Pierce Boston (née The Point )| Boylston St/Brookline Av | Fenway

Mike02125 said:
This is a real home run from the front angle, a little less exciting from all other angles and especially from a distance.

Also, the sign says they are renting now? Did the condos not sell well? I've always wondered if renting in the Fenway could be seen as fun, but transient for a year or two - yet putting down more permanent roots next to the stadium would be a harder sell.
Click to expand...

I think the switch to rentals was made a year or two ago when they (correctly IMO) saw the luxury condo market slowing down. I'm not sure this part of Boston could handle 300+ luxury condos dropping at once.

My guess is that they are slowly going to convert the rentals to condos over a number of years so that the market here doesn't get saturated.
 
FenwayResident said:
My guess is that they are slowly going to convert the rentals to condos over a number of years so that the market here doesn't get saturated.
Click to expand...

How do you "slowly convert" from rental to condo? You probably can't reasonably mix owners and renters on the same floors. Do you stop renewing leases a few floors at a time, renovate, and then sell? Sounds like a recipe for a lot of lost revenue and throwing away a lot of lightly used fixtures.

If anything like that happens, it will be 20+ years from now when the units need renovation anyway.
 
The Pierce was originally going to be all rentals, and during the approval process switched to part rentals, part condos. Why? Because there is higher demand now for condos than rentals in the city. The lower half (roughly) of Pierce is rental portion--that hasn't changed since opening. The top half is exclusively condominiums.

The truth is that 10,000 luxury condominiums could be dropped in most Boston neighborhoods this year alone, and it would still fail to meet demand. A healthy condo market has at least an 18-month supply of homes available to purchase. Last I heard, Boston's got a less than 3-month supply of homes for purchase.

#LetBostonRise
 
fattony said:
How do you "slowly convert" from rental to condo? You probably can't reasonably mix owners and renters on the same floors. Do you stop renewing leases a few floors at a time, renovate, and then sell? Sounds like a recipe for a lot of lost revenue and throwing away a lot of lightly used fixtures.

If anything like that happens, it will be 20+ years from now when the units need renovation anyway.
Click to expand...

Yeah that's a fair point, I was imagining they'd wait for the next market cycle then do a couple floors at a time. But maybe that's not how it goes in reality? All the examples I could find online of rental to condo conversions were the entire building at once.

Anyway, I really don't think the current market in Fenway could support another hundred or so $1M+ units. Maybe the next cycle, though?
 
FenwayResident said:
Anyway, I really don't think the current market in Fenway could support another hundred or so $1M+ units. Maybe the next cycle, though?
Click to expand...

Not according to real estate experts.

Boston, a city millennials love continues to have inventory and affordability issues. According to Zillow, the median price for homes currently listed in Boston is $735,000.

“I pay attention to numbers and we don’t have enough good property on the market. There is big demand in Boston with companies moving to here either from outside of the city or from other states,” observes David Bates, broker associate at William Ravis Real Estate

“I would be surprised to see a slowdown. I see increasing demand and very good appreciation,” adds Bates who is also known for writing about the Greater Boston real estate market for Banker and Tradesman, Boston Magazine, The Boston Globe, Boston Herald and Boston.Curbed.com.
Click to expand...
 
dshoost88 said:
The truth is that 10,000 luxury condominiums could be dropped in most Boston neighborhoods this year alone, and it would still fail to meet demand. A healthy condo market has at least an 18-month supply of homes available to purchase. Last I heard, Boston's got a less than 3-month supply of homes for purchase.

#LetBostonRise
Click to expand...

high demand but enough wealth??

Insider in the State House says our lux market is running low on able buyers/ renters despite a strong employment outlook. he blames it on stagnant wages, camouflaged to a moderate extent within the broader Market.

not calling it the Gospel. I tend to be more optimistic the market will remain strong for some time to come.

he does own 240 units.... any brokers in the house??
 
Last edited:
dshoost88 said:
Not according to real estate experts.
Click to expand...

That article doesn't mention anything about Fenway in particular, nor does it mention anything about the high end of the market (most of these units are $1M-$3M). That being said I agree with your larger point that there is tons of demand for housing all across Boston, I just don't see it for $1M+ units in Fenway. I think if a building went up in Fenway with units from $500-800k it would sell like hotcakes, though.

