As upbeat as I am about the Boston luxury condo market, here are a few troubling signs for a few Boston luxury condo projects:
— Registry of Deeds records show the 45 Province St. tower near Downtown Crossing has managed to drum up buyers for just 16 of its 137 units since it kicked off its sales campaign two years ago. That’s about one sale every two or three months.
— The W Boston began marketing its condos in the fall of 2008, and has sold just 11 of 122 – or about one condo every two months, according to the Registry of Deeds. (With at least another 13 under agreement.)
— An old-timer at this point, Battery Wharf kicked off its sales campaign more than five years ago, and now has more than half of its 103 units sold. But that long-haul sales drive slowed last year, falling to the standard one-condo-every-60-days sales rate.
Source: Banker & Tradesman. The full article is for registered subscribers.