News – News – News

First some good news: The Back Bay continues its hot streak as one of the Greater Boston Area’s most stable real-estate markets, having 69 sales thus far in 2010 at an average of $1.4 million. During the same time period last year only 29 properties sold at an average of $1.3 million. The Metro’s Christine Wallace believes that the Back Bay’s hot streak has a lot to do with the areas two latest additions, The Clarendon and The W, which both recently got their occupancy permits. Wallace adds, “There are currently 42 properties under agreement in Back Bay with 26 valued at $800,000 or more, and 21 at $1 million or more, according to Multiple Listings Service.” This is good news for buyers and sellers, especially those interested in luxury condos, apartments, and lofts which are bountiful in Boston’s Back Bay. (for the full article click here)

With the planned $800 million condo and hotel complex, The Columbus Center, having been declared DBA (Dead Before Arrival) for over a week now, the developers, who have already lost $91 million on the defunct property, are claiming that they can’t afford to pay for clean up. The Boston Globe’s Casey Ross reports, “In a letter released yesterday, a lawyer for WinnCompanies and the California Public Employees’ Retirement System told state officials the business partnership has only $1.5 million to $2 million in assets remaining, less than half what the state estimates it will cost to restore the property along the Massachusetts Turnpike in Boston.” Massachusetts officials originally sought for CalPERS and WinnCompanies to pay $4-5 million to restore the sight, but even after a court hearing in which the developers claimed that they had less than half of what they asked for, the state still expects to be paid (but has made no indication as to whether they would be willing to sue the partnership for it.) (for the full article click here)

After eight years Manny Ramirez finally seems serious about selling his penthouse condo at the top of the Ritz Carlton in Boston. Over the last few years Manny’s condo has come on and off the market under a slew of different realtors, but the ex-Red Sox newest agent, Carmela Laurella, claims not only that he is serious about selling this time, but that his condo is one of the top 5 luxury residences in Boston and that she believes it could be sold as soon as this summer. Manny was traded to the LA Dodgers in 2008, so he’s spent two years putting a super-luxury condo onto a highly unstable market with no success, however this has been a promising 2010… One thing is for sure: Manny will have plenty of competition in the market from the likes of The Mandarin Oriental, The W, and The Clarendon, which all currently have multi-million dollar residences for sale. (for the full article click here)

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