18
March
2014

The Waterfront Statistics-the Past 77 Days in 2014

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CLWP is proud to announce that in 2014 we have sold over $6.8 million in Real Estate on the Waterfront. Over $3.8M of the Real estate is sold to our own buyers- where we represent both parties in the sale. We are currently the #1 listing and selling office on the Waterfront with over 55% of the transactions sold and listed by our office. We have saved our buyers and sellers over $135,000 in fees concentrating on the market. We continue to strive to serve our clients with the best service and unsurpassable results.

14
March
2014

Boating Season is Here!

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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.

Union Wharf Marina

Dan Flaherty – 617.742.1647

Seasonal Dockage (May 1 – Oct 31)

$140/Foot for Union Wharf owners

$160/Foot for Union Wharf sponsored guests

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)

Can have use of the pool

$165/Foot up to 35 Feet

$250-330/Foot for commercial boats

Water and electric are included

SOLD OUT

 

Burroughs Wharf Marina

Jim Richards – 617.523.8188

Seasonal Dockage (April1-Oct 31)

There is an annual charge between $4-5K for a deeded slip

 

Rowes Wharf Marina

Joe Gibbons – 617.748.5012

One slip will fit a 52’ yacht

The other slips hold boats in 40’ and smaller

$220.00/Foot + electric

 

The Boston Yacht Haven

Kevin-617-523-7352

Seasonal Dockage (May 1 – Oct 31)

$300/ft. for boats 35-60ft.

$340/ft. for boats  61-80 ft.

$370/ft. for boats 81-150 ft.

Transient slips available $6.50/ft. per day

 

Constellation Wharf Marina

617.242.2020

Slips can hold boats 25’-70’

Seasonal Dockage (May 1 – Oct 31)

$152/ft. includes electricity, water, wi-fi and access to bathrooms.

Parking is an additional fee

UNDER CONSTRUCTION

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For more information on the neighboring marinas contact Gianni DePalma.

 

30
January
2014

What to Expect in 2014

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2013 was a groundbreaking year for real estate transactions in and around Boston, but what does this mean for 2014? While many are expecting the market to remain strong there have been some important changes to the real estate landscape that will undoubtedly have their effect. For instance the average mortgage rate has jumped up a full percent since this time last year and is attributed to a slight slowdown in home sales this past December. Some economists are optimistic, since rates are still relatively low, buyers will want to lock in a rate before they creep higher. One thing nearly all economists are in agreement on is that as the general economy improves mortgage rates will continue to climb. The rise in rates seems to have the most significant effect on first time homebuyers since even the slightest increase in mortgage rates can drastically alter what property they can afford to purchase. In 2013 the real estate market experienced growth in nearly every measurable category including median sales price, volume of properties sold and the number of properties that sold for over asking price. Much of this is attributed to strong buyer demand and historically low inventory levels. Market specialists claim that had there been more inventory the figures from last year would have only been that much stronger. An increase in overall inventory would also help to balance out pricing in Boston and surrounding communities where many properties last year sold in bidding wars for well over asking price. If in 2014 we see an increase in inventory, I would expect for pricing to balance out and the market to remain strong. If inventory levels were to remain low or dip lower, the expectation would be for prices to continue to inflate due to a continued strong demand. For more information about the real estate market in 2014 contact Scott Accorsini at scott.accorsini@wpboston.com.

7
January
2014

Influx of rentals available in 2014… Good news for renters

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This year -according to MLS- The North End and The Waterfront have 52 available properties for rent; Last year at this same time, the market only had 19 properties available for rent. Landlords are not pleased with this statistic.  However, consensus in the area shows landlords are not worried. The city does have ups and downs and we realize from the calm after the storm that the market is beginning to settle. Owners in the North End and Waterfront know their property will always pull an extremely high demand.

I am not worried either.  For more information on any of these properties, or to bounce ideas about the market, please contact Travis Sachs at Travis.sachs@WPBoston.com.

2014 Available Rentals in the NE and Waterfront: 2013 Available Rentals in the NE and Waterfront:
52 Available on 1/7/2014 19 Available on 1/7/2013
   
One Bedrooms: 28 Available One Bedrooms: 8 Available
Two Bedrooms: 22 Available Two Bedrooms: 11 Available
Three Bedrooms: 2 Available Three Bedrooms: 0 Available
2
January
2014

2013 Year in Review: Waterfront/North End Sales

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Most Expensive Sales

- 500 Commercial PHC1-2  -  $4.15M

- 500 Atlantic 16K  -  $3.223M

- 20 Rowes Wharf TH8  -  $2.85M

- 20 Rowes Wharf #310  -  $2.85M

- Union Wharf TH25  -  $2.8M

 

Most Expensive Condo Sale (North End)

- 20 Tileston PH2 – $1.395M

 

Most Expensive Building Sale (North End)

- 6 Cleveland Place – $6.6M (17 Units)


Highest Price/Square Foot

- 300 Commercial Street #1003  -  $1.41M/971  =  $1,452/sf.

- 20 Rowes Wharf #310  -  $2.85M/2,068 sf. = $1,378/sf.

