The St Regis Residences (former Whiskey Priest site) | 150 Seaport Blvd | Seaport

Stop being so reasonable mdd .... I am sure its a private bathroom for the project executive or something.
 
Walked by this afternoon and they were assembling pieces of a new (temporary?) floating barge out back with the help of the red crane and two mini tug boats
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I saw that thing on the corner of the site last week and was intrigued by what it was. If I go for a run by here in the next few days I'll try and ask a worker.
 
I like the pre-Echelon background used for that render that makes it seem like the rooms will be all sunny and the whole area around the building will be bright and sunny when in reality thats all a giant shadow now and this road is more like looking down a tunnel.
 
Yeah does anyone have any ideas what that massive billboard like structure at the front corner is? Really odd looking thing (in the pictures above).
 
It's a temporary billboard. Will be taken down once the building is complete.
 
Funny how they stretched the floors to make it look taller. The first residential floor height looks like a third of the height of the upper floors.

I also wonder much the common fees will be in such a small building with so many amenities.
 
Czervik.Construction said:
I also wonder much the common fees will be in such a small building with so many amenities.
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Undoubtedly one of those "if you have to ask...." situations. These should be the most expensive condos in the Seaport, no? Prime location and what should be the best services/amenities.
 
Czervik.Construction said:
I also wonder much the common fees will be in such a small building with so many amenities.
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At Pier 4, which I think is the closest comparable, they start at $1450 for a 969 sqft third floor 1br/1.5ba($1.46 psf) and top out at $7532 for a 3644 sqft 4br/4.5ba penthouse($2.07psf). I'd wager that they'll be at least 30% higher here.
 
I wouldn't be surprised if was even higher. I was reading either here or elsewhere that there will be a crazy staff to resident ratio, butlers and all sorts of other stuff. When that is a hotel and residence (like the Ritz or FS) the costs can be spread out between hotel and condo. Here it is ultra high end hotel services in a small condo building. I know a lot of the people that own here will not care, but say a 1 Br has fees of ~$2K, that is $24K per year. That means the apartment has to appreciate in value $24K per year in perpetuity to break even. Yikes.

kmp1284 said:
At Pier 4, which I think is the closest comparable, they start at $1450 for a 969 sqft third floor 1br/1.5ba($1.46 psf) and top out at $7532 for a 3644 sqft 4br/4.5ba penthouse($2.07psf). I'd wager that they'll be at least 30% higher here.
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Czervik.Construction said:
I wouldn't be surprised if was even higher. I was reading either here or elsewhere that there will be a crazy staff to resident ratio, butlers and all sorts of other stuff. When that is a hotel and residence (like the Ritz or FS) the costs can be spread out between hotel and condo. Here it is ultra high end hotel services in a small condo building. I know a lot of the people that own here will not care, but say a 1 Br has fees of ~$2K, that is $24K per year. That means the apartment has to appreciate in value $24K per year in perpetuity to break even. Yikes.
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From a local broker: "St. Regis condo fees are slightly higher than Pier 4 but lower than One Dalton"

1 BR's are selling for over $2M, so all you'd need, by the analysis you give to break even, is a 1% annual appreciation. The past 10 years Boston has averaged 5-6% appreciation and that includes the downturn that started in '08!
 
I think things will be fine in the long term, but I think that there are problems for the owner if they need to sell in the 5-7 year time frame and there is a slowdown coupled with these waterfront units being priced above what the market can bear.

There are a lot of condos starting to sit on the market down here in the $2-7M range There are only so many wall street guys and foreign investors that can buy these units. There is a building near me that just opened where the 1 br units are around $3-4M, 2 br are $6-8M. That is a ton of money, even for a Wall Street Managing Director making $1M-$1.5M per year, most of which being bonus (variable comp).

People are just getting fed up when a household making north of $500K per year can't find anything they can afford and are either sitting on the sidelines or moving to Jersey City, Brooklyn or Queens.
 
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Czervik.Construction said:
I think things will be fine in the long term, but I think that there are problems for the owner f they need to sell in the 5-7 year time frame and there is a slowdown coupled with these waterfront units being priced above what the market can bear.

There are a lot of condos starting to sit on the market down here in the $2-7M range There are only so many wall street guys and foreign investors that can buy these units. There is a building near me that just opened where the 1 br units are around $3-4M, 2 br are $6-8M. That is a ton of money, even for a Wall Street Managing Director making $1M-$1.5M per year, most of which being bonus (variable comp).

People are just getting fed up when a household making north of $500K per year can't find anything they an afford and are either sitting on the sidelines or moving to Jersey City, Brooklyn or Queens.
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A prominent high end condo developer in DC recently announced he had stopped building condos. He gave as reasons the changes in the tax law, where state and local tax deductions are capped, and mortgage interest deduction is now capped as well. I would add the nativist mood at 1600 Pennsylvania Ave isn't helping either. American real estate might not be the best place to park your wealth.
 
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