Twenty Two Liberty closings set price per square foot record in the Seaport District


Late last week units at the prestigious 22 Liberty started to close and the sales prices began recording on public record. During the marketing of the residence at 22 Liberty there was a lot of speculation about what properties were under agreement for but little was known for sure. Now that several units have closed it confirms that the newest condominium development along the Waterfront is among the most luxurious and priciest. Many of the lower floor units have sales prices ranging from over $2M up to $5M and the upper floor and penthouse units sold for over $8M. One of the largest penthouse units in the building which is over 3,300 square feet with three beds and three and a half baths sold for $2485 per square foot. Many of the other units in the building transferred for well over $1500/sf. It will be interesting to follow as more information about these one of a kind Waterfront residences becomes available.


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Waterfront Sales Prices Rise into Autumn


September proved to be another strong month for condominium sales in Boston with the median sales price going up seven percent since this time last year. The highest boost in property values was evident along Boston’s waterfront. The substantial boost in property values is mainly attributed to transfers in two of the Waterfront’s most luxurious buildings; Burroughs Wharf and the Intercontinental. The Waterfront has seen an astounding 38% increase since the third quarter of last year. New developments throughout the city including Millennium Tower have also had great success with preconstruction sales. According to a recent article roughly 90% of 442 unit complex have been accounted for.IMGP1415

Carmela Laurella marketed and sold every home at Burroughs Wharf in 2015, totaling over $8.5M in sales.  Featured in the Boston Globe article highlighting our accomplishments:

“…The price increase was highest in the waterfront neighborhood, boosted by sales in luxury buildings such as Burroughs Wharf and the InterContinental Boston. The median sales price in the neighborhood was $1.1 million, a 38 percent increase from the third quarter last year.”


Monumental August for CL Waterfront Properties


IMGP8397August was a most impressive month for CL Waterfront Properties, LLC raking in $17,319,000 worth of sales in a single month in the Waterfront / North End alone. The firm sold units in seven of the primary Waterfront buildings within the 31 days including two sales at Lincoln Wharf, two sales at Lewis Wharf, one sale at Battery Wharf, one sale at 500 Commercial, one sale at 65 East India Row and a sale at Union Wharf. With 10 sales in the Waterfront / North End for the month of August CLWP accounted for roughly 40% of all sales in the neighborhood for the month. The median days on market for the listings was an impressive 16 days and an average sales price of over $1.7M. While this is traditionally a slower time of year in the real estate market and a time when many agents take vacation, the team at CL Properties put the petal to the metal having one of their best months in company history.


CL Properties Closes Largest Sale on Waterfront this Month


CL Properties closes largest sale on Waterfront this month.  PH10 at Burroughs Wharf closed for $3.550 Million or $1.492/sq. ft.  3+ bedroom with spectacular harbor and city views, 2 private terraces and 2 garage deeded parking with additional storage.


























Average Price Per Foot 2014



20 Tileston Street – $844/sf.

26 Stillman Street -$543/sf.

44 Prince Street – $962/sf.

61 Prince Street – No Sales in 2014

500 Commercial Street- $1,096/sf.

Battery Wharf (2,3 & 4 Building)- $1,172/sf.

Bulfinch (350 North St.) – $902/sf.

Burroughs Wharf (40 & 50 Battery St.)- $1,606/sf.

Broadluxe (99-101 Broad St.)- $744/sf.

Commercial Wharf – $1,093/sf.

East India Row (65 & 85)- $696/sf.

Folio (80 Broad St.) – $804/sf.

Intercontinental (500 Atlantic)- $1,063/sf.

Lewis Wharf (28 Atlantic) – $952/sf.

Lincoln Wharf (357 Commercial) – $605/sf.

Mariner (300 Commercial) – $1,020/sf.

Prince Building (45-63 Atlantic) – No Sales in 2014

Rowes Wharf (10 & 20 Buildings) – $1,350/sf.

Strada (234 Causeway) – $659/sf.

Union Wharf (343 Commercial)- $1,001


Atlantic Avenue – $978/sf.

Commercial Street – $793/sf.

Fulton Street – $658/sf.

Hanover Street – $645/sf.

Prince Street – $845

Salem Street – $674/sf.



North End – $730/sf.

Waterfront – $849/sf.





Carmela shares insight into synergistic workplace with Boston Agent Magazine


“Every week, we ask an Boston real estate professional for their thoughts on the top trends in Boston real estate.

This week, we talked with Carmela Laurella, president of CL Properties.

Boston Agent (BA): CL Properties is dedicated to cultivating a “synergistic” workplace, in which the team works as a whole to boost the strength of listings and sales. How do you accomplish this team atmosphere?

Carmela Laurella (CL): We make more money together in a team atmosphere then we would apart. My team is the magic behind the success. I have hand-selected each one of my agents and staff. I often speak of my company not as a real estate business, but as an investment banking firm. This means we do not measure success on individual achievements. I have a team for each one of my listings. Some of my partners retain teams for their own listings as well.

Each person brings a different strategy to the table depending on the type of real estate that we need to sell. I have a licensed appraiser, Scott Accorsini, that sits directly behind me in the office. Next to him is my senior vice president, Dave Costello, with a remarkable ability to analyze the market and keep course. I have another vice president, Travis Sachs, who heads all of our marketing and advertising facilities. The list goes on – Nothing goes through my office without my team of professionals behind it.

BA: As someone who’s known for her marketing and advertising proficiency. What would you say are the foundations of a successful marketing campaign?

CL: We have simple foundations. Portray and capitalize all the information. Triple check everything. The goal in any of our print or online marketing material is clarity. The consumer should never have a question. A good marketing campaign leaves the buyer to just ask: “When can I see this property?”

