After nearly three years on the market, roughly half of the 137 luxury condos at 45 Province have yet to sell. According to brokers, there are three reasons for this:
· The condos are priced too high. Studios can start at $725,000, and 3-bedrooms can run to more than $4,000,000.
· The surrounding neighborhood, Downtown Crossing, shuts down after 5ish. As one broker told the Business Journal's Thomas Grillo, "It’s just not as desirable as the Back Bay." Another said a client opted for a penthouse in Brookline rather than a unit at 45 Province.
· And the old Filene's site gapes empty nearby.
Well, as everyone who's anyone knows, it was announced earlier this month that the mother of all recent Boston towers will soon fill the Filene's site. Will that at least help spur deals at 45 Province? That's how the thinking goes. The developer, Millennium Partners, does have a knack for turning around areas.
· Sluggish Sales at 45 Province [Biz Journal]
· For Filene's Site Builder, Game-Changing Mojo from JP to NYC [Curbed Boston]