Luxury Homes

Luxury in the City: What you can get for nearly $7m-plus

Is the "so-called "millionaires tax" driving well-off buyers out of the state?

Love to read? The Gambrel Victorian at 2 Garden Terrace in Cambridge's Observatory Hill neighborhood features a two-story library with leaded-glass windows. The property is on the market for $6,700,000 Greg Premru

By Marni Elyse Katz, The Boston Globe

January 15, 2025

4 minutes to read

The first in a two-part series on the luxury market. Next week: Luxury in the Burbs.

The luxury real estate market doesn’t see much action in the months before a presidential election.

“The election put 2024’s busy $5- to $10-million market on pause,” Maggie Gold Seelig, founder of MGS Group Real Estate in Boston, said.

A week later, regardless of who wins, it’s back to business. Bill Gehan, a realtor with Campion and Company in Boston, noted that buyers and sellers reentered the fray in December, making and accepting offers well into the holiday season.

Asked about the effects of another politically charged topic — Massachusetts’ “millionaires tax,” which levies an additional 4 percent on taxable income over $1 million — brokers said buyers are still committed to owning here, though some may spend a bit less.

A handful of buyers are reexamining where they’re spending the majority of their time with family. “If Boston isn’t the true hub, those who would have spent $10 million might now spend $8 million, and those who would have spent $15 million might spend $12 million,” Seelig said. “People who want to live in Boston don’t care about taxes in the end.”

Beth Dickerson of Gibson Sotheby’s International Realty in Boston also observed a slight shift. “Empty nesters that are downsizing from Weston and Wellesley might buy two homes — one in Boston and one somewhere else where they could establish residency,” Dickerson said.

Regardless of budget, there is increased demand for condominiums with amenities in Boston’s historic neighborhoods. Numerous agents cited Raffles Boston in Back Bay as the year’s big success story. The building attracted a wide range of buyers; some combined multiple units.

That said, not everyone is looking for that level of service. “Empty nesters moving into town want an intimate feel, a home closer to what they left in Brookline or Weston,” Seelig said. “A doorman or concierge to help with groceries and retrieve packages is important, but otherwise they prefer a more private experience.”

Such luxury properties are hard to come by, especially if you throw in garage parking, three or four bedrooms, and single-floor living, which, according to Gehan, is what most buyers at this price range expect.

“I get a lot of calls from agents with clients who want a doorman building but don’t want to live in a high-rise,” Dickerson said. Her response? “Good luck.”

Here are four luxury properties on the market in Boston and Cambridge for nearly $7 million-plus:

Cambridge | Observatory Hill

$6,700,000

2 Garden Terrace

Year built 1912

Square footage 5,389

Bedrooms 4

Baths 4 full, 1 half

Taxes $35,244 (2024)

Last sold for $1,100,000 in 1998

This red-shingled Gambrel Victorian located on a coveted cul-de-sac just a mile from Harvard Square lives generously and cozily, formally and informally. Meticulously updated by architectural firm Meyer & Meyer in 2000, the single-family standout features a two-story library with leaded-glass windows and a steel and glass catwalk. The English-style eat-in-kitchen boasts one of the home’s four decorative fireplaces, plus a walk-in pantry. The third-floor living space has a deck that overlooks the back garden, a vaulted beadboard ceiling, and a ladder leading to a widow’s walk.

Listing agent Nicole Monahan, Monahan Barker Team, LandVest Inc., 29 North Main St., Ipswich, 617-680-6895, nicolemonahan.landvest.com

Boston | Beacon Hill

$7,495,000

39-41 Mount Vernon St., Unit V

Year built 1917/converted 2017

Square footage 2,903

Bedrooms 3

Baths 3 full, 1 half

Taxes $55,120.08 (2025)

Fee $6,046

Last sold for $5,600,000 in 2018

Channel life in Paris atop Beacon Hill at Maison Vernon. Beyond the historic redbrick façade, you step into an elegant lobby with marble chevron floors and an Art Deco-inspired wrought-iron elevator. The home spans the entire fifth floor of this pre-war boutique building. Tall windows wrap two sides of the sun-drenched great room, which is anchored by an artisan-made Carrara marble mantel. The kitchen has a private balcony with cast-iron railings and a view of the State House’s golden dome. Come evening, a sleek, three-sided gas fireplace will lull you to the primary suite while guests retire to their own well-appointed suites.

Listing agent Maggie Gold Seelig and Michael Harper, MGS Group Real Estate LTD, 389 Commonwealth Ave., Boston, 617-714-4544, mgsgrouprealestate.com

Boston | Seaport District

$8,195,000

300 Pier 4, Penthouse N

Year built 2019

Square footage 2,506

Bedrooms 3

Baths 3 full, 1 half

Taxes $78,681.27 (2024)

Fee $4,134

Last sold for $6,765,000 in 2021

Penthouse N at Pier 4 offers expansive indoor/outdoor living and views of the city and the sea. From the entry, there’s a straight shot of Fan Pier past the marble waterfall island. Balconies jut out to Boston Harbor from the dining area and a guest suite (or den, since there are two). The primary suite has two walk-in closets and a soaking tub. Escape or entertain on the L-shaped roof deck accessed by a modern floating staircase. There’s a fire pit and full outdoor kitchen up there.

Listing agent Jeanine Cort, Cort Petrocelli Coopersmith Group, Compass, 126 Newbury St., Boston, 617-335-2818, compass.com/agents/cort-petrocelli-coopersmith

Boston | Fenway

$8,500,000

188 Brookline Ave., Penthouse 29A

Year built 2018

Square footage 2,742

Bedrooms 3

Baths 3 full

Taxes $52,647.51 (2024)

Fee $5,369.86

Last sold for $6,064,843.37 in 2018 (This figure includes unit, cabanas, storage, parking)

The unobstructed panoramic views — Charles River, Harbor Islands, Emerald Necklace, and more — from this Pierce Boston penthouse are as enthralling from the private 1,200-square-foot sky deck as from inside the unit. Expanses of glass wrap the home; you can lounge, dine, bathe, and awaken overlooking the city. (The common roof deck has a pool if you care to mingle.) The more than 16-foot high ceiling with industrial-style beams in the main living space lends a loft-like feel, as does the open-kitchen peninsula that seats six. Office built-ins include a cozy nook. There’s a huge dressing room and three deeded garage spaces, too.

Listing agent Eddie Hou and Jennie Zheng, Luxury Living Boston Team, Regatta Realty, 12 Museum Way, Cambridge, 781-742-3188, luxurylivingbos.com

Luxury in the City: What you can get for nearly $7m-plus