LRG Boston Real Estate Blog

Ritz-Carlton Boston

The city of Boston’s beloved Manny Ramirez has fired his agent, AGAIN and lowered the asking price on his Ritz Carlton Penthouse . What is the new price?  Hold your breath……$7.9 Million.  Still unrealistic and only $1 million more than what he was originally asking 3 years ago in a much stronger real estate environment. In order to gain more publicity, The Ramirez team fired their broker(Not LRG) in an effort to gain more publicity and energy around the listing.  This is the FOURTH “Performance Enhancing” agency that has attempted to market and “Manage” the property for sale.  Multiple offers have been presented, some of which were full asking, ALL of which were turned down by Ramirez.  We at Luxury Residential Group speak from experience as we represented the buyer’s in a couple those full asking offers. 

We do however commend Manny on his real estate taste.  The Ritz Penthouse  (<—- Listing) condominium is a truly unique property with absolutely spectacular views, nearly 4,500 square feet of living space, an enormous terrace overlooking the park and 3 valet parking spaces.   We feel a buyer will eventually come along with a positive outlook on the future health of the US economy and pay a very strong number for the condo.  Perhaps in 5 years we will look back and say the price paid was not only justified, but a steal.  Unfortunately, in today’s environment, $7,900,000 is just too much to be asking.

Our Advice To Manny:  Lower the asking price to $6.9+/- million dollars.  There are buyers out there right now and the property will indeed generate interest and offers at these asking levels. Try to get between six and seven million dollars. Your cash would probably grow quicker being invested elsewhere.

• Carlisle – 01741 – $826,400 – -2% 
• Sherborn – 01770 – $792,365 – +12%
• Lincoln – 01773 – $1,098,396 – -3%
• Dover – 02030 – $1,238,965 – +1%
• Boston Waterfront – 02110 – $885,346 – -2%
• Boston Waterfront/Southie – $993,432 – -7% (Includes Intercont and Fort Point)
• Cambridge – 02142 – $761,769 – - -6%
• Lexington – 02420 – 941,462 – +9%
• Newton Center – 02459 – 845,686 – -13%
• Waban – 02468 – 1,209,136 – +4%
• Wellesley Hills – 02481 – 1,552,452 – 0 change
• Weston – 02494 – 1,490,079

These rankings are based on median home price as of mid August 2009.

With the luxury condo market adjusting, the economy on shaky ground and developers scrambling for solutions, a new trend is taking shape. Mid construction, which were billed as Luxury Condo Developments are now becoming class A office projects. Fan Pier, in Boston’s up and coming Seaport area is one of these cases.

Boston Luxury Condos To office Space

Luxury condo sales have stalled while office leasing has seen an uptick.  For instance, Russia Wharf, which was also developed with luxury condominiums in mind, changed course to all Office Space.  It is rumored that Wellington Management has master leased the entire building.

Russia Wharf - Office Tower

Although we have seen an uptick in condo sales this Summer, it is not enough to change the course of what was once a growing trend, Luxury Condo Developments.