Penthouses have always had a cachet, but it's only in the last 10 years that Boston has gone vertical enough to create a lot of them.
Buildings like the Ritz- Carlton Residences, the W, 45 Province St., the Mandarin Oriental and The Clarendon put the high-style urban penthouse on the Hub map. Upcoming buildings will raise the ante. The Millennium Tower is offering a 13,000-square-foot penthouse atop the 60th floor for $37.5 million, the city's most expensive listing ever. And projects like One Dalton Street in the Back Bay and Twenty Two Liberty on Fan Pier are also building spectacular penthouses.
"Big building penthouses are like bespoke suits — custom made" says Wayne Lopez, who sold six at 45 Province St. and is now working for Millennium Partners. "These are people who don't buy cars off lots or suits off the tracks."
Lopez says new penthouses are often sold as raw space, letting buyers customize floor plans and finishes, noting a family with young children bought a 45 Province St. penthouse because they could alter the layout to fit their needs.
For those buyers who want a penthouse, but can't wait two to three years for a build-out, there are usually several on the market.
Gibson Sotheby's Beth Dickerson is listing a 16th-floor two-bedroom corner penthouse at One Charles for $3,195,000 that features both a wraparound terrace off the living areas and a private one off the master bedroom, with panoramic views of the city on two sides.
"Having outdoor space is huge and increases the value of a penthouse by 20 percent," said Dickerson, who sold one for $13 million at the Mandarin Oriental. "And corner penthouses are very hard to find."
Dickerson says penthouses are high on the bachelor pad wish list and those of people who like to entertain. There are the much-touted wealthy foreign buyers looking for a trophy penthouse, but also local empty nesters. Coldwell Banker agent Albert Lynch is a buyer's broker for a suburban Boston couple with two grown children.
"Some buyers want to be in flag buildings, those that mix condos with a hotel offering amenities such as room service." Lynch said. "Others, like my client, are looking for a full-service building that's quieter."
Lynch said tall building penthouses are a different animal than penthouses in other neighborhoods. In penthouse units he recently sold on Beacon Hill and in the Leather District, exclusive rights to roof decks were a top amenity
Penthouses along the Waterfront or in Charlestown aren't as high up but offer spectacular views. Penthouse 230 for sale at Flagship Wharf for $2,149,000 has 2,434 square feet of space, floor-to-ceiling windows and two private terraces that look out over Boston Harbor.
"Whether you want water or city views, if you're looking for a condo with more than 2,000 square feet or three bedrooms in the city, these will generally be penthouse units," Dickerson said.
Why pay more, when the views a few floors below are nearly as good?
"It's the cachet of living in a one-of-a-kind space where you live at the top" Lynch said. "Some people want to be able to say they live in a penthouse and will pay extra for the privilege."
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