The market data speaks for itself here. Condos in Boston’s top neighborhoods are moving and they are moving for more than last year. If you were thinking about selling last year but were scared, don’t wait this one out because there are buyers out there!
Back Bay 2010
15 Condo’s sold
Avg. Sale Price: $1,979,553
Avg. Price/Ft: $1137
Back Bay 2009
7 Condo’s Sold
Avg. Sale Price: $1,255,929
Avg. Price/Ft: $946
Beacon Hill 2010
4 Condo’s Sold
Avg. Sale Price: $453,000
Avg. Price/Ft: $694
Beacon Hill 2009
0 Condo’s Sold
South End 2010
12 Condo’s Sold
Avg. Sale Price: $542,042
Avg. Price/ft: $596
South End 2009
2 Condo’s Sold
Avg. Sale Price: $370,000
Avg. Price/ft: $523
There are only 51 days left until the First Time Home Buyer Tax Credit runs out. The extended tax credit deadline means you have to have your P&S signed by April 30th. So far out of top 7 Boston neighborhoods 190 condos have been sold under $500k (a typical threshold for first time buyers). If you’re interested in taking advantage of this tax credit before time runs call me this week to get started! 617-449-3642
The Real Estate Wars between Tom Brady and wife Gisele maybe done for the time being, but it’s far from over. Tom Brady’s house has been pulled off the market after 144 days without a single price drop. The monster home with over 5300 sq. ft. of space and priced at $10.9 million has been marked as withdrawn from the MLS. So are we likely to see this property come back on sometime soon? I think so, I’m surprised no one picked up this property already considering the owner. I guess until the next round we will just have to wait and see who wins this war.
The spring Boston condo market has arrived early this year! In the past week alone, 77 new condos have come on the market in Boston’s major neighborhoods. The majority of these new condos have come on the market in Back Bay, South End and South Boston. These 3 neighborhoods alone account for 63 of the new listings. It’s important to keep in mind that these lists don’t include new development condos. If you’re thinking of purchasing this spring you might want to start looking now, so as to not miss out on what’s coming on the market. If you’re thinking of listing your property for sale, I can tell you our office is swamped with buyers looking to purchase homes in these neighborhoods. Call us today to find out what your home can fetch, or email as contact@backbayrealtygroup.com
First 10 days of February 2010 market data:
Back Bay 2010
11 Listings Sold
Avg. Sale Price: $1,705,818
Avg. Price/ft: $1,010
Back Bay 2009
3 Listings Sold
Avg. Sale Price: $1,804,632
Avg. Price/ft: $1,115
Beacon Hill 2010
2 Listings Sold
Avg. Sale Price: $393,500
Avg. Price/ft: $766
Beacon Hill 2009
0 Listings Sold
Avg. Sale Price:
Avg. Price/ft:
It would seem that buyers are looking sooner this year than last year. Prices might be down slightly but inventory is moving.
January has come and gone, now it’s time to look back and see what happened in Back Bay and Beacon Hill sales. It’s looking pretty positive for the most part, but certainly looking better for Back Bay owners than Beacon Hill owners if you need to get your home sold.
Back Bay 2010
23 Condos Sold
Avg. Sale Price: $1,196,326
Avg. Price/ft: $960
Back Bay 2009
10 Condos Sold
Avg. Sale Price: $1,245,050
Avg. Price/ft: $871
Beacon Hill 2010
4 Condos Sold
Avg. Sale Price: $1,358,125
Avg. Price/ft: $1035
Beacon Hill 2009
6 Condos Sold
Avg. Sale Price: $280,500
Avg. Price/ft: $654
Since it’s now 2010 or Twenty Ten, I thought it would be a good idea to see what happened in Boston condo market in the first 10 days of the new decade.
Back Bay Condos:
6 New Listings with (4/6 under $550k)
5 Under Agreement (3/5 over $1 Million)
6 Sold (3/6 under $400k 2/6 over 1.3 Million)
Beacon Hill Condos:
0 New Listings
3 Under Agreement (List Prices from $339k-$1.25 Million)
1 Sold ($827,500)
South End Condos:
2 New Listings ($335k and $699k)
3 Under Agreement (List Prices from $300k to $750k)
1 Sold ($300k)
My Take: Back Bay continues to be where the action is. It’s where the highest number of new homes on the market are located and where the highest priced sales are happening. There are higher priced homes on Beacon Hill than in Back Bay but more of them seem to be selling in Back Bay.
That’s the question this article from the New York times asked over the weekend. In New York the Bachelor Pad maybe dead but in Boston I’d say it’s just down with the flu. (Not everyone everyone has it, but some people do and it’s not that bad.) I certainly have quite a few clients who updated their bachelor pads this year and some that just stayed put. A couple quit the lifestyle and moved in with their girlfriend, but even then they didn’t sacrifice like those in New York. The Clarendon, one of the most expensive rental buildings in Back Bay is currently out of 1 bed units and my guess is quite a few of those have been rented by single men. Still, I’ll put question out there, Bachelors of Boston are you downsizing this year?
The big news of the past week has been that Tom Brady has put his Back Bay condo up for sale. Rumor has it, he and Gisele are looking to move to Brookline now that they have a baby on the way. The stunning home that he used as his Boston residence is now on the market for $10.9 million. What’s so interesting about this, is that it’s the same list price his wife put her New York pad on for originally, only to sell it later on for a measly $4.5 million. The question is, which city will win this Real Estate War?
My money is on Boston! Tom has done well in the sale of his other units in this building and I’m betting he can find someone willing to pay at least the $4.6 million needed for the win. I won’t ignore the fact that many homes in this price range in Boston have had a hard time selling lately, but to own a piece of New England history I’m sure someone is willing to pay.
Let’s review what $10.9 million gets you by taking a look at the specs:
3 Bedrooms
3.5 Baths
5 Fireplaces
4 Garage Parking Spaces
1 Outdoor Space
The description reads: In an American Renaissance mansion, this contemporary PH is the pinnacle of 21st century living boasting unobstructed views of the Charles River and city skyline. This 5,000+ sq sf Duplex has 3+ beds, 3+ baths, 5 fireplaces, a stunning great room opening to the gourmet kitchen. Magnificent south facing living room, ultra-hi-tech media room, & master suite w/ an oversized his/her dressing room & a luxurious en-suite bath. Gym, 2 landscaped Private Decks, Doorman, Garage Parking for 4 cars & 1 outdoor space!
If you’re interested in buyers representation to view this property feel free to give us a call at 617-449-3642.
Two weeks ago I told everyone the fall buying season had begun, and now it’s time to see how we’re doing. In the past two weeks 10 condos sold and 17 were put under agreement in Back Bay. How does this compare to last year? Let’s take a look at the numbers!
September 13-27th 2009
Total Units Sold/under agreement: 27
Average List Price: $927,352
Average Price per sq. ft.: $866
Average Days on Market: 114
September 13-27 2008
Total Units Sold/under agreement: 19
Average List Price: $1,264,200
Average Price per sq. ft.: $1,052
Average Days on Market: 86
Now on the surface you might say prices are down and headed in the wrong direction, but the devil is in the details. If you remove the 1 penthouse sale at Zero Marlborough ($8.5 million) from the data in 2008, you find the average list price is really $840,000. This changes the picture a fair amount. Yes, it maybe taking longer to sell homes now but the truth of the matter is that the average place in Back Bay is currently selling for more than it would have last year. We’ll have to wait a few more days to get the full picture of September.
Boston Real Estate Market | chris | 
March 18, 2010 11:04 pm | 
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