Tag: Boston South End condo sales

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architecture general info

Highest Condo Sale In South End!

32 Rutland St #3L, the penthouse, is not only the most expensive condominium sold in the South End this year, but it is one of the most incredible penthouses ever built in our wonderful neighborhood.  This condo was one of six units built in the recent renovation of the old “Project Place” at 32 Rutland St, which was a homeless and low income assistance program (which is a great cause and still exists).

The project was marketed beautifully by Mary Kelleher and her team at Sothebys International Realty and sold by Briggs Johnson in the South End office of Coldwell Banker Residential Brokerage. Two of the best!

                 

This particular penthouse duplex is 1 of 6 units that has about everything that you could Imagine: Direct Elevator Access, 2 Fireplaces, Enormous Master Suite, Surround Sound throughout, 3.5 bedrooms, garage parking, modern metal and wood railings, 2 decks (with 1 being 1100sf with outdoor kitchen and grill and a 6 person hot tub, with tv). The Master bath is in a class of it’s own. It boasts a whirlpool tub with a tv built in, and the master shower has the Kohler 12 jet digital shower system which is just just crazy , oh, and a TV in the shower too. It has 3,145 square feet and sold for $2.6M which comes out to $827 per square foot.

                 

So far, 5 of 6 have been sold with the largest and priciest one left which can be seen here This unit is a large lower duplex with even more bells and whistles, so check out this listing.

Compare this property to the “Best on the Beach” Waterfront property I posted about a few weeks ago. An interesting comparison as to what close to $3M buys you in the South End vs Provincetown.

 

 

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analytics

Boston South End Price Per Square Foot – Consistent

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.

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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

South End Boston real estate market average $ per square foot quarterly
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analytics

Goode and Farmer Report – Boston April 2012

April… what a month for real estate in Boston! There was the national news story about the return of multiple offers in many markets, including Boston; The unprecedented lack of inventory for sale… down 35% and more in some downtown neighborhoods, and the core strength of the market in spite of these conditions.

For all Boston neighborhoods combined condo sales were up 10% YTD over 2011 to 948 condos sold vs 863 last year. The average sales price for a condo in Boston was $563K vs $549K last year, a 3% increase. Days on market were even down 10% to 113 for many reasons including the lack of inventory.

In the Back Bay the number of condos sold was up 19% to 115 versus 97 sold in 2011. The average sold price for condos was down slightly by 2% to $1.299M. On Beacon Hill the number of condo properties sold was down 7% to 40 versus 43 in 2011. The average sales price for condos on Beacon Hill was up 8% to $836K versus $777 last year.

In Boston’s favorite neighborhood, the South End, the number of condos sold through April was up 22% compared to 101 in 2011. The average sales price for those condos sold was down a modest 3% to $659K vs $682K last year.

In what has become one of the most active markets in the city, South Boston, all the news is good. The average price of condos sold YTD was up 5% to $414K, from $393K last year. The number of condos sold was up 17% to 123 from 105 last year, and average days on market was down 30% to 102 days vs 145 days last year. South Boston is happening! And with 143 condos on the market vs 254 last year, a 43% decrease this neighborhood is bound to remain hot!

 

 

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analytics

Boston Condo Inventory Down 32%

The supply and demand dynamic is firmly in place in downtown neighborhoods with not enough property for sale relative to buyer demand. Taking all Boston neighborhoods together, condominium inventory is down 32% from the same time last year – from 2,010 properties for sale last year to 1,360 today. In the South End there are 129 condos for sale versus 205 on the market last year at this time,  a 37% decrease.

Linda Ciborowski, a top South End agent with Coldwell Banker Residential Brokerage, sees two very interesting developments as a result of these depressed inventory levels.  Linda says, “Anything that shows well, is in good condition and in a desirable location sells with amazing speed. I’ve noticed two interesting things that make it even more important to be working with a good broker.”

“Brokers who don’t know the market are pricing properties too low based on old comps or too high based on false expectations. Initial pricing just seems more important than ever.”

 “Appraisals have become very difficult since the properties that have closed in the past 6 months don’t reflect the prices that new listings are going under agreement for due to prices being driven up by low inventory.”

In the Back Bay today there are 171 condos on the market compared with 240 last year. That’s a 29% decrease. In South Boston 145 condos are listed for sale compared with 232 last year, a 37% decrease. Reports are that there are not a lot of listings in the pipeline. Hopefully, we will see a surge in listing activity through the end of April and into May.

This low level of inventory poses a few issues for the strengthening real estate market downtown. The first being that inventory is needed to sustain the strong beginning to the spring market. The second is that high demand and low inventory creates what some may consider “irrational exuberance.” I don’t believe it is irrational. These conditions “on the street” have created this excitement… and the excitement is real!  Just ask any buyer who has missed out on a property or talk to any agent who has dealt with 40 people at each of their Sunday open house. It is exciting… and we will keep our eye on the market as we move into May.

