Meads of Commonwealth Back Bay Value

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.

Meads of Commonwealth

Meads of Commonwealth

Comments

  1. I remember the penthouse was originally on at 6.5 (which everyone thought was way too high), and finally went for 4.4 a few years later, but before the recession hit. Then it was listed for resale within a year of purchase, but I think it was delisted, any idea what happened?

  2. Boston Condo Guy says:

    According to the MLS, the penthouse was listed for sale in December 2006 at $6.2 million and sold in April 2008 for $4.4 million. The unit underwent further construction and buildout following its sale (as it was not an entirely completed unit). In October 2008, it was then listed as a resale for $5.5 million, and was pulled off the market in January 2009 (having not undergone any price reductions).