Sold $2,000,000 | 7 Lathrop Place | North End | 6 Beds | 4.5 Baths | 3,857 Sq. Ft. | Large 3-Family Steps to Hanover Street
CL Properties represented both the Buyer and Seller, bringing this Listing to Close at $1,559/sq.ft!
Boston is not unfamiliar with high priced real estate but for the most part the buyers in the city have been local. The buyers have mainly been professionals working Downtown of wealthy empty-nesters moving-in from the suburbs. With the rapid growth of new construction in Boston there has been a new influx of buyers who do not fit the traditional mold. Many foreign investors are buying up high price condos in Boston where they see room for growth in the real estate market. New York City has always been a hot-spot for foreign investors to buy real estate but now many see Boston as a cheaper alternative with a great up-side. The recently completed Millennium Tower has buyers from all around the globe. In a recent Boston Globe article it was noted that a single buyer from China purchased 16 units in the new ultra-luxury tower. Many foreign buyers are limited in the investments they can make in their home countries and are also nervous about instability. With the great development boom we are going through in Boston we can be sure that the city will remain appealing for International buyers for years to come.
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WHAT: A penthouse overlooking Boston Harbor, with four bedrooms and three bathrooms
HOW MUCH: $2,350,000
SIZE: 2,618 square feet
PRICE PER SQUARE FOOT: $898
SETTING: This condominium is in an old warehouse on the Boston Harbor waterfront, a former industrial neighborhood next to Boston’s North End now known for its loft conversions, private docks and waterfront parks. The mouth of the harbor is across the street; ships can be seen from the condo’s living room. Coffee shops, restaurants and bars are within walking distance. Bus and subway stops are within a few blocks.
INDOORS: This two-story penthouse is in a four-unit building built about 1890 and likely used as a warehouse. It was converted to a condo in 1986 and updated within the last seven years. Wood beams, brick walls and other vestiges of the original structure were left intact, augmented by contemporary fixtures such as stainless-steel kitchen appliances and walls of glass.
The entry level has a kitchen, a living area and two bedrooms. The second level has another, larger kitchen, a living and dining area and two bedrooms, including the master suite. Connected by a floating staircase, both levels have open floor plans and harbor views.
The second level is spacious and bright, with a vaulted ceiling paneled in skylights that rises nearly 19 feet, and a wall of glass facing the harbor. The kitchen is all stainless steel, from appliances to surfaces. A built-in wood credenza with a granite top extends from the kitchen into the living area along an exposed brick wall, painted white. Floors here are Asian walnut.
The master suite, in a loft over the second-level living area, has a massive skylight and harbor views. A heavy wood door salvaged from a barn inVermont slides to reveal the master bathroom, which has a jetted tub set against a rough stacked-stone wall, as well as a stone-backed shower and a custom wood vanity.
Parking is available at a nearby garage for about $400 a month.
OUTDOOR SPACE: The second-level living area opens to a 21-foot-wide deck overlooking the water. The deck has bench seating and a hot tub.
TAXES: Approximately $18,041 a year, plus $741.57 a month in condo fees, which covers hot water, gas, insurance and building maintenance
CONTACT: Carmela Laurella, CL Waterfront Properties, (617) 624-9700 / (617) 797-2538; clproperties.com
According to a recent Wall Street Journal article home prices have rose an astounding 3.6% from this time one year ago making this the largest gain the housing market has seen within the past six years. Housing prices have seen substantial increases in nearly all of the metropolitan markets throughout the country including Boston. There are several reasons why we are now seeing this increase and one of the major ones is the increase in building that we will see over the coming year. Experts are saying that the country is prepared to add one million new homes to the market this year, which is nearly twice as many as years past. Over the past couple of years rental rates have been on the rise which has lead way too many investors entering the market to take advantage of strong returns on their investments. However, it appears that recently many have decided to stop paying extravagant rents and are deciding to buy their first homes. All of these factors as well as a large decline of distressed sales in the market place will make the 2013 housing market very strong. To learn more about the changing terrain of the local real estate market contact CL Waterfront Properties, LLC.
Boston home values continue to rise for the fourth consecutive month. From June to July, Case-Shiller, shows that home prices have increased by 1.8 percent which is more than the national average. Low inventory, strong consumer confidence and low interest rates have added to the strong upswing that we have seen in the market over the past four months. Sales prices have shown an increase of an astounding 24% during the first eight months of this year in comparison to the first eight months of 2011. Specifically condominium sales in the state have shown the largest increase in volume with a 40% rise from August last year to August of 2012. Experts studying the economic climate have stated that the housing market has stopped the downturn and are expecting a continued rise. The biggest challenge currently facing the real estate landscape is a continued lack of inventory. Now is an opportune time to list your home for sale. With demand and home values on the rise now is a great time to get the highest possible price for your home. Contact CL Waterfront Properties, LLC to learn how you can sell your home in this rejuvenated market.
The Boston condo market continues to grow stronger. According to a recent Boston Globe article, condo sales have jumped an astonishing 29% since this time last year and the median sales price has seen a 6% increase. Consumer confidence has been regained in the market place and many buyers are beginning to re-enter the market taking advantage of low interest rates. The Waterfront market alone has shown record setting growth over the past year with a 21% increase in median sales prices and a 4.82% increase in price per square foot. CL Waterfront Properties, LLC president, Carmela Laurella, was quoted in the article saying; “We have more demand than we have property to sell…We can barely list anything without it going under [a purchase agreement] within a couple of weeks.” For questions and inquiries about Boston real estate please contact CL Waterfront Properties, LLC.
The real estate market is showing strong signs of improvement entering the summer months. A recent Wall Street Journal report shows that median asking prices nationwide have increased 3.2% over the past year and are at the highest they have been in over 2 ½ years. The increase in asking prices has been justified by a significant decline in days on market, which has decreased an astonishing 9.8% since last year. Over the past several months at CL Waterfront Properties, LLC, our sellers have been directly experiencing the benefits of the changing market conditions. Sellers have been able to list their properties for their desired price and have seen their homes sell quickly. To obtain the highest price per square foot for your home, contact CL Waterfront Properties, LLC.
Since January 1st, CL Waterfront Properties is responsible for the highest number of direct sales in the city of Boston (per MLS). Furthermore, CL Waterfront continues to act as the top listing and selling office along the Waterfront. CL Waterfront Properties is committed to providing its clients with the most professional service in Boston. Because of CL Waterfront Properties’ commitment to our sellers, we often allow the seller to close with a seamless transaction and they keep a little extra money in their pocket too! For more information on Boston’s real estate, contact CL Waterfront Properties today!
With a bike score of 68, Beantown, MA came in with the fourth-best Walk Score rating, and for good reason. Boston has a huge network of dedicated bike lanes and paths that run all over the former Puritan colony.
Located in a prime, bike-friendly part of the city, this brick and beam condo at the Union Wharf is well suited for pedal-pushers. Adding to the $1.3 million home’s appeal is a private balcony that looks over the harbor, maple flooring, and a spacious master suite.