If you’re in the market for a 2 bedroom home in Boston’s South End, take a moment to look at the development at 83 West Brookline, a gut rehab with all of the bells and whistles. The building is in close proximity to Blackstone Park and all of the great shopping and dining that come with living in the South End. The condos themselves are beautiful. They boast hardwood flooring throughout, skylights, recessed lighting, central A/C, in unit washer and dryer, intercom, solid wood custom kitchen cabinets, high-end stainless steel appliances (Kitchen Aid, Bosh, and LG), gas cooking, granite counter tops, and fabulous views of the Boston skyline (from the penthouse unit).

83 West Brookline Condo Development Market Update

While Unit 2 at 83 West Brookline is currently under agreement and no longer on the market, two (2) condos do remain for sale at this South End property. The 2 bedroom 1.5 bath penthouse and the 2 bedroom 1.5 bath parlor level duplex are still available and priced aggressively. The duplex has undergone an $80,000.00 price reduction. After coming to market with a list price of $695,000, the condo is currently being offered at $615,000. In terms of price per square foot, this unit is $541.85/square foot. The penthouse has also undergone a price drop; from $765,000 to $699,000 ($583.96/square foot). With both units dipping below the $600/square foot threshold, it is anticipated that these units will come under agreement rather quickly.

If you are interested in scheduling a showing, please contact me at sg@stuartstjames.com.

I’ve had the opportunity to tour 83 West Brookline Street in the South End several times now, and long story short, the condos in one of the South End’s latest rowhouse renovation projects are coming together very nicely.  A photo tour of several of the units can be found below.  The developer will take these condos to market in approximately two weeks, for more information or a sneak peek showing, contact me at sg@stuartstjames.com.

The penthouse kitchen at 83 West Brookline Street features granite counter tops, lots of natural light, stainless steel appliances and gorgeous white cabinets that complete the space.

The view from the living room of the South End penthouse unit boasts the iconic Prudential Center tower.

3 of 6 skylights in the cathedral ceiling flood the penthouse unit with natural light.

The bathroom finishes at 83 West Brookline Street include subway tiles, wood framed mirrors, and trendy vanities.

A view of the kitchen in the 1 bedroom unit at 83 West Brookline, complete with a washer/dryer combination unit – a must have in the South End.

The garden and parlor level duplex, which is a 2 bedroom 2 bathroom condo, features a bright and open kitchen complete with prep island.

Morning sunshine streams through the beautifully maintained, two-bedroom two-bathroom + den, in the highly sought-after concierge-staffed Wilkes Passage condo development. Unit 507 at Wilkes Passage boasts approximately 1,675 square feet of living space all on one floor and is listed at $1,175,000.

This modern unit contains many custom upgrades, which include wall lighting, hardwood floors, California closets, built-in book cases, hardwood entertainment wall unit and ceiling speakers, and cushioned window seats with storage.

Unit 507 at Wilkes Passage is accompanied by a deeded, heated, tandem garage parking space that can accommodate two (2) cars, and is ideally situated close to elevators for maximum convenience. Residents also enjoy great city views from the common roof deck.

Open Houses in Boston Today

Unit 507 at Wilkes Passage, located at 1313 Washington Street in Boston’s South End, will be held open on March 7, 2010 from 1:00 PM to 3:00 PM. Private showings are also available by appointment. For additional photos, a visual tour, printable floor plans and more, please visit www.WilkesPassageUnit507.com.

22 Upton Street Unit 4, located in the historic Eight Streets District of the South End, is a wonderful, unique, and beautifully maintained 2-story penthouse that boasts high ceilings and maple floors throughout. Large eat-in kitchen has adjacent private deck and full bath. Generous living room with gas fireplace and custom built-ins offers a flexible floor plan. Two large bedrooms have ensuite baths, and the third bedroom is ideal for a home office or study. Wide staircase leads to glorious private roof deck. Laundry, abundant closets, 2 skylights, central A/C, ceiling fans, and a parking space provide added value and convenience.

