It’s safe to say that the condo market is making a comeback.
Case in point: The luxury 33-story Clarendon in Boston, built by the Related Cos. and the Beal Cos., sold its first 3,500 square foot penthouse for $6.5 million last week.
“The record-breaking price is an excellent way to kick off the year,” says Kimberly Sherman-Stamler, senior vice president of Related.
The unit, which has been on the market for less than a year, sold for $1,834 per square foot, the highest for a luxury new construction high-rise condominium, the company claims. Its asking price was $7.1 million.
Located on the 31st floor, the three-bedroom unit reveals panoramic 360-degreee views and features a private landscaped terrace, backed by the LEED-certified building’s other luxury amenities.
The Clarendon has followed the success of this sale by placing their second penthouse on the market for $6.5 million, with the third and last penthouse entering the market shortly.
“I think it’s an indicator of the value that the building has really proven in the marketplace,” Sherman-Stamler says. “I think it speaks volumes of the Boston market.”
Boston isn't the only market seeing such improvements. Further along the east coast, the N.Y.-style price per square foot has arrived in D.C. with the construction of condos in its prime downtown area. The 10-acre parcel of land will be turned into a mixed-used plaza known as CityCenterDC, featuring 216 units.
Unit prices range from $500,000 to $3.5 million, and it's preview list already has more than 1,200 names as it expects delivery next fall.