Boston High End Condo Analysis

Subject Properties and Amenities

Development# of Sale

(6 months)LEED

Certified Valet Pkg24 Hour

Concierge SpaFitness Center Pool/Rooftop Clubroom

Restaurant Services

Hotel Services

The Clarendon 23 X X X X X X

45 Province 3 X X X X X X X

The W 11 X X X X X X

Battery Wharf 6 X X X X X X

Intercontinental 8 X X X X X

The Ritz 5 X X X X X X X

Development Address NeighborhoodYear Built

# of Sales (1 year)

Avg Sold Price

Avg Sold SF

Avg Sold $/SF

Assoc Fee $/SF

1st Sale Date

The Clarendon 400 Stuart Street Back Bay 2008 23 $1,583,630 1401 $1,069 $1.05 12/15/09

45 Province 45 Province St Financial District 2009 16 $1,436,515 n/a n/a $1.03 5/26/09

The W 100 Stuart St Theatre/Midtown 2009 11 $717,611 828 $834 $1.17 12/21/09

Battery Wharf 2-5 Battery Wharf Waterfront 2008 10 $1,482,795 1564 $948 $1.16 8/3/09

Intercontinental 500 Atlantic Ave Waterfront 2006 11 $1,531,955 1656 $925 $1.47 n/a

The Ritz 1 Avery St Midtown 2001 5 $1,653,200 1820 $901 $1.19 n/a        76 $1,400,951 1454 $935 $1.18

Summary (1 year)

With 76 sales spread across six developments over the last year, units sold at a rate of 1 per month. Looking more closely at the last six months sales shows increasing market velocity.

Summary (Past 6 months)

Development # of Sales Avg. Sold Price Avg. Sold SF Avg. Sold $/SFThe Clarendon 23 $1,585,630 1401 $1,06945 Province 3 $854,333 1615 $743The W 11 $717,611 828 $834Battery Wharf 6 $1,470,833 1526 $957Intercontinental 8 $1,502,438 1634 $888The Ritz 5 $1,653,200 1820 $901 56 $1,297,341 1471 $899

With 56 sales spread across six developments over the past six months, units are selling at a rate slightly less than 2 per month. Outpacing the previous six month period by 1 sale per month!

Sale Price Sold Last 6 months Average Sale Price Average Sold $/SF<500k 6 $378,357 $771500k-600k 0 n/a n/a600k-700k 1 $641,000 $854700k-800k 8 $752,625 $914800k-900k 4 $848,333 $810900k-1M 2 $934,000 $774

1M-1.1M 8 $1,064,103 $8531.1M-1.2M 0 n/a n/a1.2M-1.3M 3 $1,215,000 $9201.3M-1.4M 0 n/a n/a1.4M-1.5M 1 $1,490,000 $9171.5M-2M 13 $1,735,179 $1,0642M+ 10 $2,973,125 $1,221All Prices 56 $1,357,799 $960

Stratified Sold Price Summary (Past 6 months)

Sales are fairly well balanced across all price levels, however 41% of sold units have been in excess of >$1.5M and command roughly 20% more $/SF.

The Clarendon (Past 6 months)

Unit # Floor Sold Price SF Sold $/SF15B 15 $1,500,000 1229 $1,22115F 15 $716,000 765 $93616F 16 $721,000 765 $94217G 17 $720,000 711 $1,01318F 18 $700,000 765 $91516D 16 $1,060,000 1180 $89818E 18 $1,075,000 1561 $68918D 18 $1,060,000 1150 $92216C 16 $1,220,000 1213 $1,00617C 17 $1,225,000 1213 $1,01020D 20 $1,765,000 1439 $1,22715K 15 $780,000 850 $91820B 20 $1,635,000 1371 $1,19319A 19 $2,000,000 1782 $1,12224D 24 $1,612,500 1525 $1,05718B 18 $1,525,000 1229 $1,24119C 19 $900,000 1116 $80623C 23 $1,090,000 1134 $96126A 26 $3,950,000 2428 $1,62724E 24 $2,600,000 1957 $1,32919D 19 $4,750,000 3506 $1,35519B 19 $1,065,000 1372 $77628E 28 $2,800,000 1958 $1,430 23 $1,585,630 1401 $1,069

17 Sales in 2010 YTD

45 Province (Past 6 months)

Unit # Floor Sold Price SF Sold $/SF901 9 $1,200,000 1615 $743

1403 14 $931,0001207 12 $432,000

3 $854,333 1615 $743

Only 3 sales in the last six months, but 13 sales in the previous six month period.

The W Residences (Past 6 months)

Unit # Floor Sold Price SF Sold $/SF17I 17 $355,000 507 $70018H 18 $805,000 1040 $77417D 17 $710,000 856 $82919F 19 $750,000 857 $87518D 18 $400,000 427 $93718I 18 $370,000 512 $72319I 19 $410,000 512 $80119H 19 $850,000 1040 $81716I 16 $345,000 518 $666

22C/D 22 $1,825,000 1794 $1,01727H 27 $1,073,720 1040 $1,032 11 $717,611 828 $834

**7 units listed under agreement

Battery Wharf (Past 6 months)

Unit # Floor Sold Price SF Sold $/SF4402 4 $925,000 1535 $6033403 3 $1,545,000 1625 $9513603 3 $2,085,000 1814 $1,1493606 3 $1,800,000 1487 $1,2103401 3 $980,000 1072 $9144403 4 $1,490,000 1624 $917

6 $1,470,833 1526 $957

The Intercontinental (Past 6 months)

Unit # Floor Sold Price SF Sold $/SF20J 20 $3,200,000 2913 $1,09914T 14 $336,500 421 $79918N 18 $2,300,000 2736 $84116R 16 $708,000 800 $88519B 19 $1,560,000 1593 $97921D 21 $2,000,000 2061 $97021C 21 $890,000 1060 $84016J 16 $1,025,000 1484 $691 8 $1,502,438 1634 $888

The Ritz (Past 6 months)

Unit # Floor Sold Price SF Sold $/SF23D 23 $1,800,000 2036 $88431D 31 $1,825,000 2036 $89633D 33 $1,900,000 2036 $93318C 18 $641,000 751 $85426A 26 $2,100,000 2242 $9375 $1,653,200 1820 $901

Data and Images provided by MLS (April 2, 2010)