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.
In what will come as no shocker to those who are in the know, the W Boston Residences have won their latest court battle against Prudential. For those that aren’t following the situation, Prudential was attempting to foreclose on the W project and the W entered into Bankruptcy protection to prevent this.
In this latest ruling, the judge agreed that residences and hotel provided sufficient collateral to allow a restructuring. The loans currently have an interest rate of 9.5% the restructuring would allow the rate to be dropped to 5-6%. One of the major points of the case was the value of the hotel and the judge ruled that Prudential had major flaws in how it had calculated that value.
For those interested in purchasing at the W the most opportune time is now as deals can still be had due to the protection still placed, but you can be secure in the knowledge that the building will emerge from protection in the next 4 months. The current stats for the building show 29 sold units and 13 more that are under-agreement. If you are interested in seeing what the W has to offer give us a call 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?
Luxury Buildings, New Developments | Chris Dunn | 
January 26, 2012 12:55 pm | 
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