There have been at least seven units listed for sale at the under-construction Residences at the Mandarin Oriental. The condos are not scheduled for completion until October, yet several owners have apparently already decided that they’d prefer to live elsewhere.
According to this week’s BBJ:
Now those sellers face the prospect of selling the yet-to-be-completed units when the development, which has been mired by delays, is finally ready for occupancy. Local real estate experts are watching closely, as the Mandarin’s progress could be considered a harbinger of several other high-end condo developments downtown …
… The project attracted a number of Boston notables who signed up to live in the full-service complex that boasts 49 condos, 35 apartments and a 149-room hotel. Now, original buyers are marketing units for sale before they’ve even closed on the original purchase agreements. The original buyers are required to purchase the units before trying to resell them and cannot walk away from their deposits. Buyers were required to put down 30 percent of the purchase price, said Brown.
My take? Well, I don’t think this is a sign of any trouble – I don’t think those seven owners are having trouble coming up with the cash; but, who knows? My guess would be that they feel they can make a pretty good return on their 30% investment, which comes to at least a half of a million dollars for the buyers.
Currently, units listed for sale in MLSPIN include:
$4,295,000, 2600+/- SF, 3 beds, 2 1/2 bath
$4,250,000, 2500+/- SF, 2 beds, 2 1/2 bath
$2,200,000, 1400+/- SF, 1+ bed, 2 bath
$5,500,000, 3100+/- SF, 2 bed, 2 1/2 bath
$12,500,000, 5000+/- SF, 3 bed, 4 1/2 bath
All including parking, several more than one spot.
So, something for everyone, right?
I heard yesterday that all but one buyer had decided to include the “upgrade package” in their purchase price, meaning they paid another $500,000+.
Please contact me for more information on how I can help you as a buyer’s agent.
Source: Units in sold-out Mandarin creep back on market – By Michelle Hillman, Bosotn Business Journal