The bankruptcy filing last April at The W Boston Hotel and Residences hasn’t deterred high-end homebuyers from purchasing in the posh high-rise, according to representatives from the development.
Kevin Ahearn, president of Otis & Ahearn, the real estate brokers marketing the condos, on the corner of Tremont and Stuart streets, claims reservations have been made at two of the priciest units in the past few weeks, and six more purchase and sales agreements have recently been signed.
“Since that [Chapter 11] filing we’ve restarted and had some great momentum,” says Ahearn, whose firm also sold the Residences at the Intercontinental, Battery Wharf and Parris Landing. “We are definitely not dropping prices. We are holding pretty strongly and have a tremendous amount of consistent activity. That has a lot to do with the W brand.”
According to Ahearn, there have been 22 closings at the 28-story tower since the bankruptcy filing, which means approximately 38 units are reserved, purchased or under agreement.
“We are not far off the original schedule. We are very pleased with where we are,” he says.
Units are on the market for about $1,000 a square foot with the larger, more luxurious units even pricier, says Ahearn. The building includes studios, one-, two- and three-bedroom units.
What you’re paying for
The complex, which includes 122 units, is located within the W Hotel. Homebuyers can enjoy all the amenities of the high-end hot spot, including the critically-acclaimed restaurant, Market, valet parking and concierge service. The units are modern and edgy, attracting contemporary empty-nesters as well as many foreign, young professionals, says Ahearn.