireplace that is surrounded by elegant white marble.
This unit also includes the following:
- Dining area – At 180 square feet, the dining area in this unit is spacious and inviting. A sparkling chandelier is joined by a Caesarstone breakfast counter with waterfall ends and a sink. As is the case throughout the unit, floor-to-ceiling windows allow in plenty of natural light.
- Kitchen – The unit includes a galley-style kitchen that is loaded with high-end features. Cabinets are made out of Italian laminate that features a light-wood grain finish, and a glass backsplash makes for an elegant touch. Professional-grade Wolf appliances include a built-in wall oven, a four-burner gas cooktop and a stainless-steel range hood. Kitchens also boast Sub-Zero refrigerators and Bosch dishwashers.
- Washer and dryer – This unit, like all others, includes a stacked Bosch washer and dryer unit that makes short work of laundry.
- Bedroom One – The first and smallest bedroom in this unit offers 114 square feet of space and floor-to-ceiling windows.
- Suite One – The smaller bedroom suite in this unit offers 163 square feet of space, including a spacious closet and a bathroom with gray porcelain tile flooring.
- Master Suite – A private hallway leads down to the master suite of this unit, which boasts a 177-square-foot, trapezoid-shaped bedroom with floor-to-ceiling windows on two walls, white lacquer doors and custom shelving. The suite also includes a walk-in closet and a bathroom with a double vanity with Caesarstone countertops and Italian laminate cabinets. A clear, frameless glass shower with a glass backsplash is joined by a bathtub and exquisite porcelain tile flooring.
- Flooring Throughout – The majority of the flooring in this unit consists of 7-inch-wide European oak planks that set an elegant and understated tone.
Pierce Boston Breaks Records with High-End Condo Units
This building has made a splash since its inception not only because of its height but also because many condo units have broken real estate records as they have been sold. For example, unit 25-2K, which offers 1,148 square feet of space on the 25th floor, sold for $1.9 million. This translates into around $1,730 per square foot – undoubtedly a record-breaking number for the Fenway neighborhood.
Another Fenway price record was broken with the sale of one of the building’s penthouse condo units. When unit 28-D sold for $4.7 million, its $2,000-per-square-foot price smashed previous records for the neighborhood. This penthouse unit offers a whopping 2,344 square feet of space that includes three bedrooms and 3.5 bathrooms. This was not only a record for Fenway, but it was close to setting a record for the city as a whole.
200 Brookline Apartments
In addition to the 109 condo residences, which have all been sold already, Pierce Boston boasts 240 luxury apartment units. These are located on the lower floors of the building, and they are officially known as 200 Brookline. Leasing of apartment units began in September 2017, and there were only a handful left as of summer 2019. Studios here started at $2,900 per month, and one-bedroom units started at $3,000 per month.
Boston City Properties’ real estate database includes listings for apartments for rent throughout the city, so it’s a great source for up-to-the-second information regarding availability in this building. Lately, a few apartments have remained available for lease here. For example, unit 1515, a two-bedroom apartment offering 1,031 square feet of space, starts at $6,061. Unit 1514, which offers around 1,086 square feet of space, starts at $6,250 per month. Unit 1401, a three-bedroom unit offering 1,472 square feet of space, starts at $8,320 per month.
In addition to steep monthly rent, apartments in this building come along with some additional fees. For example, if you want to secure a covered, unassigned parking space, you will pay an extra $385 per month. Pet rent for a dog is an additional $100 per month, and pet rent for a cat is an additional $50 per month.
Boston’s Luxury Condo Market Dipped in First Quarter of 2019
Given how quickly condos sold out in the exclusive building, it is somewhat surprising to learn that condo sales and prices actually dipped during the first quarter of 2019. Indeed, compared to the same period in 2018, downtown condo sales dropped by 6 percent to a total of 487. Median sale prices dropped 1 percent annually to $810,000; average sale prices dropped 3.1 percent to $1.126 million; and the average price per square foot actually rose by 3 percent to $984.