- 300 Commercial Street #901  -  $1.925/1,492 sf. = $1,290/sf.

- 300 Commercial Street #904  -  $1.925M/1530 sf.  =  $1,258/sf.

- Union Wharf TH25  -  $2.8M/2304 sf.  =  $1,215/sf.

- 20 Rowes Wharf TH8  – $2.8M/2349 sf. = $1,213/sf.

 

Average Price Per Sqaure Foot 2013

Waterfront Buildings

Rowes Wharf – $1,208 sf. (3 Sales)

Burroughs Wharf – $1,053/sf. (1 Sale)

Battery Wharf – $975/sf. (6 Sales)

The Mariner – $956/sf.  (10 Sales)

The Intercontinental – $898/sf. (19 Sales)

Union Wharf – $896/sf. (5 Sales)

Commercial Wharf – $882/sf. (10 Sales)

Prince Building – $830/sf. (3 Sales)

Lewis Wharf – $751/sf. (6 Sales)

The Bulfinch – $724/sf. (5 Sales)

The Folio – $701/sf. (8 Sales)

Broadluxe – $683/sf. (6 Sales)

Harbor Towers – $664/sf. (39 Sales)

The Strada – $654/sf. (7 Sales)

Lincoln Wharf – $527/sf. (4 Sales)
 

North End Buildings

20 Tileston – $863/sf. (5 Sales)

44 Prince – $767/sf. (2 Sales)

61 Prince – $647/sf. (2 Sales)

26 Stillman – $593/sf. (4 Sales)

27
December
2013

Seller’s Market Expected to Continue Through 2014

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As buyers and sellers know, 2013 was a year where the real estate market showed strong demand but inventory levels were never able to keep up. With a vast amount of new construction underway in the city it appears this imbalance will eventually figure itself out. However, many analysts see the current seller’s market continuing into the new year primarily due to the fact that much of the construction is not slated for completion for another year or two. The city proved this year that it is more than prepared to absorb additional inventory with the hugely successful completion of Millennium Place, located in Downtown Crossing. Next door to Millennium Place ground has broken on the construction of Millennium Tower which will add 450 high-end residential units to the marketplace. As for Waterfront development the Seaport will be the area where we will see the largest boost in inventory of the coming year. 22 Liberty on Fan Pier will be bringing an additional 118 units to the market which will cater to the high-end buyer as well. With major developments either planned or underway in virtually every neighborhood throughout the city it will be interesting to see how quickly property is absorbed over the coming months and years. For additional information on market conditions and new developments please contact CL Waterfront Properties, LLC.

http://bostonherald.com/business/real_estate/2013/12/boston_seller_s_market_to_continue_for_a_while

12
December
2013

Potential 600 foot Residential Tower at TD Garden

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Mayor Menino’s last day in office will be January 6th of this coming year, which has many developers scrambling to get approval for large scale projects before he steps down. Boston Properties is currently in the process of gaining approval to build a 600 foot residential tower at the TD Garden as well as a 20-story hotel and 25-story office building. A recent Boston Business Journal article reported that not all residents in the area are thrilled about this potential project. Many residents are claiming the height of the tower is excessive and Boston Properties had originally planned to build a 400 foot residential tower. Whether the tower is approved for 600 feet or 400 feet there is no doubt that it will greatly help out the low inventory levels we have been experiencing throughout Boston. With the development of Lovejoy Wharf currently underway and this new project in the works it seems the TD Garden area will be getting a much needed facelift.

For more information about this project and other projects throughout the city please contact Scott Accorsini at CL Waterfront Properties, LLC.

10
December
2013

New Construction Boosts Boston’s Inventory

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Apartment vacancy rates in the region increased by 0.2% to 3.8 % in Q3 ,when 1,100 new apartment boosted the inventory, ARA Real Estate Investment Services reports. Boston is undergoing major additions to the residential Real Estate market. Many of our investors are banking the increase in apartments will drive-up prices by bringing more people to the area. However, some landlords are skeptical that the amount of rent will remain high with more supply coming to the market. I might side more with the latter: We are seeing signs of weakness, consider The Kensington offering free rent, times we have not seen since the recession of 2009. According to the BRA, here are some of the notable complexes that are currently under construction as of December 2013:

