Boston Luxury Condo Market in Holding Pattern

Developers who banked on wealthy buyers’ penchant for stainless-steel appliances, granite countertops, club rooms and in-house spa treatments continue to wait out an unfavorable market.

The luxury condo craze is over, at least for the time being, according to real estate experts who said the units are selling slowly, if at all.

According to the Listing Information Network, from January to the end of May, sales of condos in Boston priced over $1 million decreased 58 percent compared with the same period last year. So far this year 97 condos have sold for a median price of $1.5 million compared with 229 condo sales with a median price of $1.6 million last year.

The newest luxury condo building to open in Boston, called 45 Province, has sold 13 of 138 units. The property, which opened earlier this month, features an Exhale spa and gym, a community parlor where residents enjoy complimentary coffee and tea and a screening room for private functions.

Above is from July 3rd article in the Herald. Didn’t the 45 Province mgmt say they fudged the 30% figure but in reality they sold 20%. Well…13 of 138 is not even 10%!!!