COGnitions

21 August
2019
Comments (0)

SoWa: South End Boston Sub-Neighborhood Update | By Jeff Hamilton

SoWa, South of Washington Street, once home to warehouses and a smattering of artist studios has become a thriving residential and artisan community in the South End complete with galleries, studios, showrooms and high end condominiums. Residential addresses in the area have tended to be north of Harrison with the artist studios occupying the southern side of Harrison over toward the Southeast Expressway. Moving forward, residential development is happening quickly throughout the area with projects like 88 Wareham and the Smith coming online in 2020. The much anticipated Flower Exchange project on Albany Street is a larger commercial development that will further energize the area in the early 2020’s.

 

SOWA BY THE NUMBERS:

SoWa’s unapologetic injection of culture into the South End is well known around the broader city. The expanse of buildings and land from 450 – 540 Harrison is a hub for artists and art connoisseurs. With nearly half of the real estate in SoWa dedicated to artists, it may not be surprising to know this neighborhood only accounted for 3% of all South End $2M+ sales in 2018. The three sales occurred in two buildings. The heavyweight was Laconia Lofts (1200 Washington St) with unit 505 trading for $2.6M ($1,457/SF). The two other sales were in the Savoy, a 12 unit building at 1280 Washington St.

Laconia Lofts (1200 Washington St) 

 

2018 DATA

  1. # of transactions over $2M: 3
  2. # of transactions over $4M: 0
  3. Total market volume for 2018: $7.46M
  4. Avg. $/SF for 2018: $1,198
  5. Med. $/SF for 2018L $1,150.09

2019 (YTD) DATA

  1. # of transactions over $2M: 6
  2. # of transactions over $4M: 2
  3. Total market volume for 2019: 
  4. Avg. $/SF: $1,443
  5. Med $/SF: $1,327

2019 has seen more advances in SoWa’s luxury real estate market. Through almost ¾ of the year, SoWa has doubled the number of transactions completed over $2M versus 2018 (6 to 3). Two of these transactions are truly stunning numbers for the neighborhood with the Jordan Lofts penthouses fetching over $1,800/SF on two separate sales. 

 

AN EXPANDING LIFESTYLE:

The neighboring Ink Block sub-neighborhood continues to expand alongside SoWa in the South End. These two areas play off each other with similar pricing dynamics. The Quinn and 100 Shawmut are two new condo projects that are under construction in the Ink Block with delivery/occupancy slated for 2021 most likely.

SoWa & Ink Block neighborhoods

Lest the foodies think they’re forgotten, SoWa and Ink Block have great options to explore. Check out Oishi and Myers and Chang for your Asian fix. Another great spot right now would be Cinquecento, where they are currently participating in Dine Out Boston. Plus, if the weather is pleasant, they have a spectacular patio where you can grab a cocktail al fresco. Ink Block’s newest hotspot is Shore Leave. Don’t miss the secret restaurant within a restaurant concept at Shore Leave. Only the true insiders know about “No Relation.”

 

Leave a Reply