December 2, 2010
Back Bay Condo’s sold – 65 Units
Average Back Bay condo sales price – $1,234,990
Average Back Bay condo list price – $1,322,988
Average price per square foot – $931
Average days-on-market – 149.57
November 17, 2010
The Boston Redevelopment Authority gave approval last night to move forward on the 100 Arlington Street project, which will transform the current building into a multi-use rental/retail space in Bay Village. The project will include 128 residential rental units along with approximately 10, 250 square feet of retail space along Arlington and Stuart Street. There will be no significant changes made to the exterior of the existing building.
The development team includes The Congress Group, Inc. as the developer; Elkus/Manfredi Architects as project architect; Vanasse Hangen Brustlin as teh Article 80 permitting consultant and transportation planner/engineer; and DLA Piper US LLP as legal counsel. The total estimated cost of the project is $65 million. 130 construction jobs are projected to be created and work is expected to begin in the spring, 2011.
November 15, 2010
Here are the latest MLS statistics for condominiums on Beacon Hill and in the Back Bay and South End neighborhoods of Boston as of 11/15/10.
- 75 condominiums have sold on Beacon Hill
- Average Days on Market – 98.75
- Average List Price per Sq. Ft. – $743
- Average Sale Price $639,895
- Condo’s Under Agreement in the past six months – 16
- 239 condominiums have sold in the Back Bay
- Average Days on Market – 120.22
- Average List Price per Sq. Ft. – $869
- Average Sale Price $1,058,759
- Condo’s Under Agreement in the past six months – 59
- 297 condominiums have sold in the Back Bay
- Average Days on Market – 85.23
- Average List Price per Sq. Ft. – $626
- Average Sale Price $644,069
- Condo’s Under Agreement in the past six months – 51
November 1, 2010
Back Bay Condo Sales from January 1st, 2010 – November 1st, 2010
Back Bay Condo Sales 2010 – 351 Units Avg. List Price $1,275,195 Avg. Sale Price $1,198,810 (94%) $944/Sq.Ft.
Back Bay Condo Sales 2009 – 277 Units Avg. List Price $1,024,419 Avg. Sale Price $957,107 (93%) $861/Sq.Ft.
Beacon Hill Condo Sales from January 1st, 2010 – November 1st, 2010
Beacon Hill Condo Sales 2010 – 109 Units Avg. List Price $757,423 Avg. Sale Price $720,981 (95%) $789/Sq.Ft.
Beacon Hill Condo Sales 2009 – 120 Units Avg. List Price $732,306 Avg. Sale Price $697,654 (95%) $821/Sq.Ft.
South End Condo Sales from January 1st, 2010 – November 1st, 2010
South End Condo Sales 2010 – 426 Units Avg. List Price $648,822 Avg. Sale Price $630,305 (97%) $618/Sq.Ft.
South End Condo Sales 2009 – 375 Units Avg. List Price $674,630 Avg. Sale Price $652,380 (96%) $612/Sq.Ft.
October 14, 2010
It’s been exactly a year since the developers of the luxury Bryant building in Boston’s Back Bay last auctioned off ten of the remaining 40 units at this high-end, full-service building. It was announced this morning that they’ll be back at it again on November 7, 2010 to auction another round of high-end condominiums. This time there will be eleven units ranging in starting price from $1,075,000 for a 3 Bedroom, 3 Bath unit with 2,146 sq.ft. on the third floor to $1,250,000 for a 3 Bedroom, 3 Bath unit with 1,941 sq.ft. on the ninth floor for $1,250,000.
If the last auction a year ago is any indication as to how things will go this time around come ready with your check book if you’re in the market. There were some deals to be had. The final sold prices ranged from 21.10% off the original asking price to as high as 41.09% off. Below you’ll see the 2009 auction results:
In comparison, the units on the auction block in 2010 are a bit lower for a starting asking price:
Units will be open for previewing Wednesday – Friday 12pm – 5:30pm and Saturday-Sunday 12pm-4pm
The Auction event will take place on Sunday November 7th, 2010 at The Colonnade Hotel located at 120 Huntington Ave. Boston, MA 02116
The Bryant building is located at 303 Columbus Ave, Boston, MA 02116 where the Back Bay meets the South End. It’s a short walk to the Orange Line and the Amtrak Commuter Rail Back Bay Station as well as Copley Square.