The penthouse duplex boasts 1,841 square feet, is being listed at $1,175,000 ($638 per square foot), and comes with a low HOA fee of $200.

Open Houses in Boston Today

22 Upton Street Unit 4 will be held open on Sunday March 7, 2010 from 1:00 PM to 3:00 PM. Private showings available by appointment. For additional photos, a visual tour, printable floor plans and more, please visit www.22UptonUnit4.com.

With talk of the Nouvelle at Natick condo auction scheduled for October 4, 2009, the 1850 lofts auction that took place in late June 2009 almost seems like it is in the distant past (see Buyers Prepare for 1850 Condo Auction). It was June 28, 2009 when the 1850, a South End loft-style condo development, went to auction selling out the remaining 35 units in the building, and it was in August that units in the building actually closed.

On August 7, 2009, unit 511, a 780 square foot loft closed at a purchase price of $325,000.  Unit 511 was one of the 35 units sold at the 1850 auction, with a price per square foot of $417, well below the average price per square foot sales price of $582 in the South End during 2009.  Fast forward just over one month, and unit 511 is now listed as a resale in the 1850, and represents the first flip in the building, pre or post auction.

Coupled with the presence of a deeded onsite parking space, sold at a flat $35,000 each during the auction, unit 511 represents a quick flip of an auction property without the large profit expectations some flippers had following the last downtown Boston condo auction at the Broadluxe (see Flip That Condo at Broadluxe).

On a typical weekend in downtown Boston, Buyers have, on average, anywhere from 200 to 500 open houses to choose from.  With the Labor Day holiday weekend in full swing, Bostonians have a scarce 18 open houses to visit this weekend.

Half of the 18 open houses taking place this weekend are in the South End., most notably at 10 Dwight Street, which is a recently renovated three-unit development in the heart of the South End.  Units are priced from $369,000 for a 474 square foot one-bedroom to $680,000 for a 1,050 square foot two-bedroom with outdoor patio space.  Units 1 and 2 feature the same fit and finishes, while unit 3 (the penthouse two-bedroom) offers a unique look with sloped ceilings and dormer windows and is priced at $665,000.

10 Dwight Street in the South End will be held open on Sunday, September 6, 2009 from 1:00 PM to 2:00 PM.

Laconia Lofts is one of the South End’s most sought after loft-style condo developments in the SOWA (south of Washington) area. Constructed in 2000, the lofts were originally unfinished when sold, and each has taken on a unique flair, comprising a dazzling set of unique spaces.

Unit 223 is a 2,116 square foot 3 bedroom 3 bathroom corner unit that boasts custom architecture, numerous upgrades, huge windows, and a single deeded garage parking space. The unit is priced at $1,199,000 ($567 per square foot), and has monthly HOA condo fees of $706.

The 99-unit development is capped by a common roof deck with stunning city views. An open house will take place at 1180-1200 Washington Street Unit 223 on Sunday, August 23, 2009 from 11:30 AM to 1:00 PM.

Just over a year ago, Buyers and Investors had the opportunity to participate in the last downtown Boston condo auction at the Broadluxe (see Broadluxe Condo Auction Results).  On Sunday, June 28th, those interested in purchasing downtown Boston real estate will again have a chance to do so at auction prices when the 1850, a 60-unit loft-style condo development in the South End, goes to auction.

High Level Auction Information

• What: 35 condos at the 1850 Lofts
  
• Minimum Bids: $175,000 for some units
• Auction Date: Sunday, June 28, 2009 with check in at noon
• Auction Location: Westin Boston Waterfront (map)
• Prerequisites: Auction Registration Form & $5,000 cash equivalent

Registration is required to attend the auction and to become eligible to bid. Interested bidders are encouraged to tour the 1850 prior to the auction (tours are available daily starting at 1pm at 90 Wareham Street in the South End), and during the visit complete and return the Auction Registration Form, which will qualify you to bid.  On auction day, all approved registered bidders must present a separate Cashier’s Check, Traveler’s Check, Certified Check or Money Order (“Cash Equivalent”) in the amount of $5,000 (Cash Equivalents should be made payable to yourself). Each bidder is also required to bring a blank personal check, which will be used to bring your total down payment to 5% of the winning bid price.

