Luxury city homes you can buy starting at $4.8 million
New construction is getting “the most play” in Boston proper, real estate experts say.
“The $4 million to $7 million price market was a little constipated in 2023,” said Maggie Gold Seelig, founder of MGS Group Real Estate in Boston. “There were buyers, but nothing was moving; the market needed an enema.”
Seelig cited the failures of Silicon Valley Bank and First Republic Bank — institutions central to Boston’s economic pulse — along with high interest rates as culprits.
On the heels of the uncharacteristically low rates of 2021 and 2022, 5 percent to 7 percent seemed exorbitant, but in truth, the market was spoiled, said Antonio Khoury, a luxury real estate adviser with Compass in Boston. “We should’ve expected that those rates wouldn’t last.”
The fallout? “Buyers sat on the sidelines waiting for rates to fall, and when that didn’t happen, they were priced out of the market,” Khoury said. “The conditions presented an opportunity for cash buyers, who are not impacted by high rates, to be more aggressive.” He recently sold a $6 million pied-à-terre to a cash buyer.
Fast forward to fall, the busiest of Ricardo Rodriguez’s 20-year career. “People began to understand that interest rates would not be that low again and prices would continue to rise,” the Coldwell Banker global luxury ambassador in Boston said. He had closings up to Dec. 29.
Seelig put together a deal on Christmas. “There were showings and sales during the holiday, which is not normal,” she said. She had back-to-back showings all over town starting Jan. 2. Rodriguez is working with sellers to get listings on the market sooner rather than later to meet demand.
But for Rodriguez, new construction is getting the most play; especially the Residences at 566 Columbus in the South End, where only five of the 66 units remained as of press time and he’s the listing agent. All three agents remarked on the staggering number of presales at Raffles, a new luxury building in Back Bay.
Full-service buildings outside the core luxury neighborhoods aren’t faring as well, reinforcing the mantra, “Location, location, location.” No surprise given the city is replete with shiny, new high-rises.
“If you’re flexible on location, you have a good chance of checking a fair number of boxes at a full-service building,” Khoury said, noting the high supply. “What I’m trying to say is, if you want a full-service building, buy now.”
Here is a sampling of luxury homes you can buy in the city:
Beacon Hill
$5,600,000
Beacon Hill
Year built 1828
Square footage 4,620
Bedrooms 5
Baths 3 full, 2 half
Taxes $44,432 (2023)
Last sold for $1,087,500 in 1993
Listing agent Diana Coldren, Compass, 126 Newbury St., Boston, 617-953-7237, compass.com
Live like a Brahmin on one of Beacon Hill’s prettiest streets in a Federal-style, redbrick single-family with an elegant arched window and entryway. Interior details include nine fireplaces and crown molding. French doors in the eat-in kitchen with high-quality cabinetry and a dark green range open onto a brick patio; There’s a roof deck, too. The five-story home offers formal rooms for entertaining and cozy rooms for reading. The primary suite occupies the entire second floor, complete with copious built-ins, while the top-floor, attic-like bedrooms are utterly charming.
Rowes
$5,995,000
Boston Waterfront
Year built 1987
Square footage 2,455
Bedrooms 2
Baths 2 full, 1 half
Taxes $41,960 (2023)
Fee $5,282 a month
Last sold for $1,252,335 in 1987
Listing agent Maggie Gold Seelig, Michael Harper, MGS Group Real Estate LTD, 187 Mt. Auburn St., Cambridge, 617-714-4544, mgsgrouprealestate.com
Enjoy urban life on the sea in this expansive 12th-floor condo at Rowes Wharf. Stunning water views — 75 feet of them — command from every room (as well as cityscapes), and there’s a balcony off the living room should you desire a sea breeze in your hair. The wood-paneled den is ideal for work-from-home or guests, and both bedrooms have en-suite baths. If you can’t make it to Cape Cod — the ferry is just outside your door — swim and work out at the adjoining Boston Harbor Hotel.
Cambridge
$5,200,000
80 Alpine St., Cambridge
West Cambridge
Year built 2023
Square footage 4,176
Bedrooms 5
Baths 4 full, 1 half
Taxes $9,924 (2023)
Last sold for N/A
Listing agent The Carol Kelly Team, Compass, 1100 Massachusetts Ave., Cambridge, 617-835-5008, thecarolkellyteam.com
You needn’t head to the Seaport for slick new construction. This contemporary five-bedroom located on a quiet, tree-lined street in Cambridge offers privacy and convenience. While it lacks a water view, there are three decks, including one off the primary bath. Natural wood and stone infuse warmth into the home’s airy spaces, which boast acoustic batting in the walls and floors. The open statement stair ascends to the bedrooms; one of two primary suites occupies the entire third level. The home sits on 0.09 of an acre.
Providence
$4,795,000
East Side
Year built 1900
Square footage 9,632
Bedrooms 6
Baths 5 full, 2 half
Taxes $22,957 (2023)
Last sold for $1,400,000 in 2017
Listing agent Sweeney Advisory Group, Residential Properties Ltd., 140 Wickenden St., Providence, 401-864-8286, sweeneyadvisory.com
You harbor “Downton Abbey” fantasies but can’t stomach giving up your stilettos. Head to Providence for this exquisitely renovated late Victorian brick mansion with leaded glass windows and eight fireplaces on more than a third of an acre. In addition to formal living and dining rooms and a wood-paneled den, there’s an eat-in kitchen with a 100-inch La Cornue range and a sunken family room that leads to a stone and brick terrace overlooking the garden. The three-bay brick carriage house has an apartment above, too.
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