October
2008
Old Adage Haunts Boston Condo Sales: Location. Location. Location.
By Thomas Grillo
Banker & Tradesman Staff Writer
A glimpse into sales at some of Boston’s newer condominium projects reveals strengths and weaknesses mostly based on location.
FP3, the $55 million luxury condo project at a former Congress Street warehouse in Fort Point, has struggled to find buyers. But less than two miles away, the lofts at 285 Columbus Lofts in the Back Bay has sold more than half of the units at the former Boston Red Cross headquarters building.
Buyers are also bullish on the North End compared to a questionable section of the South End near the Boston Medical Center.
Still, there’s an appetite for luxury in premier locations. Thirty-eight condos priced at more than $3 million sold downtown during the first eight months of 2008 compared to 26 for the same period last year last, a 46 percent hike, according to The Warren Group, parent company of Banker & Tradesman.
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