COGnitions

1 October
2019
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Boston’s Luxury Residential Condo Sellouts of 2019  | By Rachel Bakish

2019 has been another hallmark year for luxury residential development in Boston. In particular, notable, large-scale condo sellout projects have maintained the attention of active buyers. Buyers are spreading across the city, beyond the traditional luxury enclaves of Back Bay and Beacon Hill to find convenience and modernity (if not so much “value”) in Boston’s trendy, vertical sub-neighborhoods: Prudential, Seaport, North Slope (2020) and Ink Block (2020).

In recent years, the upper reaches of the new construction condo market has offered a competitive and balanced supply for buyers to survey. In 2020, when we’ll cross over at least 5 years of build-out (2,000+, $2M units) of this vertical, amenitized product, buyers may find additional bargaining power . We see the number of options continuing to expand for at least the next 2 to 3 years as developments currently in the pipeline come to fruition. Fortunately, as Boston’s booming economy continues to attract new companies and employees – and the Central Banks’ monetary policy remains expansionary– the appetite for a high-end condos may actually match the supply.

 

Back Bay, Prudential

When focusing in on the luxury $2M+ market so far this year, there have been 89 luxury sales in the larger Back Bay neighborhood totaling $401,497,583 in sales volume. The median $/SF of these sales currently is $/SF: $1,857.54

One Dalton, Boston’s new Four Seasons property, is the tallest residential tower in New England standing at 61 stories tall. The condo sellout of One Dalton has accounted for 34 of the 99 sales in Back Bay. The building contains 180 condo units. It is expected that more sales in the building will close out by the end of the year as many owners bought shell units and are finishing custom build outs.

 

One Dalton Sales to Date

Average $/SF: $2,340.68   | Median $/SF: $2,362.59

Address Selling Price $/SF
One Dalton Four Seasons # 3403 $5,700,000 $2,560.65
One Dalton Four Seasons # 3903 $5,500,000 $2,470.80
One Dalton Four Seasons # 3204 $3,250,000 $2,384.45
One Dalton Four Seasons # 3504 $3,375,000 $2,476.16
One Dalton Four Seasons # 2603 $3,750,000 $1,684.64
One Dalton Four Seasons # 3704 $2,985,000 $2,190.02
One Dalton Four Seasons # 4005 $5,250,000 $2,401.65
One Dalton Four Seasons # 3304 $2,814,000 $2,064.56
One Dalton Four Seasons # 3605 $5,810,000 $2,662.70
One Dalton Four Seasons # 4105 $6,375,000 $2,916.29
One Dalton Four Seasons # 3503 $5,767,000 $2,590.75
One Dalton Four Seasons # 4303 $6,583,000 $2,956.00
One Dalton Four Seasons # 3905 $6,135,000 $2,806.50
One Dalton Four Seasons # 3703 $5,100,000 $2,291.11
One Dalton Four Seasons # 4103 $6,500,000 $2,920.04
One Dalton Four Seasons # 3505 $5,125,000 $2,348.76
One Dalton Four Seasons # 3303 $5,600,000 $2,515.72
One Dalton Four Seasons # 3404 $2,440,000 $1,790.17
One Dalton Four Seasons # 4802 $10,050,000 $3,414.88
One Dalton Four Seasons # 3803 $6,300,000 $2,830.19
One Dalton Four Seasons # 3106 $2,250,000 $2,508.36
One Dalton Four Seasons # 2905 $6,910,000 $2,219.72
One Dalton Four Seasons # 3206 $2,250,500 $2,508.92
One Dalton Four Seasons # 3205 $5,000,000 $2,291.48
One Dalton Four Seasons # 2704 $2,655,000 $1,947.91
One Dalton Four Seasons # 2904 $2,800,000 $2,054.29
One Dalton Four Seasons # 2803 $4,250,000 $1,909.25
One Dalton Four Seasons # 2705 $4,290,000 $1,631.18
One Dalton Four Seasons # 2604/2605 $6,400,000 $1,805.36
One Dalton Four Seasons # 2805 $4,800,000 $2,199.82
One Dalton Four Seasons # 2901 $6,250,000 $2,376.43
One Dalton Four Seasons # 3004 $2,850,000 $2,090.98
One Dalton Four Seasons # 3003 $4,400,000 $1,976.64
One Dalton Four Seasons # 2601 $4,700,000 $1,787.07

Seaport

The Seaport District is Boston’s fastest growing luxury real estate market. So far this year, the Seaport has clocked 82 luxury sales totaling $303,763,834. The median $/SF of these sales is $2,000.

The sellout of Pier 4, a new development building that finished construction earlier this year accounted for 70 of the 82 sales so far in the Seaport. That makes this property 85% sold out! This nine-story development completed construction in May and has 106 total units. Two of the penthouses that sold set a sales records, closing for over $4,000 a square foot. The Echelon, a competing property across the street from Pier 4, features 448 new condos spread across two towers. The first is expected to welcome residents in the 4th quarter of 2019 with the second building coming online close to a year later. Currently, MLS shows 61 units (out of 255) in tower 1 (133 Seaport Blvd) as under agreement.

