357 Commercial St #321, Boston
357 Commercial St #321, Boston
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.
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
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!
This Saturday’s edition of Boston Homes will feature the meticulously renovated Penthouse C1-2 at 500 Commercial Street. This stunning 4+ bedroom penthouse-level residence is currently listed by CL Waterfront Properties, LLC. The article entitled “Waterfront penthouse is stunning” leads you through the property, detailing each room from the 12-foot ceilings and exposed brick & beams in the great room, to the amazing Harbor views on the 32′ x 16′ private roof deck.
For more information on this listing contact CL Waterfront Properties.
Love Joy Wharf may be finally getting some long overdue love. Built in 1909 and never available for public use, the building has been vacant and tied up in a lawsuit with neighboring Strada234 the past several years. The dilapidated wharf building, located along the Harbor near the Charlestown bridge, recently received interest from The Related & Beal Companies to turn the run-down building into a 14 story tower with 104 residences. The mix-use building also features 187,000 sq/ft of office space which is said to be leased by a single tenant. The building will also feature retail space, restaurants & small marina. Ground is expected to be broken in early 2013 and construction will last about 36 months. To learn about plans for the Waterfront’s residences, contact CL Waterfront Properties, LLC.
CL Waterfront Properties formidable office has found themselves among the top eight real estate firms in the city of Boston in 2012. Selling an astounding $66 million year to date with another $9 million currently under agreement. Similar to the Battle of Thermopylae where the outnumbered Spartans were able to fend off the Persian army, this boutique real estate company has outmatched many of the larger national real estate corporations in multiple categories. One statistic where CL Waterfront Properties truly wins the battle is in direct sales. Since the first of the year CL Waterfront Properties has managed to sell 43% of their listings to their own clients, saving sellers tens of thousands of dollars. Just to give you an idea how outmatched the competition is in the statistic, the next closest competitor among the top ten firms only managed to sell 25% of their listings direct. This mean, lean team operates like an investment banking team. A new model for the way real estate is done in Boston.
The next large development project in the Seaport District is slated to begin next month on Pier 4 where a mixed-use building will take the place of the long standing Anthony’s Pier 4 restaurant. The landmark restaurant will be making way for a state of the art complex that will be comprised of residential units, office and retail space as well as a harbor side park that will be located where the restaurant currently stands. The $195 million dollar project will be making way for 395 new apartments in the neighborhood ranging from studios to large three bedrooms. Residents will have such amenities as underground parking and a plethora of retail shops and restaurants located within their complex. For more information about this exciting and up and coming waterfront neighborhood and Boston contact CL Waterfront Properties, LLC.
North End/Waterfront residents feel that the land should maintain its original use as a public park. The BRA feels otherwise. According to the Boston Globe, the BRA maintains that the 1970 eminent domain taking of Long Wharf as part of Boston’s Urban Renewal Plan is satisfactory for a new development. The Supreme Judicial Court will hear arguments from both parties on November 5th, 2012. Whatever the outcome may be, the events leading up to a decision will certainly be worth watching. For more information on the Long Wharf dispute, contact CL Waterfront Properties.
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