My main question is who would be buying these $1M+ units? Doctors working at Longwood and maybe a baseball player or two is all I can think of. Perhaps a power couple with each person making $150-200k could afford a 1br at $1.3M. If you're a multi-millionaire, why are you buying in Fenway and not one of the more downtown neighborhoods? I just don't see it, but of course that's just my opinion.
 
FenwayResident said:
My main question is who would be buying these $1M+ units? Doctors working at Longwood and maybe a baseball player or two is all I can think of. Perhaps a power couple with each person making $150-200k could afford a 1br at $1.3M. If you're a multi-millionaire, why are you buying in Fenway and not one of the more downtown neighborhoods? I just don't see it, but of course that's just my opinion.
Click to expand...

Because more people see the Fenway as one of the best "things" when the downtown supply dries up.

I think we can all agree supply is not coming online fast enough Downtown.... far from it. you can look at my chart and see these projects are the slowest to begin. Even with all the alternative supply in the Seaport holding up the rear, the wealthy core of Boston is expanding.

The Fenway's future looks very bright. The Fenway is like Wrigleyville in the early 90s.
 
Last edited:
That's probably the best photo i've ever seen of the new tower!!
 
That's exactly where the render was taken.

It fools the eye into thinking that it's a good looking tower. It is from one single angle.
 
Gotta throw some vines on that trellis. Ivy would be a nice touch there.

DZ, Wright's Tower in the Fells?
 
cadetcarl said:
DZ, Wright's Tower in the Fells?
Click to expand...

Yes but I actually prefer the rock overlook next to the tower, due to the awkward placement of the tower's stairs. So this was from the rocks. Good eye though!
 
Someone who apparently bought a unit in this building was bitching about it on Reddit... doesn't sound so great:

https://www.reddit.com/r/boston/com...elapse_of_todays_morning_clouds_good/dzbewod/

If you don’t dress formally, you’d get interrogated by the reception every time.

You need to swipe your key fob at least 4 times to get from the door to your room. The key fob costs a lot as well.

It’s still full of toxic fumes of construction.

There are big concrete beams going directly through the bedroom for support since the building is full of glass.

If you don’t have blinds, sunlight will shine right through your bedroom.

You can hear everything from car horns to helicopters from inside.

The electrical sockets are upside down so you can’t use electric lights/air refreshers.

Only the owner is allowed to live inside.

You need to register an account of some sort in order to use the A/C.

The windows are horribly heavy and hard to use.

There is not much storage.

In order to move inside(which I am doing) you need to reserve the loading dock first, which can only be operated by the employees. The loading dock is now under renovation so I can’t move my beds in—I now sleep on an inflated bed.

The bathroom fans are always on and making sound.

No ceiling lights.

Turn the knob 1 degree and your shower water turns from ice to lava.

—And so on.

However, you don’t pay a million bucks for nothing. There are public gyms, lounges, meeting rooms and even a pool. In-unit laundromat and a nice view of downtown.

I pretty much got scammed by the cooperation, because after I bought a 1 bedroom, they constructed even more of these and sold them at a much lower price. I am currently planning on selling the place even though I’d lose some money.
Click to expand...
 
^ Well, some of that sounds legitimate, and some of it just sounds stupid and petty.

Moving big items into a high rise building, yep, you have to reserve the loading dock and the elevator. That is how it works.

You buy into an all glass unit, facing the sun, and you are surprised that you get sun in your bedroom? Did they even look at the orientation before buying?

Big concrete beam in the bed room -- I assume that was there when they looked at the unit -- so not exactly a surprise?

Not much storage -- pretty common tradeoff in urban living -- I assume they checked that out before buying, so not a surprise?
 
meddlepal said:
Someone who apparently bought a unit in this building was bitching about it on Reddit... doesn't sound so great:

https://www.reddit.com/r/boston/com...elapse_of_todays_morning_clouds_good/dzbewod/
Click to expand...

"If you don’t have blinds, sunlight will shine right through your bedroom."

-Yeah, and at the crosswalk outside, if you don't look both ways you may get hit by a car.

The hell with that landlord taking advantage of those poor Pierce residents!!!!!!!! Morons have rights also!!!!!
 
You must log in or register to reply here.

Back
Top