Sales Price Increases Citywide in 2016


City of Boston - Waterfront

Throughout essentially every Boston neighborhood we saw substantial increases in the prices of sales as well as the price per square foot. Not surprisingly, Midtown had the largest jump in price per square foot of 36% and mainly attributed to the new Millennium Tower. While Midtown is certainly a newly developing residential neighborhood there were large spikes in average price per foot in many of Boston’s established neighborhoods. Beacon Hill had a jump of 11%, Waterfront increased 3%, North End was boosted by 8% and Fenway saw an increase of 12%. Many other neighborhoods had increases between 4% and 8%. Another interesting statistic is the change in average days on market from neighborhood to neighborhood. Properties in the Waterfront in 2015 had an average marketing time of 63 days which fell to 54 days in 2016. This was one of the most dramatic changes in this category throughout the Boston neighborhoods. Home values in the North End saw a slight uptick since last year while in the Waterfront they remained essentially the same.


 Development at Boston Harbor Garage Seems Imminent



After years of heated debate it appears that the infamous Boston Harbor Garage project may be pushing forward. The garage, owned by Don Chiofaro, has been actively trying to redevelop the unattractive garage for over a decade. The original proposal was for two towers, comprised of a combined 1.5 million square feet. Chiofaro was met with heavy opposition to the project from his abutters as well as former mayor Menino. Under the new administration it seems that the Boston Panning and Development Agency would allow for a 600 foot tower comprised of 900,000 square feet of mixed-use space. While it may be a compromise to the original proposal it is something the developer is very excited about accepting and moving forward. However, there are still many procedural steps to go through before the development can be green lighted. A major one is gaining state approval through Chapter 91, which governs all development along Boston’s Waterfront. While there are still hoops to jump through it seems that there is little that would completely prevent the redevelopment of the existing garage.