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

As with all things I'm sure there's a spectrum of reasons but I agree at a certain level of wealth 24k becomes nothing money.
 
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 the sounds of things, we should expect to see more appreciation than that, but I think the notion is wrong to begin with, as the $24,000 is partly paying for services received by the owner. The only part that should be measured against appreciation would be building maintenance or funding for capital improvements. But these buildings have high fees specifically because the level of service is high. The cost of an on-call butler, chef, etc. needs to be backed out of the analysis.
 
@HenryAlan , that is an interesting way to think through actual costs that would impact appreciation. I included the whole cost bc that ~$2K fee comes out of the owners pocket and will come out of any subsequent owners pocket. It is not optional. I know a few real estate investors in NYC and Chicago and their models include the total monthly fee (amenities, services and maintenance) rather than a portion of it.

@meddlepal , I agree with the upper priced and penthouse units, but you would be surprised how shrewd and attention to every dollar wealthy people are. In my old building in the West Village, it had zero amenities, but condos would trade at a premium because the common charges were $500 a month. This was on multi-million $$ units that ended up being gut renovated for additional six figure $$. People buying $2-3M condos are going to negotiate harder and as a few more of these come online, maybe once this, Echelon, Raffles, 1 Dalton, etc are added to the market, this may become an issue.

Either way, this building will probably sell out due to its unique nature. Even with Echelon across the street, there are only a few hotel service condos in the city, even with 1 Dalton added to the mix. This niche market probably still has some runway.
 
“There has been a lot of interest from Chinese and Asian buyers but more for investments, and that’s not something we’re interested in at this stage,” he said. A potential buyer from the investment community wanted to buy six units, but Cronin said his company turned them down.
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If that's accurate, that's very interesting (and good)
 
tmac9wr said:
If that's accurate, that's very interesting (and good)
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Agreed this is a good thing in my opinion. However, what usually ends up happening of that some initial buyers simply either flip for a profit to the same investors or wait a couple of years to do the same. It’s difficult to control resales currently.
 
Definitely good because they have billions of dollars and park their money in American real estate and you cant possibly build enough units to bring prices down when each billionaire can buy dozens of units each for their portfolio. Then real estate prices actually keep increasing the more you build and the avg boston home buyer gets the shaft. Australia is going through this hard right now.
 
And then the units get leased and people still live in them . . .
 
My office is the corner one above the Dunkin' in WTC, so I've had a front row seat to this and Echelon. Now that I'm online and since it's out my window, I feel a personal obligation to keep up with the progress and take a small, small portion off Beeline's loaded plate.


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Gunner02 said:
My office is the corner one above the Dunkin' in WTC, so I've had a front row seat to this and Echelon. Now that I'm online and since it's out my window, I feel a personal obligation to keep up with the progress and take a small, small portion off Beeline's loaded plate.


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Great stuff. Thanks for the offer, to take off some of the load, but if you haven't noticed I'm a nosey bugger and will still be stopping by from time to time. I see they have up the new billboard. Seems like a bit of a waste of money, but that's just me.
 
I would agree. It's no cheap structure, that's for sure.

Really though, it's been an incredibly interesting development to watch. There is NO extra room to work with and there is a lot going on in just that little space.
 
They have closed the sidewalk and according to a worker, will stay that way for the foreseeable future.

Beeline, here’s a close up of the sign for value judgement ;)
 

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There was a temporary sidewalk that was basically in the street... they closed that?
 
They did. It’s now a detour to cross. Scaffolding is down at echelon, sidewalk is almost done and trees are waiting to be planted so there may be a coordination effort there.
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Gunner02 said:
They did. It’s now a detour to cross. Scaffolding is down at echelon, sidewalk is almost done and trees are waiting to be planted, so there may be a coordination effort there.View attachment 554
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Nice update! I think this tower is the one I am most impatient for... This really is one of the final touches to the area and will add so much more depth to this part of the Seaport, not to mention walkability and liveliness.... and beauty. Im wicked excited to see the rise of the core. I think we are going to start seeing Seaport get MUCH livelier than it currently is!
 
The standard of comparison is Pier 4 Residences and the associated Harbor Walk, etc. -- if the St. Regis Residences can approach Pier 4 in terms of finishes and public walkways it will be exceptional

Still to come is what Penbroke / Fidelity does with the old 100 year old Commonwealth Pier
 
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