Some lucky buyer's agent will score $450,000 if their client pulls the trigger. So far it's 314 days and counting on the market at Zillow.com.
By COSMO MACERO JR.
Look at it this way: the average mortgage balance in Massachusetts is $261,000. For just $217,000 you can afford the most opulent penthouse living imaginable - with perfect, panoramic views of virtually everything downtown Boston has to offer.
For a month.
That's right - the estimated monthly mortgage payment on the top-floor condominium unit at Boston's Millennium Tower is $217,000. The condo association fees alone are close to $19,000 a month - about 15 times the average mortgage payment in the U.S.
So it's not for everyone.
But it was definitely built for someone. The question is: when will they come forward and make the deal?
Located at 1 Franklin Street in the heart of downtown Boston, Millennium Tower and its so-called "Grand Penthouse" were completed in 2016. The $45 million pad is a single-floor residence that occupies the entire 60th floor of the tallest residential building in downtown Boston. The 13,256 square-foot unit is the crown jewel of a total 443 luxury residences in the condo tower.
With 12 bathrooms (nine full- and three half-), seven fireplaces, a completely outfitted "events kitchen," staff quarters, and six parking spaces in the building's garage - the penthouse suite's eight bedrooms practically seems like a modest number by comparison. But there are plenty of other amenities to compensate: in the era of remote work, this home comes with completely separate office facilities built to the standards you would expect in a Class A downtown Boston tower.
Other premium features:
- A luxuriously appointed library
- Wet bar
- Movie and game area
- Direct into unit elevator access
- 24-hour concierge service
- Valet parking
- 2,000 square feet of open patio space surrounding the penthouse at 60 stories high
- A full complement of health and wellness amenities including a pool, fitness center, sauna and recreation space.
The property's Zillow.com listing indicates that 1 Franklin Street's Grand Penthouse in the Millennium Tower has been on the market for at least 314 days. The listing has been viewed over 10,000 times and "saved" by Zillow users for easy reference and retrieval 157 times. Listing agents are the Moran Group and Gibson Sotheby's International Realty.
With commissions for the seller side agents typically as high as 6 percent, the payoff for being the agent team of record on such million dollar listings can be massive. But even on the buyers' side, where house hunters are often represented by an agent to help make credible offers, the 1 percent buying rep's commission is worth $450,000 to the agent who has the right client.