Manny's Condo Part Of Boston Ritz Condo Glut
Just what is going on at the Ritz in Boston? The Boston Herald reports on the condo glut at the Ritz Carlton Towers. The towers aren't part of the esteemed Ritz-Carlton hotel on Boston Common but are located in a steel and glass tower in Downtown Crossing. The complex currently has 40 listings on the market in a complex that is home to around 300 units. The listings are priced from $479,000 for a one-bedroom to $8.5 million for a penthouse with sweeping views of the city. That would be the condo owned by former Boston Red Sox hitter Manny Ramirez. It's already May and not a single unit priced over a $1 million has sold. The Herald article quotes a buyer's agent who says that the expensive condo units face competition from the W Hotel and 45 Province in a top-heavy Boston condo market with more million-plus condos than buyers. Right now banks are making it hard to get a "jumbo loan" which means that those who wants these units have to fork over a significant amount of cash up front. Ramirez has only had his condo unit on the market for a short while this time but it seems a price cut might be in order.
Gallery: Manny at the Ritz