These luxurious residences offer panoramic South End views, light-filled living rooms, 9 1/2 foot ceilings, Southeastern exposures, Red oak floors with rich mahogany stain, Private elevator with direct access to your residence, and are both Cable and Internet equipped.
The Kitchens are masterfully appointed with White Kashmir granite countertops and back-splashes, Custom cabinets with lustrous mahogany stain, Viking appliances including gas cook tops with vented hoods, and a KWC sink and faucet.
The Baths are both spacious and sumptuous. They offer Linen honed Botticino marble, Carrara tile, Double vanities, Kohler fixtures, a Soaking tub and over-sized shower’s.
Amenities to the building include: Indoors, deeded self-parking, State of the Art Fitness Facility (coming in Dec. 2010), private storage units, Lobby attendant for personal errands, Barkan management services, Klaus Fuchs designed lobby and Tillingers Concierge Service. This is a pet-friendly building as well.
If you would like more information regarding the auction itself please contact me directly at email@example.com or I may be reached on my cell at 617-686-1318.
Please allow me to guide you through this process. I have sold numerous high-end properties throughout Boston and the South Shore and am very discreet with these types of transaction.
October 13, 2010
Enter Friday, October 29th in your calendar as the day the second Pinkberry Frozen Yogurt store in Massachusetts opens. While the first location open to rave reviews in Hingham this past August, this new location will be located in Boston’s Back Bay on Newbury Street. Situated between Gloucester and Hereford streets at 286 Newbury Street, it’s expected to serve the tourists well.
Third on the list of locations might be Harvard Square. According to the Harvard Crimson “Pinkberry Frozen Yogurt may be taking over the property in the center of Harvard Square that has stood vacant for more than two years since the closing of Alpha Omega Jewelers.”
They’re not the only ones trying for this location so nothing is definite at this point.
September 28, 2010
In a continued series of discussions I’ve been having with top real estate agents around the city of Boston, the feedback continues to be that agents are busy; very busy. Particularly on the high end of the market as well.
The chart to the left shows the past 27 months of selling information for condominiums in the Back Bay of Boston over $1, 000,000. As you can see, in comparison to 2009 the overall sales numbers show that the high-end market in Boston is moving.
Now keep in mind that these numbers also reflect the new Clarendon Back Bay building which will skew the high-end numbers a bit, as new product usually helps sales; usually as buildings like The W Residences have had a very hard time in this market.
The same doesn’t hold true for prices, however, as they continue to show a steady overall decline. In the next graph you’ll see that during the same time period, while overall sales have increased, average prices have declined steadily. The question is when will sellers finally realize this and price their homes accordingly? It’s a fine line obviously as to what is the perfect balance.
I grabbed both of these charts from Raveis.com. You can too. Just go to the left side on the home page and click on “Local Housing Data” or click on the link I’ve included here and it will take you directly to the data page.
I can be reached at firstname.lastname@example.org with any additional questions or if you would like to view any Boston real estate.
Please let me know your thoughts in the comments section below.
September 3, 2010
In my on-going quest to meet with agents around Boston, I’m coming to the conclusion of what I have already known; things in the Boston condo market while temporarily slow are still very strong from a sales perspective. This slowness seems mainly to be due to the time of year, however, it’s also about buyers and sellers being difficult and thus letting deals fall apart.
It’s interesting to get other perspectives but I’ve found over the years that if you’re actively working the marketplace on a daily basis you generally knows what’s happening everywhere. An obvious and somewhat general statement I know, however, when you work in a city as opposed to the suburbs you deal with various neighborhoods with different buying and selling climates. One way I do this (in addition to speaking with agents), is by creating “hot sheets” in the MLS system (Multiple Listing Service), and checking them daily to see what’s new, what’s sitting, etc. It’s also a great way to see who’s selling what.
The dilemma we as agents face is the misperception from the public on what is really going on in the market. There has been so much negative press that people become brainwashed into thinking or believing that the market as a whole is depressed. *While the numbers in the suburban markets might be down the city has continued to sell; consistently. From an agent’s perspective the result of this doom and gloom scenario is that we now must deal with seller’s who are unwilling to budge on a list price and buyer’s who think that they can say and do anything to buy a property because “you know the market is so bad, this seller has to do what we want”…
In speaking with some of the top agents in the city, I am hearing the same things. In looking at actual sales figures for these agents it’s clear that they’re not being affected by a down market in comparison to other years. They’re working it!
