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Boston luxury condos: 45 Province St & Boston W

Boston luxury condos condo sales from 1/1/11 – 8/14/11:

45 Province Street 2011 condo sales

Number of luxury condo sales: 16

Average condo sales price: $953,250.00

Median condo sales price: $841,500.00

Average price per square foot: $729.00

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Boston W Residences 2011 condo sales:

Number of condo sales: 19

Average condo sales price: $1,248,053.00

Median condo sales price: $1.025,000.00

Average sales price per square foot: $911.00

9 Responses to Boston luxury condos: 45 Province St & Boston W

  • 729 avg price per sq ft at 45 P??? Embarrassing for them!

  • Cost per useable sq ft is close to 1,000 dollars

  • How have you calculated that? I doubt that many of the units have massive outdoor space…in fact, many of them have none at all. I assume that is what you are referring to to make up the diff?

  • There is an approximate 30 percent common factor to account for hallways, utility rooms, elevators, lobbies etc. When you multiply approximate actual cost of 650 foot by 1.30 the build able cost Psf is in excess of $850 Psf.

    The developer is being saved by low interest rates. Probably paying approximate 2 percent

  • batmarch, your comment “Cost per useable sq ft is close to 1,000 dollars” I wouldn’t call a locked electric room “useable sq ft” Can I store my skies in the elec room, I don’t think so

  • exactly the point. one still must build the electric closet so the cost must be extrapolated

  • huh? yes, but that is true in any development so what you point out is absolutely useless – when saying that ~$700 is disappointing, this is a relative statement -> it is pathetic since 45P has been advertising itself as a $1000-1500 development like the clarendon or high-end backbay more generally and, what little has been selling, has actually turned out to be $700-900 per sq ft. You could make such an adjustment but then you would need to adjust everything in the market up, too. You could also divide by ‘pi’ and compare everything that way, too….doesn’t change the relative relationship.

  • You are missing the point. Condo sales are based on useable sq ft where a developer’s costs are base on sq ft built which is approximate 30% greater than useable. The developers cost is roughly 1.3x $700 per useable sq ft construction cost. Abby group getting hammered

  • Yes, they are definitely getting hammered; we can agree on that; I thought you were saying opposite – it is better than you think because they are really getting $1000 per sq ft (on a ‘useable’ basis)…doesn’t matter how you look at it, they are only selling those units 30-50% lower than the ‘high end’ they were tgting. Disaster…glad we see ‘eye to eye’ on that!