We are pleased to introduce a market report that covers high-end real estate activity in Boston’s top residential neighborhoods. This adds to the geography covered by our other LandVest High-End Market Watches – Norfolk and Middlesex Counties plus Cape Cod. It will be issued periodically.
This report is written by LandVest brokers who cover the Boston market, as they keep their finger on the pulse of local market activity.
Market Highlights
- Neighborhoods include: Back Bay, Bay Village, Beacon Hill, Charlestown, Financial District, Jamaica Plain, Midtown, North End, Seaport, South Boston, South End, Theater District, Waterfront.
- High-end sales = sales > $1 MM
- High-end condo inventories are keeping pace with the proliferation of luxury full-service developments throughout the city. High-end home inventory is the lowest in 6 years.
- 2016 was a record year for sales for both high-end homes and condos.
- The South End neighborhood enjoys strong high-end home sales, as an affordable alternative to other neighborhoods.
- Midtown and the Seaport District have become established areas for high-end condo sales
Active Listings
Single family
2016 listings (77) were down nearly 30% vs. 2015, which was the highest period for high-end active listings at 108.
2016 single family inventory is the lowest since 2010.
Condo
2016 listings (586) were down 11% vs. 2015, which was a record year at 655 listings. 2016 high-end condo listings are up 130% since 2006. This reflects the proliferation of luxury, full-service condominium developments in Boston.
High-End Sales
Single family
2016 experienced record sales of 107 high-end homes, up 5% vs. 2015
Condo
2016 experienced record sales of 727 high-end condos, up 20% vs. 2015.
2016 Highest Sales
Single family – 197 Marlborough Street sold for $12 MM
This luxury new construction residence spans over 7500 square feet. Built with an elevator, this residence has 5 bedrooms, 5+ bathrooms, two outdoor spaces and garage parking for 2 cars.
Condo – Hooper Mansion PH 6 at 448 Beacon Street sold for $13.25 MM
This residence is located in a boutique luxury building with a concierge for 6 residences. The penthouse spans over 6000 square feet on the top level, with direct elevator access. The home features a private rooftop garden and garage parking for 2 cars. Sold for over $2,000/ square foot.
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| 197 MARLBOROUGH STREET | HOOPER MANSION |
Highest & Average Sale
Single family – Highest $12 MM Average $2.17 MM
Condo– Highest $13.25 MM Average $2.12 MM, a record
Days on Market
Single family
53 days, lowest in 10 years. Boston’s high-end home market is experiencing a period of low inventory, coupled with higher buyer demand.
Condos
70 days, roughly even with 2015 and 2014. Boston’s high-end condo market is experiencing a period of quick sales fueled by strong demand.
High-End Sales by Neighborhood | Boston
(Refer to New Heights blog from 2015)
Single family
The South End leads the area for the 10-year period, with 276 high-end sales, followed by Beacon Hill at 246. Back Bay’s remaining grand residences are small in number, so it trails the South End and Beacon Hill with 77 over the 10-year period.
In 2016, Charlestown had the most high-end sales, at 32, followed by the South End at 25. These neighborhoods are drawing more buyer activity, as they are considered more affordable.
Condo
Back Bay had highest sales over the 10-year period, at 1,760. The South End is the next leading neighborhood with sales of 1,074. These 2 neighborhoods also lead 2016 in high-end sales, with 201 and 173 respectively.
In 2016, Midtown comprised nearly 20% of overall sales, due largely to the continued sell-out of Millennium Tower and re-sales at Millennium Place. As reported earlier, Seaport District is emerging, with 24 high-end sales, compared to no high end sales from 2009 -2013. South Boston jumped to 50 high-end sales, up from 17 in 2015.
2016 LandVest Significent Sales
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| Back Bay | 282 Beacon Street Sold: $4,400,000 Terry Maitland & Nicole Monahan represented the buyer |
Waterfront | Battery Wharf Unit 4607 Sold: $1,950,000 Terry Maitland & Nicole Monahan represented the seller |
LandVest is looking forward to a strong and productive 2017, and is already working on a number of exciting new projects.
For more information on our great properties, go to www.landvest.com, or if we can be of assistance, please contact:
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Amy L. Donovan 617.765.4660 adonovan@landvest.com |
Terry Maitland 617.357.8949 tmaitland@landvest.com |
Nicole Monahan 617.948.8038 nmonahan@handvest.com |
