COGnitions

17
July 2018
COMMENTS (0)Buyer Advice, Home Ownership, Market Trends, Recent, Seller Advice

The Seaport is Booming | By Alice Markson

If you’ve taken your eyes off the Seaport for more than a couple of months, it will astound you to revisit this land of opportunity within old, industrial Boston. Boston’s “Seaport” is truly a study in urban development and transformation. Not to say that it’s perfect (traffic and public transit are particular pain points at the moment) but the landscape of glass high rises, wide sidewalks and integrated green space and harbor boardwalks make for a particularly compelling place to spend time. As such, we’re attracting global attention and breaking real estate records in our fair city. To be certain, while much has been done, we have a long way to complete the ultimate vision for this roughly 150 acre destination.

As of the summer of 2018, there are five luxury condo buildings that have opened their doors in the Seaport. We define the Seaport as North/East of Summer Street.

Newest to Oldest:

50 Liberty Drive

Opened in spring of 2018. 14 floors with 120 units.
Mesmerizing views over the harbor and back to the city.

10 Farnsworth
 
A boutique, luxury 9-unit condo building that opened its doors in 2017.
The penthouse remains on the market for $7.5M.

22 Liberty Drive

14 stories with 108 condos completed in 2016.
Sister building of 50 Liberty.

FP3 Lofts

92-unit building completed in 2009

Dockside Place Lofts

(aka Sleep Street Lofts) - 88 unit condo building renovated 1982

The headlining sales activity ($1M and above) for the past six months has been at 50 Liberty Drive. Not surprisingly, as the new kid on the block, 50 Liberty featured an even higher average sale price and $/SF than the rest of the buildings.


Seaport Sales Last 6 months:
Highest $/SF last 6 months – 9 out of 10 at 50 Liberty
Most expensive sale - $11.2M – 50 Liberty

50 Liberty #11B $6,461,898 $3,102/SF
50 Liberty #PH1B $11,200,000 $3,095/SF
50 Liberty #PH2B $9,755,300 $2,696/SF
50 Liberty #PH2A $9,410,225 $2,634/SF

 

AVERAGE OF ALL

Listings $7,536,140 $2,632/SF
50 Liberty #PH1B $9,496,256 $2,624/SF
50 Liberty #PH1A $9,145,225 $2,559/SF
50 Liberty #8B $5,295,000 $2,542/SF
22 Liberty #8A $4,864,000 $2,400/SF
50 Liberty #8B $4,895,000 $2,350/SF
50 Liberty #7B $4,838,500 $2,322/SF

If we take a moment to compare the Seaport with other top Boston neighborhoods, we find increasing evidence that the Seaport is drawing in the top buyers who are willing to pay the highest average $/SF (averages based on top ten highest $/SF sales for each neighborhood). Looking at the last 6 months alone, the Seaport has commanded an average of $2,632/SF on its top sales; this is $382/SF more than its closest contender, Beacon Hill.


So, where there’s smoke, there’s fire. Two more ultra-luxury residential buildings are beginning to take shape. 300 PIER 4, adjacent to the ICA, will be the next to deliver 106 units across 8 floors in early 2019. Penthouses at Pier 4 come with 1,800 SF of private rooftop space!

Two blocks behind PIER 4 is Echelon Seaport. This development consists of 3 residential buildings - 133 Seaport and 135 Seaport are the condo buildings with a separate apartment building as well. The Echelon project has a dominant retail footprint which will beckon foot traffic from all around the area. Restaurants, plazas and parks will make this area very inviting to both residents and tourists. 133 Seaport will be the flagship building with 255 luxury condos while 135 Seaport will be slightly smaller with 192 condos. Echelon is slated to deliver phase one occupancy in late 2019.

PIER 4 has listed their condos publicly over the last six months while Echelon has yet to unveil their offering publicly. Both projects are rumored to be close to 50 percent under contract.

Ultimately, pedestrian access and convenience will make the Seaport the neighborhood that has been promised. James Corner (creator of the world renowned High Line in Manhattan) has been commissioned as one of the landscape architects to bring life and vitality into the Seaport each day. His company Field Operations is globally significant in these types of build outs.

Harbor Way is a North-South linear park that will run from Summer Street to Northern Avenue. The center of the passageway will be home to Harbor Square Park, a 1.5-acre expanse. Seaport Common, located between Seaport Boulevard and Northern Ave, will host a farmer’s market, outdoor fitness classes and speakers’ series. To brush up on your knowledge of the Seaport streetscape, check out WS Development’s finely produced video.).

Finally, Amazon’s recent announcement to lease a 430,000 SF office space for 2,000 employees in the Seaport adds to the buzz.

With 13 units actively listed for sale, the Seaport is currently netting out to a 1 month of supply of inventory (we expect a market with less than 5 months of supply to favor sellers).

Currently on the market (doesn’t include Echelon)
13 units (Seaport only)

avg $ / avg $/SF
FP3 – 1 unit - $1,789,000 / $992/SF
10 Farnsworth – 1 unit - $7,995,000 / 1854
50 Liberty – 4 units - $4,423,500 / 2050
22 Liberty - 1 unit - $1,399,000 /1189
Pier 4 – 4 units - $5,393,382 / 2628
Sleeper Street Lofts – 2 units – 1247000 / 912

The Seaport has quickly become Boston’s most hip place to see and be seen. With close to 50 restaurants (from quick sushi burritos to decadent steak and seafood destinations), a few bumping nightclubs, a luxury movie theatre and a bowling alley it definitely will not disappoint your senses.

Want to get in on the action? Get in touch and Columbus & Over can navigate you through this evolving destination.