The Red Sox, world-class colleges, the Kennedys and clam chowder — these are just four things Boston is famous for. One thing it’s not known for, however, is attracting wealthy international buyers looking for a high end city home in the U.S. Thanks to several upscale developments, that may soon change. Boston is undergoing its biggest residential boom since the 1920s, drawing the attention of wealthy house-hunters who would traditionally stick to New York, Miami, Los Angeles and San Francisco. Leading the pack is the Four Seasons Private Residences One Dalton Street, atop Boston’s second Four Seasons hotel (only a handful of cities—including London and Shanghai—can claim more than one), in the city’s posh Back Bay neighborhood. Also see: Former NHL Player Brendan Witt Lists Montana Log Home for $3.1 Million On top of the hotel, between floors 24 and 61, luxury private condos will be offered for sale and, while the official marketing push has yet to be launched and the building is still in the early stages of construction, some have already been sold. The 699-foot-tall building is being designed by 90-year-old “starchitect” Harry Cobb, a founding partner of Pei Cobb Freed & Partners, responsible for the expansion and modernization of the Louvre. Meanwhile, Thierry Despont — famous for renovating Claridge’s hotel in London and the Carlyle in New York — is designing the public spaces. When completed in the summer of 2018, One Dalton will be New England’s tallest and most expensive residential building on display, with 165 condos priced between $2 million and $35 million. Residents will have all the high-end amenities that New York’s elite are used to — a pet wash room, theater, golf simulator, concierge and health and fitness center. On the 50th floor, they will have exclusive access to their own bar and restaurant. Dick Friedman, the CEO of Carpenter & Company, the developer behind One Dalton, who also sits on the board of the Four Seasons hotel chain, believes Boston has something unique to offer prime property investors. “Boston is an incredibly safe place to invest because it has stability,” said Friedman, who has been active in real estate since the 60s. “Even in past recessions, Boston stayed quite level. It’s not like Miami or New York or L.A.” Several wealthy Bostonians have already snapped up homes, but Friedman is expecting about a quarter of sales to go to foreign buyers. Recent years have seen more international wealth come to Boston, with large employers (General Electric is relocating its headquarters from Connecticut to Boston), the area's colleges and even medical centers all playing a role. New flights out of Logan International Airport have also helped drive this trend. Boston now boasts more than 50 direct flights from overseas. In the last year alone, airlines have added flights from Beijing, Shanghai, Istanbul and Tokyo; Emirates Airlines added a second daily non-stop between Dubai and Boston.
Pierce Boston is just one of many developments coming to the once-neglected area around Fenway Park Samuels & Associates According to Friedman, just five years ago, Middle Eastern and Asian investors would have struggled to find properties in Boston luxurious enough to meet their expectations. One Dalton won’t be their only option. In another part of Boston, next to Fenway Park, home of the Red Sox, Pierce Boston will be the neighborhood’s first luxury residential project, with 240 rental properties and 109 condos for sale. The top floor will comprise a swimming pool and cabanas, while the bottom will feature a high-end restaurant that will cater to residents as well as the public. “We're taking this to the highest level of luxury we've had,” said Joel Sklar, president of Samuels & Associates, the developer behind Pierce Boston, who expects to attract both domestic and international buyers. The former will be a mix of young professionals and empty-nesters looking to move back to the city from the suburbs. The latter will include wealthy foreign parents who want to buy an apartment for their children enrolled in one of the area’s many universities. This is the latest in the ongoing transformation of what was once a very neglected and rundown neighborhood, bursting to the seams with parking lots, car dealerships, gas stations, industrial buildings and fast-food joints. In fact, developers are building 700 new apartments and condominiums in the Fenway area, with another 1,500 in the pipeline. According to the Boston Redevelopment Authority, the whole city will welcome around 8,000 new luxury apartments over the next three years. These developments are starting to impact luxury house prices, according to LINK, a real estate data company. Earlier this year, average prices for luxury condos in Boston hit a new record of $1,380 per square foot.