2015 was a great year for the economy not only locally but nationally as well. The country added 2.3 million jobs and unemployment has fallen below 5%. Here in Massachusetts, we saw an economic surge not seen since the 1990’s. Especially in Eastern Massachusetts we have seen first-hand how strong the economy has become. Anyone driving in or around Boston will notice a skyline filled with cranes and new luxury towers being built all throughout the City. With the job rate steadily growing here in Boston, developers are in a competitive environment to grab land wherever available and start building. In the City, we have witnessed the price of real estate continually rise and, in many cases, prices have reached or exceeded the high water mark just prior to the recession of 2008. The strength of the economy was no stranger to the Waterfront in 2015 with the average sales price of a home being just under $1.2M. The average price per foot in 2015 was $890/sf. in comparison to $844/sf. is 2014 and $760/sf. in 2013. This is a pretty impressive jump in only two years to see the average price per foot increase by more than 10%. In 2015 many of the luxury Waterfront buildings, including Rowes Wharf, Burroughs Wharf and Battery Wharf, saw properties selling for as high at $1,800/sf.
Operation Sail, Inc. (OpSail), a national non-profit organization, will be bringing tall ships to Boston this summer! This summer’s festivities will be a celebration of the 200th anniversary of the War of 1812 and the Star Spangled Banner. The ships will sail into Boston on June 30th and depart from Boston on July 5th.
When asked about this summer’s activities, Jose Fuentes, Chairman of Operation Sail, Inc. said, “Partnership with U.S. Navy in this magnificent international Waterfront spectacle in Boston will showcase the character-building aspects of sail training and why it is so important to preserve our maritime heritage”.
The two primary locations for the ships will be Fish Pier, located in the Seaport District, and the Charlestown Navy Yard. As these boats sail along Boston’s Harbor, various activities will be held along the Boston Harborwalk.
The local real estate market has been very active during the past six months. Much of this action has taken place here on Boston’s Waterfront. Below, find a table that displays the average price per square foot for some of the more popular buildings along the Waterfront:
|Property||Avg. Sale $/sq.ft. (past 6 months)|
Here are some details on our beloved Waterfront buildings:
Battery Wharf:The Residences at Battery Wharf consist of 104 apartments. Battery Wharf is the home of the Luxury
Fairmont Hotel and enjoys full services, a fitness center, fine dining and Exhale Spa. This property is located on Boston’s Harbor, steps to the historic North End and minutes to Downtown Boston, Faneuil Hall, The Garden and all major transportation points. Battery Wharf, which got its certificate of occupancy in 2008, has only four original units left to be sold.
Burroughs Wharf: Burroughs Wharf, built between 1989 and 1993, is conveniently located at the edge of Boston’s harbor, steps from the historic North End and adjacent to the new Fairmont Hotel. Burroughs Wharf has 69 apartments located in two buildings. Amenities include at least one garage parking space and 24 Hour Concierge. Marina slips are available as well as a water shuttle to the airport. Burroughs Wharf, with its ceiling-to-floor glass windows, is known for its spectacular views of Boston’s harbor and skyline. Burroughs Wharf’s price per square foot currently sits at $1,115/sq.ft., but this does not include a 1573 square foot totally renovated home that is currently under agreement for approximately $1,400/sq.ft.
Commercial Wharf: Commercial Wharf is a five-story granite building consisting of 94 units. Built in 1832 for warehousing to and from the Far East, this property was converted into condominiums in 1978. This property is best known for its purest views of Boston’s skyline and harbor. There is Exclusive-Rights parking. It is also the home for the Boston Yacht Haven, and marina slips are available. Two stunning penthouses recently sold for over $980/sq.ft. This strong activity, coupled with the newly upgraded hallways, has made Commercial Wharf one of the hottest buildings on the Waterfront.
Harbor Towers: Harbor Towers I and II were designed by I.M. Pei in 1972 with an eye toward capturing the finest views of Boston Harbor and the city skyline from each unit. There are 312 units in each of these 40-story buildings with eight units on each floor. Services include 24-hour gated security and concierge, seasonal harbor-side swimming pool, renovated and furnished lobbies and on-site management. Harbor Towers has multiple units that are currently under agreement. When these homes close, the average price per square foot for these towers should experience an encouraging jump.
