We all love price per square foot charts. I think its because it is such an easy measurement to use to quickly determine a “baseline” value for a property. When analyzing property value in Boston most of us go to price per square foot (ppsf) first. In Provincetown price per square foot is not nearly as important in property valuation other than to compare and contrast property values with those in downtown Boston. Here in Provincetown the wide swings in valuation are caused by the huge variety of inventory including… Waterfront, East End, West End, renovated, “charming”, new construction, or weathered antique. The value of Cape Cod charm varies widely, but on average the price per square foot of condos sold is in the high $400’s to high $500’s. More on this in a later post.
Back to the chart. This South End ppsf chart shows a consistency over the last four years which is both surprising and reassuring. This is evidence that the South End market is relatively consistent and stable relative to other markets both locally and nationally.
Below are examples of two South End sold properties and one on Beacon Hill showing price per square foot.
Left t right: 470 Massachusetts Ave , in the South End, a 3 bedroom 3 bathroom Penthouse, 1,574 square feet, sold for $849K, $539 per square foot. Marketed by John O,Conner of Keller Williams and sold by Mike O’Hagan of Coldwell Banker Residential Brokerage.
40 Dwight St, in the South End, a 715 square feet parlor 1 bedroom, sold for $429, $715 per square foot. Marketed by Linda Ciborowski, Coldwell Banker Residential Brokerage.
10 Bowdoin St #202, on Beacon Hill, a 706 square foot 1 bedroom, sold for $525K, $706 per square foot. Marketed by Paul Whaley of Coldwell Banker Residential Brokerage.
In the last 4 years the lowest average quarterly ppsf of condos sold in the South End was $530 and the highest average per quarter was $629, a moderate swing of only 16%… and in the current quarter the average price per square foot of sold condos in the South End s $618 a strong number just off the 4 year high.
This is great news for buyers and sellers. The solid ppsf anchors the South End market near the high, and hopefully will prompt sellers to sell and buyers to see the potential investment potential and quality of life available to them in the South End.
Thanks to Joe Wolvek of Sothebys and his web site BostonRealtyWeb for this chart. Joe used to work in my office in Boston and I always look forward to his analysis.
Average $ per square Foot Quarterly Boston South End from LINK.
Closed 1st quarter as of 3/31/2012: $618/SF
Closed so far 2nd quarter as of 5/19/2012: $602/SF
Top $/SF for 2011: $1265/sf Atelier 505 #1001. 2529 SF 3 bed 2.5 ba for $3.2m