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Fenway Building 30% Sold 1 Year Before Opening

Posted by lynnoconnellrealestate_ntlepx on June 16, 2016
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The Fenway has been fast emerging as one of Boston’s top neighborhoods for today’s buyer. Many new construction projects have been erected along with numerous restaurants and entertainment destinations. Pierce Boston is among one of the newest residential developments and is already 30% pre-sold after just 7 months of breaking ground. This is also over a year before the anticipated completion date.

Pierce Boston will bring 240 apartments along with 109 condominiums to the corner of where Boylston Street meets Brookline Avenue. This development will also be the tallest tower in the Fenway when it is complete in 2018.

Samuels and Associates is the development team bringing this project into reality. Leslie Cohen, principal and CEO states “Fenway has been a kind of renaissance-in-process for many years. When you say Fenway, people think back to the older Fenway, which was much grittier a decade ago. It’s really turned into this changing place. It’s an entertainment and restaurant destination. It’s really got a special feel now in a much different way than it did a decade ago.”

The level of luxury will be elevated at Pierce Boston with home prices ranging from $1 million to $6.5 million. Sue Hawkes of the Pierce Boston sales team reported that many of the buyers are baby boomers in search of downsizing in the city to the tune of roughly $2,000 per square foot. There will be no lack of common amenities with a roof deck, outdoor pool, fitness center with yoga studio as well as city views.

“They are now at the point, with the booming economy, that they are now able to sell their homes in the suburbs, realize 30 years of equity in that, and they are able to realize a lifestyle change that this city has been able to realize too,” Hawkes said. “If you look back 15, 20 years, it really wasn’t as compelling for a middle-aged person to move back into the city, because you just didn’t have the lifestyle opportunities. But that has evolved to a huge degree, and now it has become a location of choice for people looking to downsize.”

Boylston Street in particular has experienced a significant transformation over the past decade. New offices, medical facilities, luxury apartments, restaurants and shops including Target all make up the current neighborhood that provides all of the services that one needs.