Move over Back Bay and step aside Beacon Hill. You no longer have the most expensive condos in town.
That distinction now goes to that stretch of pioneering Boston waterfront, better known as the Seaport/Innovation District, which racked up the highest condo sale prices during the first three months of 2016, according to top luxury brokerage firm Campion and Company.
The average Seaport condo sale weighed in at $2.3 million during the first quarter, notes Campion, citing stats from the Listing Information Network, or LINK.
That’s more than double Beacon Hill’s $1 million average and a cool million above Back Bay’s $1.2 million sale price.
The driving force
Driving up Seaport prices have been a series of sales and resales at waterfront developer Joe Fallon’s new Twenty Two Liberty tower at Fan Pier.
The 14-story, uber luxury project is having an impact not seen since the posh Mandarin opened in the Back Bay eight years ago, noted Elise Dubuque of Campion. The high-rise features a marble lobby as well as a “24-hour concierge, doorman, valet, fitness center, common room w/ sweeping Harbor views, catering kitchen, boardroom & expansive deck.”
Fallon is now building a second condo tower, Fifty Liberty, next door.
“Twenty Two Liberty, similar to the Mandarin in 2008, is one of those buildings that really made a splash and caused trend lines to really jump,” Dubuque noted in an email.
The new normal in price per square foot?
All told, there were 25 sales and resales at Twenty Two Liberty between the middle of January and the end of March.
The sales at Twenty Two Liberty averaged $1,264 per square foot (or $2.3 million) a unit, the highest in Boston.
Some condos at the posh, waterfront high-rise have surged past the once unthinkable $2,000 a square foot mark.
Just take Unit 3A, which sold for $4.1 million, $2,076 a square foot. The two bedroom, 2.5 bath condo has panoramic harbor views, perched in the “nose” of the high rise.
Both bedrooms overlook the city and the harbor.
For that matter, unit 10D is now on the market for $4.5 million, or $2,150 a square foot. The two bedroom, 2.5 bath condo also has stunning views as well as a large, centrally located kitchen island, a feature that apparently only a few units at Twenty Two Liberty have.
By contract, in the much larger Back Bay market, there are just four condos listed at more than $2,000 a square foot, noted Michael Carucci, executive vice president of Gibson Sotheby’s International Realty.
Seaport condo prices are now ahead of several other traditionally hot neighborhoods as well.
The Seaport’s average sale price of $2.3 million during the first three months of 2016 beat out the South End’s $1 million average and Midtown’s $1.2 million.
It is also three times higher than both Charlestown ($709,144) and South Boston ($643,611), according to Campion and Company.
Kevin Ahearn, president and owner of condo marketing and research firm Otis & Ahearn, notes the North End waterfront was the most expensive condo market in the city back in the 1970s before being eclipsed by the Back Bay and Beacon Hill.
The emergence of the Seaport as a hotbed for super luxury condos is putting the waterfront back in the lead again. In addition to Fallon’s new Fifty Liberty tower, other luxury condo towers are taking shape or planned for Pier 4 and 150 Seaport Boulevard.
“You see the reemergence of the waterfront and the Seaport as one of the most expensive locations in the city,”Ahearn said.