Boston luxury condo boom continues

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A recent report on boston.com’s real estate page , quoting statistics from Otis & Ahearn, shows that sales of higher-priced condos in Boston have continued to boom in 2016.

Boston condos

Source:millenniumtowersboston.com

Year-to-date sales of condos priced at $2,000 per sf or more have reached 42 compared with 7 at this time in 2015 and 20 for the whole of 2015.
The same trend can be seen in “lower-priced” condos: YTD sales of condos priced at $1,000 per sf and above have reached 826, more than double the 377 at this time last year. (more…)

Seaport condos see cash buyers dominate

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22 Liberty is a luxury development of 104 condos in the Seaport neighborhood in Boston and The Bates Real Estate Report has analyzed the First sales at 22 Liberty. Perhaps the most interesting fact in this analysis is that about 60% of the transactions had no mortgage involved – in other words cash buyers.

22 Liberty

In addition to the analysis by David Bates, I have calculated that the average price paid to date is just over $3 million and the average price per sq.ft. is $1,568.

Naturally, I then looked at sales over $3 million in 2015 on the North Shore. There have been just 10 sales this year (with 3 of those in Marblehead) of Single Family Homes with an average price per sq.ft. of $685, or well under half the Seaport average. And all of these were on or overlooking the ocean.

And if you want a condo, two 2,000 plus sq.ft. oceanfront condos in Swampscott sold for an average of $575 per sq.ft.

Different markets, different buyers, but it does seem to me that there is some extraordinary value on offer on the North Shore today. (more…)