 

Pier 4 Sales to Date

Average $/SF: $2,108.95   | Median $/SF: $2,000.00

Address Selling Price $/SF
Pier Four # 6J $2,024,640 $1,474
Pier Four # 4R $2,034,375 $1,680
Pier Four # 8M $2,088,000 $1,500
Pier Four # 4N $2,088,180 $1,620
Pier Four # 6K $2,092,000 $2,000
Pier Four # 7K $2,092,000 $2,000
Pier Four # 3N $2,123,750 $1,699
Pier Four # 5A $2,149,755 $1,985
Pier Four # 5N $2,186,120 $1,640
Pier Four # 6N $2,188,356 $1,594
Pier Four # 4A $2,199,755 $2,125
Pier Four # 6A $2,199,755 $1,940
Pier Four # 7L $2,200,000 $1,634
Pier Four # 3R $2,291,250 $1,999
Pier Four # 7J $2,329,000 $1,695
Pier Four # 7A $2,385,800 $2,013
Pier Four # 2E $2,448,000 $1,741
Pier Four # 5R $2,487,000 $1,949
Pier Four # 5E $2,487,349 $1,769
Pier Four # 2E $2,498,000 $1,777
Pier Four # 4E $2,498,000 $1,777
Pier Four # 4F $2,549,625 $1,625
Pier Four # 6F $2,570,599 $1,638
Pier Four # 3F $2,574,625 $1,641
Pier Four # 6E $2,612,037 $1,858
Pier Four # 5F $2,624,625 $1,673
Pier Four # 3H $2,631,530 $1,939
Pier Four # 3E $2,709,000 $1,927
Pier Four # 6R $2,795,000 $2,089
Pier Four # 7F $2,799,940 $1,780
Pier Four # 3I $2,823,416 $2,391
Pier Four # 8E $2,825,000 $2,009
Pier Four # 4I $2,850,000 $1,548
Pier Four # 4H $2,870,845 $2,040
Pier Four # 2B $2,976,411 $2,241
Pier Four # 8F $2,999,940 $1,912
Pier Four # 3B $3,067,775 $2,215
Pier Four # 6I $3,139,950 $1,650
Pier Four # 5I $3,174,942 $1,698
Pier Four # 5B $3,356,150 $2,233
Pier Four # 4B $3,356,159 $2,332
Pier Four # 4B $3,356,159 $2,332
Pier Four # 7I $3,425,000 $1,759
Pier Four # 6B $3,510,300 $2,242
Pier Four # 8J $3,600,000 $1,966
Pier Four # 8N $3,600,000 $1,565
Pier Four # 7B $3,681,607 $2,267
Pier Four # 7H $3,696,864 $2,002
Pier Four # 3G $3,915,525 $1,889
Pier Four # 8A $3,925,900 $2,075
Pier Four # 2C $3,929,100 $2,322
Pier Four # 4G $4,348,300 $2,045
Pier Four # 3D $4,505,700 $2,300
Pier Four # 3D $4,505,700 $2,300
Pier Four # 5G $4,509,900 $2,071
Pier Four # 2D $4,619,850 $2,390
Pier Four # 6G $4,676,311 $2,097
Pier Four # 4D $4,694,690 $2,345
Pier Four # 6D $4,860,186 $2,323
Pier Four # 3C $4,979,580 $2,785
Pier Four # 6C $5,091,349 $2,387
Pier Four # 4C $5,405,670 $2,832
Pier Four # PHJ $5,450,000 $2,792
Pier Four # PHA $5,825,000 $3,100
Pier Four # 5C $5,900,000 $2,921
Pier Four # 7C $6,765,000 $3,000
Pier Four # 8C $8,184,000 $3,000
Pier Four # PHD $13,651,880 $4,180
Pier Four # PHC $15,231,920 $4,180

 

North Slope, Beacon Hill

Opening in the North Slope in mid-2020, the Archer Residences will join two historically significant buildings to create the first fully amenitized, full-service luxury condominiums in Beacon Hill. With 62 residences and all the services we’ve come to expect when you pay $1.50 per square foot in condo fees, this development is pushing the envelope on pricing and location. The off-site sales center has been open for over one year and the sales team has put approximately 20 of the 62 units under agreement in their pre-sale phase. The price per foot for these units generally ranges from $1,500-$2,000/SF. Some units on lower floors and back of the building, however, are asking less than $1,500 while the penthouses are striving for $3,000/SF!

 

South End, Ink Block

2019 has been a quieter year in the Ink Block in terms of new deliveries, but with so many projects in the pipeline it is worth referencing. If you compare the condo amenities for the condo sellouts at Ink Block (Traveler Street) or the Lucas (140 Shawmut Ave), which closed out in 2017, to the offerings of new developments, arriving in late 2020, you can see the changes and trends that developers believe buyers must have.

The Lucas: 33 condos
Concierge, Gym, Lounge, Common Courtyard, Garage Parking

Ink Block/Sepia Condos: 160 condos
Concierge, Security, Parking, Swimming Pool, Bike Parking, Fitness, Resident Lounge, Outdoor Space

The Quinn: 8 story building with 101 condos and 172 apartments
White Glove Concierge Services, 24/7 Doorman, Garage Parking, Sky Cabanas for Select Units, Dog City Pet Spa/Kennel, Resident Lounge, Common Roof Terrace with Outdoor Kitchen, Spa Quality Swimming Pool, Equinox Inspired Fitness Center, Game Room

100 Shawmut: 13 story building with 138 condos
24/7 Concierge, Private Parking, Rooftop Sky Lounge, Elevator, Activity Lounge, Great Room, Private Dining Room with Entertaining Kitchen, Pet Spa, Children’s Playroom, Caterer’s Kitchen, Library, Courtyard, The 100 Club, Fitness Center, Billiards Room

 

Residential sales data from LinkBoston, focusing on $2M+ sales year to date (10/1/2019).

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