Lewis Wharf: Lewis Wharf was built in the 1830’s as a major shipping warehouse and converted to condominiums in 1973. There are 90 residential units on four floors and 41 commercial units on the first two floors. These apartments, reminiscent of their historic beginning, have high ceilings, bricks and beams, and most have fireplaces. Building amenities include 24-hour concierge and security, two elevators, a luxurious swimming pool, beautiful gardens and the only rooftop common laundry room in the city with panoramic views of Boston. Rental parking is available. Lewis Wharf, the first building to be condominiumized along The Waterfront, continues to be a desirable building for any buyer.
Lincoln Wharf: Formerly the MBTA Power Station, this Historic brick Waterfront building was built in 1901 and converted to condominiums in 1987. This lovely elevator building’s amenities include a 24-hour Concierge, a Fitness Center, an interior Atrium, a lending Library, a Function Room and a Harbor-side Garden. Lincoln Wharf, known for its spacious residences and Harbor views, is located on the primary footpath of the Waterfront between Battery Wharf and Union Wharf, adjacent to Burroughs Wharf, and is just a few steps from The Historic North End, Downtown Boston, and all major transportation points. Lincoln Wharf had 16 sales last year and was recently featured on Chronicle for its role as a “recycled” and revitalized building along Boston’s Waterfront.
The Prince Building: Converted to condominiums in 1974, The Prince Building in an elevator building with 42 condominium units with garage parking. This Historic Building was originally built in 1917 and was the site of The Prince Macaroni Company pasta factory. The Prince Building, known for its dazzling views, is situated on the primary footpath of the Waterfront across the street from Commercial Wharf East and Lewis Wharf and just steps from The Historic North End, Downtown Boston, Faneuil Hall and all major transportation points. This dynamic location is also close to the Christopher Columbus Park and The Rose Kennedy Greenway. Many of the East facing homes at the Prince Building feature spectacular Harbor views. Recently, a corner East facing penthouse sold for $668/sq.ft.
Rowes Wharf: The Residences at Rowes Wharf consist of 100 apartments and were built in 1987. They are a unique combination of quality craftsmanship, expansive water views and superb luxury hotel amenities. There is 24-hour concierge services, valet or self-parking, access to the Rowes Wharf health club and pool, and a marina. For the record, the price per square foot last year was $1,063/sq.ft. and was the highest on The Waterfront.
The Mariner: Converted to condominiums in 1984, The Mariner is a concierge building with 105 residential condominiums with garage parking. Formerly one of the waterfront warehouses, this building was meticulously renovated to showcase its maritime history. This property, known for its fabulous views, greenhouse windows and some of the largest decks on Boston’s Waterfront, also has a fabulous common roof deck with 360 degree views of the Boston Harbor and City Skyline. The Mariner is located on the primary footpath of the Waterfront and is across the street from Union Wharf and steps from the newly developed Battery Wharf and The Fairmont Hotel. It is also steps from the historic North End, downtown Boston, the Financial District, Faneuil Hall and all major transportation points. The Mariner features a spectacular home with one of the largest deck/garden on The Waterfront which recently sold for $1,269/sq.ft.
Union Wharf: Union Wharf is considered one of the most prestigious addresses on The Waterfront. These beautiful granite buildings were built in the 1830’s as warehouses and were converted into condominiums in 1978. This prestigious property is best known for its loft-like, brick-and-beam apartments, beautiful landscaping and “residential-like” feeling. This wharf is comprised of two granite buildings and 23 three-level townhouses. It consists of 89 units, of which 71 are residential and the remaining 18 are commercial/residential. These high-end buildings have 24-hour gated parking, full-time, on-site maintenance, a sea-side heated swimming pool, guest parking and marina slips. Union Wharf features a breathtaking penthouse that recently sold for $1,053/sq.ft.
