Millennium Tower in Boston is a perfect example of what’s happening in Boston’s luxury condo market. From today’s Boston Globe:
For proof that Boston has become a luxury housing mecca for wealthy people from around the world, look no farther than Downtown Crossing.
At the high-end Millennium Tower, buyers have come from Greece, Hong Kong, and the Middle East, scooping up condos two or three apiece. There’s a real estate executive in San Francisco who markets luxury US properties in Asia, and claims on her website that she’s sold 7 percent of the tower — roughly 30 units.
And then there’s the recent immigrant from China, Bingyi Chen, who lives in a modest townhouse in Concord and has bought at least 16 condos on behalf of investors in his native country, according to property records and his real estate agent. He paid $15.6 million in total. All cash.
Most of those 16 units are directly above each other in a narrow strip running up to the 30th floor of the 60-story building. They are listed for rent, starting at $4,100 a month, with the proceeds heading back to investors in China.
“It’s all about the investment opportunity,” said Charles Wang Pan, a real estate agent who represents Chen and his wife. “This is a job for them.”
Read more here.