Included in the Otis & Ahearn semi-annual Boston condo market report is a chart of new developments currently “in the pipeline”, or, under construction, throughout the city.
Although the data may be incomplete, or, as they say, subject to errors & omissions, I have enough faith in their numbers to form some conclusions.
* The Channel Center is nearing the end of its sales cycle, with 110 of 120 units sold or under agreement. I know that there are several penthouses left, but not much else. I think it’s been an exhausting four years for the sales office and they must be ready to move onto other projects.
* One First, scheduled to begin closings in September or October, has about 60% of its units under agreement. I’d say they should be a little better further along.
* Gateway Terrace has been a success, sales-wise.
* Lafeyette Lofts has been a success, sales-wise.
* One Charles has been a success, sales-wise.
* The Mandarin Oriental has been an overwhelming success. Damn. Sold 49 out of 50 units, without using a buyer’s broker for any sale, and it won’t be done for eighteen months!
* NorthPoint seems to be progressing well, although they need a strong fourth quarter, 2006, to keep pre-sales on track, for its opening in 2007.
* Folio Boston is open, yet they have a large number of units still for sale.
* The Penmark needs more pre-sales to keep on track.
* The InterContintal seems to be doing fairly well.
* The Macallen Building looks to have had slow pre-sales over the past year.