It is that time of year again for good weather, boating and enjoying Boston’s Waterfront. Many of our clients ask for information regarding the neighborhood marinas. Slips are going fast so reserve your boat slip today! – Gianni DePalma
Here are some of our suggested Marinas on Boston’s Waterfront:
Union Wharf Marina
Dan Flaherty – 617.742.1647
Seasonal Dockage (May 1 – Oct 31, 2012)
Contact Onsite Management Office for Daily/Weekend/Weekly/Monthly Dockage for rates and availability.
Lewis Wharf Marina
Raleigh Eastwick – 617.523.2313
Seasonal Dockage (May 1 – Oct 31, 2012)
Completely full now. Marina renters usually have use of the pool and pay the following:
$155/Foot up to 35 Feet
Water and electric are included
Burroughs Wharf Marina
Jim Richards – 617.523.8188
Contact Jim for more information for sale/for rent
There is an annual charge of $1,000.00 for a deeded slip
Rowes Wharf Marina
Kristin McLaughlin – 617.748.5012
One slip will fit a 52’ yacht
The other slips hold boats in 40’ and smaller
$200.00/Foot + electric
Constellation Wharf Marina
Slips can hold boats 25’-70’
Seasonal Dockage (May 1 – Oct 31, 2012)
$140/ft. includes electricity, water, wifi and access to bathrooms.
Parking is an additional fee
CL Waterfront Properties has been making strides and breaking records in this bustling spring market. Over the past six months the company has sold six properties between $1.8 Million and $2.6 Million with an unprecedented average of $1,066 per square foot! All of the high-end luxury sales were located along the primary footpath of the Waterfront in elite buildings including: The Mariner, Burroughs Wharf, Commercial Wharf, and two sales at Union Wharf.
For more information about your home, or if you are looking to Buy or Sell, now is as good a time as ever. Contact our offices today!
The Bruins are the Toast of the town and their preferred choice of living is The Waterfront/North End. With over a half dozen players and their families living within a ¼ mile radius, the Waterfront/North End has become one of the favorite places to live in the City. With full service and prestigious buildings like Battery Wharf, Burroughs Wharf, Union Wharf all surrounded by Boston’s beautiful Harbor, and with over 100 restaurants and bars just steps away, The Waterfront/North End neighborhood is a great place for your next home. Don’t miss out on the Next Stanley Cup Parade in June, just in time for Summer on the Waterfront!
Post by Gianni DePalma
Boston.com recently reported that Boston’s downtown condominium market rose by more than 22 percent in the third quarter as home buyers gained confidence in the city’s core residential areas according to data released by the Listing Information Network, a company that tracks the downtown real estate market. Sales along the Boston Waterfront are also rising!
Condo sales in the Waterfront/North End continued to strengthen in October, as 15 properties closed with a total sales volume of $15,184,000. The average sale price for the month was $1,084,000, which is considerably higher than October 2010 when the average sale price was only $767,000.
Year to date, CL Waterfront continues to be the Waterfront’s top brokerage; having closed more than $52M on 50 transactions. Since opening in the winter of 2010, CL Waterfront has already sold more than $100M in real estate.
If you need help selling your Boston Condo, contact CL Waterfront today.
This is just one more sign that Boston’s waterfront is becoming the city’s center of sophistication and fun. Celebrity Chef Jody Adam’s, well known for Rialto, a top rated restaurant in Cambridge that has earned praise from Gourmet as well as Food and Wine magazines, will soon be opening “Trade at Atlantic Wharf.” The restaurant will feature modern Mediterranean cuisine inspired by Spanish, Italian, and Greek styles. Some of the known menu items include grilled bluefish, roast chicken marinated in lemon, slow-cooked stuffed pork and braised beef short ribs priced from $23 to $30.
Jody Adams has been in the game for decades, and continues to impress the culinary and restauranteuring world today. A renowned chef, author, world traveler, and Top Chef Masters contestant, Adams seems to do everything relating to food. “Trade at Atlantic Wharf” is sure to be one of Boston’s next hot new restaurant destination!
The Seaport District is exploding with popularity. Many new restaurants like Trade, as well as art galleries and beautiful luxury loft conversions have made many compare this part of Boston to neighborhoods like New York’s SoHo. If you are interested in real estate or information about living in Boston’s Seaport District, contact CL Waterfront Properties today!