The auction has the potential to provide Buyers and Investors with a significant discount on price per square foot and average selling price in the South End.  Over the past 3 and 6 months respectively, the South End has seen modest price improvements across average and median prices, as well as price per square foot at the neighborhood level – see information below.

Last 3 Months – South End
Number of Condos Sold: 158
Average Selling Price: $594,727
Median Selling Price: $513,750
Average Price per Square Foot: $575
Average Days on Market: 94

Last 6 Months – South End
Number of Condos Sold: 225
Average Selling Price: $584,875
Median Selling Price: $510,000
Average Price per Square Foot: $568
Average Days on Market:  100

Bear in mind that the 1850 is located in one of the most southern points in the South End, and therefore, this fact and others may need to be accounted for when trying to draw price comparisons.  Contact your Buyer’s Agent for more information (note that a Buyer’s Agent must be present at the time of registration and first visit to the Auction Information Center in order to work with a Buyer).

Bidders should be warned that a condo auction bypasses many of the contingencies that a Buyer is afforded during a “typical” real estate transaction.  It should be noted that proper due diligence, including inspection of the property as well as other items standard in a transaction (including consultation with a real estate attorney) should still be conducted, however, these items need to be conducted ahead of the auction and by the Bidder.  Bear in mind that a Purchase and Sale Agreement, typically signed after a fair amount of du diligence is done, will be signed on auction day by winning Bidders.

Following the last closing at the Modern, a 25-unit condo development that opened in 2007, that took place in August 2008, Buyer are only now seeing the first resale condo available for sale in the building.  Unit 203, a 1,000 square foot one-bedroom one-bathroom unit was listed for sale in late January 2009, and recently underwent a $10,000 price reduction, bringing its list price to $479,000 (approximately $479 per square foot).

The unit is well equipped, with some additional upgrades, including a Bosch washer / dryer, custom Hunter Douglas blinds, custom closet system, small private terrace, and one garage parking space.  The Seller is offering six months of condo fees as an incentive to purchase, which equates to a $1,455 credit at the closing table.

Perhaps the one negative aspect to the south-facing unit (see floorplan 147 KB PDF) is that it overlooks the adjacent gas station.  The building itself is elevator-served, has a large common roofdeck, and there are still plans on the table to do a second phase of the development sometime in the future.

After a South End Wilkes Passage condo sold for full asking price in early February, it was time to take a look at pricing at the development.  Wilkes Passage is a 158-unit high-end loft-style condo development in Boston’s South End.  Over the past several years, the building has seen a turnover rate of approximately 10% per year, and given the development’s size, there are almost always units on the market for sale.

According the Boston MLS, on February 2, 2009, unit 509, a 1,889 square foot two-bedroom two-bathroom unit sold for full (original) asking price of $1,050,000.  That’s approximately $556 a square foot, and is in line with the $563 per per square foot seen for the four units in the building that sold over the past 3 months.  However, a year on year comparison shows that average price per square foot at Wilkes Passage has gone down.

For the same three month period in 2007-2008, there were again four units that sold at Wilkes Passage, however, a year ago, the average price per square foot was approximately $636, a 13% decrease year on year for the South End condo development.  Two of the four units (in both years) were luxury $1 million+ units, and based on a recent article (see Downtown Boston Market Slows in Piecemeal), the luxury market has seen slowdowns in the past year versus appreciation seen in the under $1 million market.

There are currently three condos for sale at Wilkes Passage, priced from $429,000 (790 square foot one-bedroom) to $775,000 (1,459 square foot one-bedroom), with an average price per square foot of $514. Additionally, there are multiple deeded garage parking spaces for sale in Wilkes’ underground parking garage.