It’s no secret that The Clarendon is out front when it comes to sales out of the group of new full service buildings. In 2011 though, perhaps the best kept secret was the W Boston. The W has been through a lot in the past year including a bankruptcy, but in spite of this, the W still sold an impressive number of homes. According to MLS records The Clarendon sold 32 Homes in 2011 while the W sold 30. Now, W sales team will tell you the numbers are actually a difference of 1, but nevertheless it’s still impressive. So a tip of my cap to Dinny and her staff and we wish them continued success in 2012.
Previously available to only our most exclusive clients, today we are releasing a very special video to all of you. This is our exclusive tour of Penthouse 1 at The Clarendon. This 3,500+ square foot 3 bed and study, boasts some of the best views of downtown Boston you’ll find anywhere. Featuring over 1,000 sq.ft. of outdoor space and views from every room, this condo owns the Boston skyline. Take a look at this incredible unit!
For more information call us at 617-449-3642
The New York Times recently ran an article about penthouse living not being what it used to be. The article makes a valid point about the fact that new developments offer a multitude of “penthouse” units that often are stacked one on top of the other, which makes you ask what defines a penthouse?
When most people think of a penthouse they usually conjure up a grand palace in the sky that sits atop the world with the best views in the city. No one above you, because you are the king of the mountain in the midst of the concrete jungle. Today, the reality doesn’t match the dream. Developers across the country have realized they can increase their profits by adding more than one “penthouse” unit to their properties. This practice doesn’t always prove to be an issue especially in buildings like 45 Province and the W where penthouse units can be at opposite ends of the same floor. This provides incredible views while maintaining the fact that you are at the top.
The question remains however, do buyers out there care when purchasing a “penthouse” if there is another unit above them? I personally think the answer is yes! We can look at some local buildings as proof of that. The W has sold at least 1 of its penthouse units (they don’t have anything above them), but the Clarendon which has 3 stacked penthouse units hasn’t sold any. Now it would be unfair to say that this is the only reason that they haven’t sold any of their penthouse units but it’s probably a factor for some people. So I’ll ask, would it make a difference to you?
Scarcity! That’s the buzzword luxury retailers across the country are trying to teach to consumers this year. Last year was a very different story, retailers had more merchandise than they knew what do with. This year that certainly won’t be the case. Retailers are learning that if you simply don’t offer more, customers are will to pay full price to get what’s out there. The New York Times even did a whole article on this idea.
Luxury retailers weren’t the only ones who forgot scarcity, luxury condo developers got stuck on this same train of thought. They forgot that part of what makes a luxury condo so expensive and attractive is the scarcity of them. They decided instead, to follow the philosophy of selling luxury to the masses. The only problem with this school of thought: a luxury good is no longer considered a luxury, when everyone can have one!
The condo market in downtown Boston is now flooded with “luxury” condos: 45 Province, W Residences, The Clarendon and the Bryant Back Bay just to name a few. As a result it’s looking more and more like, “The luxury condo has become the sad knockoff Chanel purse peddled along Canal Street.” *
To continue our fashion metaphor for a moment, this overstocking by developers means that just like the retailers, they too will be forced to have massive sales. Think of the recent auctions as the Black Friday Sales. (People know ahead of time that they are coming and they set the price for the remainder of the season.) The main difference between Black Friday Sales and recent auctions, this year the retailers aren’t restocking. The condo developers aren’t as lucky. Even if they sell half the units to get sales moving, they still have hundreds of condos left to sell.
So my take on all this, it’s going to be a long time before we sell out all these luxury buildings and this year it’s best to go shopping on Black Friday!
*Before I get all sorts of angry emails, I agree that some of the units in these buildings are truly stunning and incredible places. However, one must admit not all are on the same level. A condo with a stunning view of the brick wall less than 30 ft away should not be labeled a “luxury condo” just because it’s in the same building as the incredible penthouse.
Luxury Buildings, New Developments | Chris Dunn | 
January 26, 2012 12:55 pm | 
Comments (0) 
Subscribe
