Comments on: FP3 Seaport District Condos Slow to Sell

By: cindy

cindy — Tue, 24 Mar 2009 00:10:32 +0000

Lying about sales rates is not unusual. Numbers are not put in contracts giving sales agents the flexability to come up with any numbers they want.

By: Jeff

Jeff — Mon, 01 Dec 2008 21:30:47 +0000

Thank you Tom. That is very interesting and helpful.

I wonder if the 19 ‘agreements’ at FP3 that didn’t happen were all people who backed out (not a good sign for the project!) or misleading statements by the developer (which usually means lawsuits from the people who did purchase based on this false info is the next step).

I would like to see the FP3 project be successful. But not if they are lying about their sales rates to prospective buyers.

By: Tom Skahen

Tom Skahen — Mon, 01 Dec 2008 17:54:14 +0000

Last January PrimeTime Communities published The 2008 Prime Report (A Comprehensive Study of Boston’s Residential Market and Factors which Impact It’s Viability). It can be found at http://www.PrimeTimeCommunities.com under research. The report provided detail on Boston’s key new construction developments in progress. This included a sales information overview for each development as well. At the time, 28 total units sold/under agreement we’re reported at FP3. The building had not been delivered at this point, so the sales reported were all agreements.

We are in the process of publishing the 2009 Prime Report and have found 9 sales to date (with 2 additional agreements listed) or a .4 per month absorption. What have we learned? Agreements don’t mean anything. For the 2009 Prime Report we will provide “sales” closings only with an overview on agreements that may lead to additional sales.

Overall, for Boston new construction we’re seeing monthly absorption rates as low as .1 and as high as 4.0. The detail will be released sometime in January of 2009.

By: dave

dave — Sun, 30 Nov 2008 20:22:50 +0000

there is just far too much competition in the seaport district to support such prices w/o deeded parking in the building. 25 Channel Center for example packs far more value for dollar and its penthouses come with two large spaces. McCallan is also a better value. The FP3 units are nice, but not at 2006 prices.

By: Eric

Eric — Mon, 24 Nov 2008 14:19:17 +0000

Shouldn’t it be a rule that if a condo costs for than $1 million, it comes with a parking space? Oh, and better yet, not 2 blocks away.

By: Chris

Chris — Sun, 23 Nov 2008 17:14:48 +0000

Wow, they want nearly $1000 per sq ft for the PH WITHOUT parking? What do they think they are selling? A new unit on Marlborough St? In this mkt, they will be lucky to get half that…what do you think a fair price is?

By: Boston Condo Guy

Boston Condo Guy — Fri, 21 Nov 2008 16:34:48 +0000

Specifically in the Seaport District, (at this time) FP3 sets a relative new baseline over the other surrounding (existing) developments.

By: John Mc

John Mc — Fri, 21 Nov 2008 15:53:30 +0000

Hmmmm. Is anything being built that isn’t the “new definition of luxury”??