Second Quarter 2019 Sees a New Surge in Market
What started out as a potentially more low-key year for luxury condos in Boston quickly returned to an on-fire market in the second quarter of 2019. In fact, downtown luxury condos saw steep price increases when compared with the same period in 2018. For example, luxury condos had an average sale price of $4,395,698, which represents an increase of 22.8 percent annually and 22 percent quarterly. The average price per square foot totaled $1,965, which represented an increase of 18.3 percent annually and 22.8 percent quarterly. The median sale price of around $3.5 million represented an increase of 21 percent annually and a whopping 33.7 percent quarterly.
Non-Luxury Condo Market a Bit Quieter
The downtown Boston condo market as a whole has quieted down a bit since the same period last year. Overall sales were down by about 16 percent, and the median sale price was up by 6.7 percent at around $910,000. The average condo price rose by 13.1 percent to $1.3 million or so, and the average price per square foot, $1,139, is the highest seen in 19 years.
According to those familiar with the downtown luxury condo market in Boston, it is moving with incredible speed and is expected to keep doing so for the foreseeable future. The area has seen five consecutive quarters of inventory expansion, but prices continue to climb, and availability remains low for the highest-end options. Currently, it is estimated that the downtown Boston market is moving two to three times faster than Manhattan’s – and that is pretty incredible.
Why are Condo Prices Still Increasing?
With new developments like Pierce Boston opening their doors seemingly on a non-stop basis, it seems pretty incredible that prices for luxury condos in particular continue to climb. However, the primary culprit for this is actually a drop in sales; indeed, sales for these units declined by 14.9 percent annually to just 97 recently. This isn’t because people aren’t buying. Rather, it is because there simply isn’t enough available inventory to satisfy demand. In turn, prices continue to climb – and that is expected to remain the case for a long time to come.
Navigating Boston’s Luxury Condo Market
What does all of this mean for someone who is looking to buy a luxury condo in downtown Boston? Primarily, it means that you can expect to pay top dollar to snag a high-end unit in a development like Pierce Boston. It also means that you can expect to have to jump through a lot of hoops to find a place that suits your needs and budget. Luckily, however, you don’t have to go it alone – and you definitely shouldn’t.
How Boston City Properties Can Help
With low availability and sky-high prices, Boston’s downtown luxury condo market is tricky for even seasoned real estate buyers and investors to navigate. If you are looking to acquire an apartment or condo at Pierce Boston or one of the other many new developments across Fenway and downtown, you are going to need all of the help that you can get. For starters, you will need to stay abreast of the latest developments in the market to know what to expect, and you can do that by checking in often with Boston City Properties.
With experienced real estate agents across the city, Boston City Properties has insider information regarding the local luxury condo sales market. We continually update you with the latest developments concerning the market and new buildings, which makes it easy to identify promising options and to act quickly when the time is right. For ongoing updates regarding Fenway condo developments and developments across the city, then, you won’t find a better source online.
More importantly, Boston City Properties maintains one of the most comprehensive online databases of MA real estate listings around. Populated with data from reputable sources like the MLS, our database is updated continually and includes listings for homes for sale as well as places for rent. Our convenient search tool allows you to search in specific neighborhoods, and you can input your preferences for things like price, size and total beds and baths to more easily pinpoint what you need.
We also have connections with highly experienced real estate professionals across the city, including agents who specialize in high-end luxury condo sales and luxury apartment rentals. When you are ready to proceed – for example, when you want to go look at a place in person – contact us for a referral to a local agent who can help. They will line up visits for you and help you to navigate your way through the buying or leasing process.
Although you may currently be out of luck when it comes to purchasing a condo at Pierce Boston, you can be certain that the latest availability is always at your fingertips with Boston City Properties. We can help you to identify other promising options for condos for sale around the city or to secure a high-end apartment for rent in an exclusive development. We’re here when you need us, so contact us today for more information.