BA: Boston continues to struggle with inventory, and recent construction data suggests building levels aren’t rising to meet demand. Where do you see Boston’s inventory going in 2015?

CL: We expect inventory to remain tight in 2015. New developments like Millennium Tower or Fan Pier will have minimal impact because they will be delivered so late in the year. We expect both buildings to have penthouse sales over $2000/sq. ft. – which will help high-end values grow. Developments like Four Seasons and Lovejoy Wharf will have an impact upon completion in 2016. The lack of inventory is a direct result of credit markets freezing for several years during the financial crisis. Besides Millennium and Sawyer (Millennium Place and The W), developers did not build between 2008-2011, and we think we are now going to see some of those affects.”

– See more at: http://bostonagentmagazine.com/viewpoints-carmela-laurella-president-cl-properties-boston/#sthash.Mel2ay0X.dpuf




Two Bedroom – 10/15/2014 – #414 –Commercial Wharf 009 $3,100 – Utilities Included: This residence is located on the fourth floor and has a view of the courtyard.  Galley kitchen with a pass thru has granite counters and stainless steel appliances. Hardwood floors throughout.   Residence is freshly painted, and new windows throughout. There is a total of six closets with five of them being triple width so there is plenty of storage.  All utilities including electric are included in the rent.

Two Bedroom – 10/15/2014 – #411 – $3,200 – Utilities Included: This residence is located on the fourth floor and has city and harbor views.  Kitchen with pass thru has granite counters. Hardwood floors throughout. Residence is freshly painted, and new windows throughout.  All utilities included In the rent.

One bedroom – 11/1/2014 – #335 – $2,650 – Utilities Included: This residence is located on the third floor with harbor and city views.  Galley kitchen with pass thru has granite counters; new floor to ceiling windows in living room; freshly painted; hardwood floors throughout and new windows in bedroom. Balcony.

One bedroom – 11/1/2014 – #529 – $2,650 – Utilities included: This residence is located on the fifth floor and has breathtaking views of the harbor.  Galley kitchen with pass thru has granite counters and a pantry/utility closet; living room has floor to ceiling windows; all windows are new and hardwood floors throughout.  Balcony.

One bedroom – 11/15/2014 – #134 – $2,500 – Utilities Included: This residence is located on the first floor overlooking the private courtyard.  Living Room has floor to ceiling windows and hardwood floors.  Galley kitchen with pass thru has granite counters and a two-sided closet (one side for pantry items and the other for utilities).  Bedroom has hardwood floors.  The unit new windows throughout and is freshly painted. Balcony.


Market Review – Waterfront/North End


The past few months have been especially strong for the Boston condo market and out of the downtown markets the Waterfront/North End has been the strongest. Between the two neighborhoods, North End and Waterfront, the average increase in values has jumped 5.5% in the past six month period. Essentially all of the major Waterfront and North End buildings have shown substantial increases in value.

See below for some of the interesting facts about property values in the Waterfront/North End over the last six month period:

  • Waterfront price per square foot increase 5%
  • North End price per square foot increase 6%
  • 44 Prince has seen a 20% increase in price per foot
  • Fulton Street sales have seen a 10% increase in price per foot
  • Intercontinental has seen an 8% increase in price per foot
  • The Mariner has seen a 6% increase in price per foot
  • Commercial Wharf has seen a 4% increase in price per foot
  • There are currently seven buildings in the Waterfront averaging over $900/sf.

–          Commercial Wharf – $913/sf.

–          Union Wharf – $960/sf.

–          Intercontinental – $979/sf.

–          The Mariner – $991/sf.

–          Battery Wharf – $1,087/sf.

–          Rowes Wharf – $1,241/sf.

–          Burroughs Wharf – $1,424/sf.


May Sales Figures Strongest Yet


A recent article on the popular real estate website Curbed stated that in the month of May almost 65% of all sales in downtown Boston went for over asking price. Also, in the nine major market areas throughout the city that were part of the study, 19 of these sales went for more than $100,000 over the seller’s asking price. In surrounding communities such as Cambridge and Somerville as high as 90% of sales went for asking price or above. While it is not new news it is still very clear that there is a severe shortage of available property throughout the city and in surrounding locations. The market continues to get stronger and stronger as time goes on with demand at a seemingly all-time high. For information on how to get top-dollar for your home contact CL Waterfront Properties for more information.




Good things to know about Commercial Real Estate:


Commercial space around the Waterfront has always been an exciting part of Real Estate.  Some rent immediately and others take a little time to find the right tenant. Commercial properties are specific in size, price, and location. They could range in various sizes, lets say 500SF to 14,000SF (This size was on the market a few years ago) and they could range vastly in price. It’s a little different from your average residential condo because of the vast specifics in differentials. Commercial space seeks a tenant for at least 3 years, while a residential condo seeks a tenant for only 12 months. The amount of time in the term is a big reason residential apartments are rented so quickly.

It is not uncommon to see a “For Lease” sign on a property for months to a few years (the latter, with larger space). The owner is seeking a particular tenant that can commit to a specific amount of money and time period. All of these factors lead us to the “net effective rent” for the property.

For instance, if the owner wants $100K in their bank account by the end of the 3 year lease, then we need to rent to the property for an average of $2777/month for the three years. At the end of the Lease, the owner is left with $100K in their bank account.  If a tenant can only spend up to $2500, then we can rent the property for the first year at $2500/month, second year is raised to $2777/month and the third year $3054/month. This increase makes up the difference and the owner is still left with $100K in the bank account.

For more information about commercial real estate, contact Travis Sachs, travis.sachs@clproperties.com