Several years ago, there was a stately redevelopment of the residences at 413-415 Commonwealth Avenue at the west end of the Back Bay. The Meads of Commonwealth, originally constructed in 1890 as prestigious single family residences, were restored into 13 spacious and overflowing direct elevator access floor-through residences.
The Back Bay continues to become more populated with high-end luxury developments and remodels, yet with the latest price reductions that took place at the Meads this past week, several never before occupied units are being offered at extremely competitive price per square foot values.
Two units at the Meads of Commonwealth underwent price reductions of approximately 15%. This move brought unit 1, a 2,820 square foot 3 bedroom 3.5 bathroom moved from $2,399,000 to $1,999,000 ($709 per square foot), which includes a single deeded garage parking space. Additionally, unit 6, a 1,835 square foot 2 bedroom 2.5 bathroom unit was reduced from $1,600,000 to $1,399,000 ($762 per square foot), however, it is not being advertised with a parking space.
According to MLSpin and LINK (Boston’s MLS systems), there have been no sales at the Meads in the past 12 months, yet, the previous 4 sales in the development were at an average price per square foot of $916. The new price per square foot listing prices in the $700 range represent a significant move off of previously sold units in the building. Units at the Meads have been advertised for sale for approximately 3 years, both during and after redevelopment.
Craftsmanship at the Meads is exquisite, and the flowing floor-through units offer an open feeling of living, oftentimes hard to find in a downtown condo. Perhaps the only amenity overlooked in this development is concierge services, yet the monthly HOA condo fees accurately reflect it, at levels under 35 cents per square foot.