  1. 100 Arlington:    Rehabilitation of former Renaissance School at 100 Arlington Street into 128 residential condominium units.
  2. 120 Kingston: Proposal calls for 240 residential units with ground floor retail and 70 parking spaces.
  3. 1282 Boylston: Proposal for the McDonald’s site on Boylston for a 348,235 SF project with 322 residential units, 15,000 SF of ground floor retail and 295 parking spaces.
  4. 22-26 West Broadway Street: Proposal calls for the construction of a new, 6-story building for the provision of 31 rental units with an underground garage for 18 vehicles and 3,834 SF of retail space.
  5. 319 A Street Rear: Proposal calls for 202 residential units and 96 parking spaces.
  6. 35 Northampton Street: Proposal calls for the rehabilitation of the existing 29-story, 165,000SF residential building; existing office space within the building will be converted to 11 handicap accessible units, for a total of 245 affordable units.
  7. 375 Market Street: Proposal calls for the construction of 39 residential units and 58 parking spaces.
  8. 381 Congress Street: Proposal calls for 44 units, including 28 units of workforce and/or innovation housing at accessible rent levels and 16 short term rental units for nearby employers.
  9. 411 D Street: The proposal calls for 197 units of rental housing in two buildings and 129 parking spaces.
  10. 45 Stuart Street: Proposal calls for 404 residential units in a 29 story building and 198 parking spaces.
  11. Dudley Greenville Rental Housing: Proposal calls for the construction of 43 units of rental housing on two sites.
  12. Exeter Residences: Proposal calls for the construction of 188 residential units.
  13. Ink Block: Proposal calls for 471 units, 85,000 SF of retail, including a supermarket, and 411 parking spaces. Phase 1 calls for the construction of 385,000 SF (315 units; 65,000 SF of retail; parking of 107,000; 246 spaces). Total SF for all phases = 548,900.
  14. Old Colony phase II: Proposal calls for the demolition of existing buildings and the construction of up to 170 new housing units
  15. One Canal: Proposal calls for 320 residential units, 21,300 SF of retail and 159 parking spaces.
  16. Portside at Pier 1: Phase I calls for 176 rental units. Full build-out calls for 938,106 SF.
  17. Quincy Heights:  Proposal calls for the rehabilitation of 129 public housing units through renovation and new construction of 11 buildings located within a three-block radius in Grove Hall.
  18. West Square: Proposal calls for approximately 259 residential rental units and 143 parking spaces.

For more information on any of these properties, or to bounce ideas about the market, please contact Travis Sachs at Travis.sachs@WPBoston.com.

 

4
December
2013

November 2013 Real Estate Sales for North End / Waterfront

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$200,000 – $399,999

  • 181 Salem Street unit R: 1 Bed, 1 Bath with 680 sq.ft. sold for $375,000
  • 200 Salem Street #2: 2 Bed, 1 Bath with 530 sq.ft. sold for $399,000

$400,000-$599,999

  • The Mariner #309: 1 Bed, 1 Bath with 539 sq.ft. sold for $420,000
  • 199 Salem Street #3: 1 Bed, 1 Bath with 687 sq.ft. sold for $439,000
  • 84 Prince Street #5B: 2 Bed, 1 Bath with 656 sq.ft. sold for $455,000
  • 85 East India Row #10A: 1 Bed, 1 Bath with 750 sq.ft. sold for $513,000
  • 52 Cooper Street #4: 2 Bed, 1 Bath with 746 sq.ft. sold for $524,900
  • 7 Stillman Place # 4: 2 Bed, 1 Bath with 746 sq.ft. sold for $530,000
  • 350 North Street #500: 2 Bed, 1 Bath with 934 sq.ft. sold for $542,000
  • 85 East India Row # 34E: 1 Bed, 1 Bath with 861 sq.ft. sold for $580,000
  • 414 Commercial Street #1: 2 Bed, 1 Bath with 1,220 sq.ft. sold for $584,025
  • 137-139 Pearl Street #3: 2 Bed, 2 Bath with 1,112 sq.ft. sold for $589,000

$600,000-$999,999

  • The Mariner #305: 1 Bed, 1 Bath with 795 sq.ft. sold for $600,000
  • 99-105 Broad Street #6B: 1 Bed, 1 Bath with 1,059 sq.ft. sold for $635,000
  • 560 Commercial Street #1: 2 Bed, 1 Bath with 824 sq.ft. sold for $640,000
  • 63 Atlantic Avenue #9B: 2 Bed, 2 Bath with 1,337 sq.ft. sold for $950,000

$1,000,000+

  • Intercontinental #16-F: 2 Bed, 2.5 Bath with 1,868 sq.ft. sold for $1,765,300
  • Intercontinental #16-P: 3 Bed, 3.5 Bath with 2,727 sq.ft. sold for $2,300,000
  • Battery Wharf #4610: 2 Bed, 2 Bath with 1,400 sq.ft. sold for $2,324,500
31
July
2013

Values Continue to Rise

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IMGP8397Home values in the Boston area continue to be on the rise and have increased over 7% from this time last year. The increase in values in the month of June marks the eleventh consecutive month of growth in the local housing market which brings the market within nearly 10% of where values were at the peak in 2005. Experts from the S&P/Case-Shiller Home Price Index consider Boston to be among the top markets in the nation and expect home prices to reach the same levels from the last peak within two years. On a national level we have also seen a large uptick in home values but not at the same rate as the Boston market. Home values nationwide are expected to get back to peak levels twelve months after the local market area. Case-Shiller attributes the latest report to a continual presence of strong buyer demand and low inventory levels. These two factors have created bidding wars in many of the markets elite neighborhoods. The general consensus from experts across the country is that the economy is continuing to improve and there is no sign of a slowdown in the near future. For information on buying or selling property in one of the nation’s healthiest real estate markets, contact the experts at CL Waterfront Properties, LLC.

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