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analytics general info

The Goode and Farmer Report – Boston Q1 Update

Excellent news for Boston is that condominium sales rose in the first quarter when compared with last year. All Boston neighborhoods combined saw an 8% increase in sales from 572 last year to 616 this year. Increased sales meant increased dollar volume in most neighborhoods. South Boston leads the way  in percentage increase with a 32% increase from last year to $33M in sales volume. . All Boston neighborhoods combined saw a 5% increase in sales volume from $321M to $338M.

The average sales price for a condo in Back Bay decreased 4% to $1,263K but the number of units sold increased 6% to 72.

On Beacon Hill the average sales price for a condo decreased 10% to $860K but the number of condos sold increased wildly by 30% to 30. Interestingly total days on market decreased by 37% to 114 days versus 180 days last year.

In the South End the number of units sold increased by 21% to 78 condo properties, also a very strong but not surprising increase, given the demand we are seeing in the neighborhood.

As mentioned South Boston saw a 32% increase in sales volume representing 19% increase in sale units. The average sales price increased 8% to $410K from $379K last year. If this were a competition, South Boston takes first place with these numbers… and average days on market decreased by 30% which is yet another indication of the demand for South Boston properties.

In general with sales up everywhere, and inventory still very low, the supply and demand dynamic is firmly in place. We are in the key Spring selling season and inventory is needed to maintain the strong sales pace we have seen so far.

 

 

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analytics general info

Real Estate This Week. Two Words. Multiple offers!

The first full week of February. Still no snow! Still no inventory.

Once again the story around the table at our business meeting was the 92 condos on the market in the South End.  A 22% decrease from last year at the same time. As I have said before, historically inventory is usually at its lowest level in mid winter, but this is  a new low.  In the $400K price range in the South End there are 15 properties for sale, only  1.75 months supply!

Many of our under agreements were products of  multiple offers. Properties that are priced well are selling quickly. Properties that have been on the market for a while are getting a second looks and selling. This is the view from the street.

The real estate outlook is running parallel to the bigger economic picture.  There is some momentum to the market, but it needs inventory to  fuel a strong spring selling season. The general economic picture is looking a bit more positive too.  A few more months of decent employment numbers and we just might be on a roll.

So far this week  (it is Thursday) 6 under agreements have come in. Three in the South End, one in South Boston, one in Concord and one in the Leather District, with list prices from $459K to $1,285K.  Agents are busy with buyers and sellers, and with temps in the high 40’s and low 50’s this weekend, we should see some great activity. I will give you an update next week.

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general info

Real Estate Week In Review

Its February and you wouldn’t know it. There is no snow! Even better than that, the market is interestingly active.

The South End office had 7 under agreements this week. Our under agreements ranged from a property listed at $277K to one listed at $1,599K. Two under agreements over a million, 3 between $500K and $1M, and 2 under $500K.  This excites me more than anything. There is activity in all price ranges, and from what I hear around the office there are very serious buyers out there in all these price ranges just waiting for some good inventory.

 

The talk remains about the lack of inventory in all downtown neighborhoods. Available inventory is at an all time low of 2.23 months in the South End, and in certain price bands there is even less. The lack of inventory and strong buyer activity is creating many multiple offer situations. This is not mentioned to gin up excitement by any means but in order to maintain this early and healthy level of activity we do need additional inventory.

Some agents are even wondering if that winter vacation is such a good idea, as there is so much going on! I say go! Engage your coverage options and take a break as this early activity is boding well for a decent and busy Spring.

We had a great “robust” office meeting talking about the need to focus on a business plan and the need to utilize all the resources available in order to execute the plan, and of course the lack of snow and inventory. We had a fun agent and friends networking night out at Game On in the Fenway on Groundhog Day. I saw a post on fb this morning saying that Puxatony Phil is not a meteorologist and what the hell does he know anyway? 6 more weeks of winter? Hope not!

That’s it from here.

 

 

 

Categories
analytics

Pending Home Sales Jump

I love going into the New Year with all the positives we can get. A monthly index that tracks pending sales of U.S. existing homes rose to its highest level in 19 months in November, according to a report  released by the National Association of Realtors.  Pending sales figures are a very good indication of what consumer attitudes and confidence are going into the New Year as they directly correspond to buyers attitudes and confidence.

NAR’s Pending Home Sales Index, which is based on purchase contracts signed but not yet closed, jumped 7.3 percent from an upwardly revised 93.3 in October and 5.9 percent compared to November 2010, to 100.1. That’s the highest index score since April 2010, just before the deadline for a federal home-buyer tax credit program, when the index was at 111.5, NAR said. “Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage,” Yun said. “November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead,” Yun added.

What we are seeing statewide through December bears these NAR figures out. A more recent Massachusetts Association of Realtors report shows that the number of condos put under agreement in December in Massachusetts was up 13% to 1,179 units vs 1,046 in December 2010.  The number of single family homes put under agreement in December was up 11.7% to 3,227 units vs 2,888 units in December 2010.  Pending sales in my Coldwell Banker Residential Brokerage South End office are up 20% December over December. As with the NAR and MAR figures these positive figures are a reliable sign of increased sales occurring in January and February.  Time will tell.