45 Province is a $175 million, 31-story, 150 unit, luxury condominium project about to break ground in the Ladder District (a.k.a, Downtown Crossing), with prices in the $700,000 to $2.6 million range.

The timing of such a project may seem odd, to some, seeing as the real estate market in Boston, and the rest of the country, has slowed.

In reality, it’s not so unreasonable.

There are plenty of wealthy people looking to buy quality real estate, no matter what the current market. We’re talking three years from now, for one thing. Plus, the average price per square foot at 45 Province will be in the $900 / SF range – that’s below what they get for resales at the Ritz Carlton Towers, and well below what luxury properties are selling for at the Mandarin Oriental and at Battery Wharf.

I wasn’t aware at how luxury the building will be.

Owners at 45 Province will have the option of buying a studio apartment in addition to their own homes. These smaller units will be suitable for an au pair, or as an office, for homeowners.

This is becoming common in Manhattan, but Boston has never heard of such a thing.

As I say in the Globe article:

“It’s absolutely true that there will be demand for properties of that price range,” said John A. Keith, a real estate broker who represents buyers.

Exactly.

Source: Reaching for the sky – By Thomas C. Palmer, Jr., The Boston Globe

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