Pricing in Different Boston NeighborhoodsNovember 10, 2012
When it comes down to pricing, a unit in the best Boston neighborhoods, including the Back Bay/Beacon Hill/South End/Waterfront, is priced depending on a variety of variables. Pricing is largely a function of supply and demand, not to mention the level of renovation, if any, outdoor space, parking, number of baths and layout. We also look at recent comparable sales, as buyers would want to know before they purchase a Boston condo.
Brand new construction is typically more expensive, and brand new renovations are in line with new construction in some areas. Some buyers like brand new, since they don’t have the time or inclination to deal with construction projects and they’re willing to pay for a move-in-ready unit.
New Boston Condos Sell Better and Faster
The price per square foot of new properties in desirable Boston neighborhoods, like Back Bay/Beacon Hill/South End/Waterfront or Midtown, is roughly between $900-1,500/ft – these are properties with high-end, top of the line finishes and newly renovated. There have been some sales, although not the norm, in the most sought out locations of the Back Bay, in excess of $2,000-$2,200/ft. These price tags are not that common, but do happen when a buyer falls in love with the location, a particular building, panoramic views, the unique layout, finishes, ample outdoor space, the décor, or what-have-you and is willing to pay whatever it takes to get that property.
Historically, Back Bay condominiums have sold at the highest price per square foot, but there also condos in that area comparable to other neighborhoods like the South End, Beacon Hill and the Waterfront, ranging from $600 plus. Single family/brownstone homes are typically larger in the Back Bay; therefore, the prices are higher. The exception to this rule is Beacon Hill’s Louisburg Square with some of the most expensive houses in metro Boston. Again, supply and demand…these properties don’t come on the market often enough.
So, when it comes to pricing, real estate agents look at all aspects of the property to determine an estimated price range. Curious what your property is worth? Contact me to explore pricing options.