Waterfront Side Residence with Brick & Beam
Waterfront Side Residence with Brick & Beam
SOUTH FACING TOWN HOME AT HARBOR’S EDGE WITH SWEEPING HARBOR SKYLINE, AND SEAPORT VIEWS AND 2 PRIVATE DECKS!
Stunning 1+ Bedroom & 1.5 Bathroom with private balcony in premier full-service building.
357 Commercial St #321, Boston
The luxury real estate market has been booming over the past year and the positive momentum has no signs of letting up. The $800,000 to $1.5M price range has contributed to more growth in the market place than any other price point. Sales from $750,000 to $1,000,000 have increased nearly 40% from one year ago and homes over $1,000,000 have increased over 25%. A large contributor to the success of the luxury market is due to it being easier for buyers to obtain jumbo mortgages. Values of properties have also been on the rise due to a large volume of ready and willing buyers accompanied with historically low inventory. The current inventory levels are the sparsest the country has seen in over fourteen years causing many competitively priced homes to sell in bidding wars. This past January marks the 20th straight month of positive growth in the real estate economy nationwide and is only showing signs of continuing. To get information about how to buy or sell in this highly competitive market contact one of the real estate specialists at CL Waterfront Properties, LLC.
Sales throughout Boston have been booming over the past year and are currently the highest they have been over the past five years. An increased confidence in the market accompanied with low interest rates has driven both the volume of sales and sales prices up. In 2012 there were nearly one thousand more properties that transferred hands in the downtown market than the year prior. Median prices of sales in the downtown market have also seen a significant increase of over five percent from 2011. The Waterfront was a large contributor in the overall success of the Boston market place boasting the second highest median sales price in the city (1). January has continued the trend of the previous year proving to be a very strong month with many noteworthy transactions on the Waterfront and throughout the city.
(1) http://www.bizjournals.com/boston/real_estate/2013/01/hub-condo-sales-at-five-year-high.html?ana=twt
Over the past couple of years rental rates have been steadily increasing in urban areas and especially in cities like Boston, New York and San Francisco. There has been a large surge in development for apartments throughout the country but experts say that the demand is still likely to outweigh the supply and rents are expected to continue to rise through 2013. Many of the development projects that are underway will not be ready for occupancy until 2014 or 2015 keeping the overall pool of available rentals low. This makes for an opportune time for investors to buy income generating properties and take advantage of record high rents. Rental rates are not expected to keep increasing forever and in some cities landlords have seen tenants decide to not renew leases due to the ever rising prices. Increasing rents will eventually turn some renters into home buyers due to historically low interest rates and the fact that in many cases the monthly cost to own is cheaper than continuing to rent. For information about buying investment property and taking advantage of the strong rental market contact CL Waterfront Properties, LLC.
Waterfront Average $/Sq.Ft. as of January 30, 2012:
Location | Avg. $/Sq.Ft. |
Waterfront | 646 |
Mariner | 672 |
Commercial Wharf | 639 |
Lincoln Wharf | 480 |
Union Wharf | 836 |
Battery Wharf | 853 |
Harbor Towers | 541 |
Burroughs Wharf | 1,055 |
Lewis Wharf | 665 |
Intercontinental | 844 |
Rowes Wharf | 1,093 |
Prince Building | 680 |
Waterfront Average $/Sq.Ft. as of January 9, 2013:
Location | Avg. $/Sq.Ft. |
Waterfront | 696 |
Mariner | 897 |
Commercial Wharf | 784 |
Lincoln Wharf | 488 |
Union Wharf | 804 |
Battery Wharf | 915 |
Harbor Towers | 587 |
Burroughs Wharf | 1,286 |
Lewis Wharf | 732 |
Intercontinental | 790 |
Rowes Wharf | 999 |
Prince Building | 655 |
As seen above, the Waterfront market experienced a healthy increase in $/Sq.Ft. Waterfront sales now average $696/Sq.Ft. as opposed to $646/Sq.Ft. a year ago. Other notable increases in $/Sq.Ft. are The Mariner, Commercial Wharf, Harbor Towers, Burroughs Wharf, and Lewis Wharf. Burroughs Wharf still holds the highest $/Sq.Ft. on the Waterfront with its sales averaging $1,286/Sq.Ft.
With interest rates still low, and forecasted to remain low, our sales market should continue to prosper in 2013. For more information on the Waterfront condo market contact CL Waterfront Properties today!
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