With mortgage rates at their lowest level in history it’s such a great time to buy and sell you would think we would have an over-abundance of properties on the market; yet we don’t. Another issue we’ve been dealing with in Boston for some time now is the reduced inventory which in turn keeps the older inventory on the market as those sellers still maintain their stubborn attitude of refusing to lower prices, etc. It seems like a never-ending cycle.
Anyway, all for now. I’ll continue to meet with agents and continue this post again.
August 2, 2010
If you have ever been to Boston you most likely have driven up and down Commonwealth Ave. in the Back Bay neighborhood. Having this tree-lined mall between the East and West bound lanes is one of this city’s treasures. During the summer it shades those walking along it’s central path from the hot sun. During the winter it is lit up with white lights from Arlington Street to Hereford Street. It is in most instances the most recognizable and desired street for real estate in the whole city.
Along the “mall” area sit nearly 60 public benches that have over time been sponsored through the Back Bay neighborhood association at $4,000 a pop. To honor those people who had donated or sponsored these benches the association had installed bronze plaques with the donor’s name, etc.
Well, this past March as sometimes happens in large cities, some low-life thief decided to pry off of the ground these plaques for his own benefit. A total of sixteen of these plaques had been removed not only from the ground but also from trees in the area, as well as one large plaque that had been in honor of Argentinean politician Domingo Sarmiento, though perhaps not all by this one thief.
Thanks to a joint committee of the Neighborhood Association of the Back Bay (NABB) and Friends of the Public Garden, all sixteen of the stolen plaques will be replaced though not all will be originals.
Six of the plaques that had been pried up off of the ground by Vincent Cedrone of Newton, MA were recovered by police which will be reinstalled while the remaining six will be remade.
Each cast bronzed plaque on the benches and trees will cost between $350 and $400, and the large plaque of Domingo Sarmiento around $3,000 to re-fabricate.
To prevent this from occurring again, the tree and bench plaques will be re-installed with four brass pins, instead of two, and will have a stronger adhesive backing.
July 11, 2010
Built in 1984, the Four Seasons Place condominiums are located just across the street from Boston’s Public Garden. Attached to the Four Seasons Hotel, the building as a whole occupies a beautiful and historically important location in Boston’s Back Bay Neighborhood. When the building was originally constructed the developers of the residences ensured the privacy of the owners and their guests by situating the entrance to the condominiums around the corner from the hotel entrance along with its own drive or Porte-cochere of sorts.
Floors one through seven have hotel rooms and suites, the highly regarded Bristol Lounge, and one of the nicest hotel lobbies in the city. Floors eight through sixteen include the Four Seasons Place residences. Living in the condominiums allows resident owners all of the amenities of this world class hotel, including room service, access to the health club whirlpool and pool, discounts on massage services, notary public services, etc.
In the winter of 2008/2009, the residences went through their first major assessment on the building since it’s inception. The work began with a complete upgrade of the two residence elevators. This included adding a highly advanced computer management system to control both cabs with a type of smart technology that would actually anticipate usage from historical trends; i.e. if one cab consistently would go to the tenth floor every morning at 6:00 a.m. for a resident who was going for their workout, the cab would be there waiting for them. In addition, new cab interiors were added that included updated chandeliers.
The second portion of this major renovation to the building included a complete renovation of the common areas throughout the building. Each common hallway received new wall coverings, carpeting, crown-molding, paint, doorbells, unit signs, chairs and artwork from such artists as Phillips Jones, andy Nartonis and Michael Compton.
In addition, new cabling was installed within the walls for all units that included CAT 6 cable, two fiber runs, and an RG11 cable ensuring that the building will be well equipped into the future to handle whatever type of technology becomes available.
There are currently 6 condominiums listed for sale at Four Seasons Place. They range from one to four bedrooms floor plans, with total square footage between 972 sq.ft. to 4,022 sq.ft. Prices on these units run from $899,000 to $8,950,000.
Please contact me directly if you would like to arrange a private showing. Or if you would like to register to search Boston real estate at your leisure go to my website at www.charlieabrahams.com and register for your free access to the Boston MLS system, www.charlieabrahams.com.