FP3 Seaport District Condos Slow to Sell

When Berkeley Investments Inc., local restaurateur Barbara Lynch, and Mayor Thomas Menino broke ground at the mixed-use FP3 condo development on Friday, April 20, 2007, the project was heralded as the new luxury baseline in the Fort Point Channel.  More than a year and a half later, the development is now a reality, but the 92 residential loft-style condos are not moving off the market.

In July of 2008, a Berkeley employee was quoted in Banker & Tradesman saying that 38 units were Under Agreement poised to close when the certificate of occupancy was issued later in the summer (see Brokers: Fort Point Condo Project Too Pricey for Neighborhood 100 KB PDF), yet, fast forward to today, and a very different reality exists with the certificate of occupancy indeed in place, but only 9 units have sold, and 2 are Under Agreement.

The pertinent condo sales statistics at FP3 currently include:

  • Number of Listings Sold: 9
  • Percentage of Building Sold: 9.8%
  • Average Sale Price: $610,436
  • Median Sale Price: $541,000
  • Average Price per Square Foot: $659
  • Average Days on Market: 120

FP3 Boston Condos

The popular restaurateur Barbara Lynch has opened the much hyped Sportello restaurant on the ground floor of FP3, alongside her new lounge, simply called Drink. The presence of Lynch onsite has been one of the cornerstones of marketing for FP3 developers, both for the condo development itself, and the overall neighborhood, but condo sales in the building have not been able to keep pace with the opening of Lynch’s new posh attractions.

Local real estate broker, Elad Bushari of Bushari Group Real Estate says that he is a fan of the area,”the location is great, close to the Financial District, the red line and great restaurants. The top floors are amazing, big windows, outdoor space, and great views.” However, Bushari cites price in accounting for the significant difference in sales velocity between FP3 and more popular condo developments such as 285 Columbus Lofts that are approaching sold out status in a much shorter sales cycle with,”I think that it has a lot to do with the developer’s flexibility on prices, most of the feedback I received from my buyers is that it’s just too expensive; the area is going to be great but it’s not there yet.”

While the price points, and lack of price reductions, may be keeping potential new Buyers at bay, current residents have reason to smile. Berkeley Investments has yet to cut prices to the point where current residents are stuck with negative equity in their units, an unfortunate reality for some Bostonians who buy early at new luxury condo developments. It’s a balancing act to try and buy the specific unit that you desire in a new condo development early in the preconstruction sales cycle, but at the same time, avoid buying in too early so as to avoid (oftentimes inevitable) developer price reductions on future unsold units that will ultimately bring palatable building price points below preconstruction levels.

“I don’t think they need to do much more. Their marketing looks pretty good to me, I don’t know their traffic, but they are noticeable, at least in the brokers community,” states Bushari.

Heading into the winter months, there are currently two units (210, 217) Under Agreement at FP3 Boston, both units at the lower end of the price scale in the building with a studio and a one-bedroom listed at  $349,000 and $449,000 respectively – FP3 condo fees
do include concierge services.

FP3 Boston Lofts Lobby

New FP3 Boston Condo Photos

The Seaport District of Boston is literally bustling with activity. FP3 Boston is the forerunner for the area, pushing through with development while others have been slowing, and doing a lot of the leg work in marketing the area. FP3 is now aiming for a Q2 2008 occupancy date, and you can see by the exclusive photos below, that construction is moving right along.

FP3 is a Congress Street condo development that includes the renovation of two existing buildings, the construction of a third infill building, and the creation of three upper-level floors set back from the street – all to create 90+ high-end loft-style condos.

Let’s start with the photo immediate below, which provides a good survey, seen from the northwestern end of Congress Street, looking back down towards the new convention center – immediately in the foreground is the fire house, the green mesh to the right of that is the new building being constructed, and the two buildings adjacent to the green meshing are the structures being renovated, thus making up the three building FP3 condo development.

FP3 Boston

The below two photos provide you slightly different angles of the construction, and most importantly, give a glimpse into the three-floor structure that is being constructed on top of the buildings, which will be set back from the street – these are the floors that will house outdoor terraces (see related story FP3 Boston Condos with Outdoor Terraces). For more information on FP3 Boston, please contact us.

FP3 Boston

FP3 Boston

FP3 Boston Condos with Outdoor Terraces

Interested in reserving a unit at the June 2008 planned FP3 Boston condo development, one with a private outdoor terrace? We thought you might. Bear in mind that FP3 will offer all residents a common outdoor roof deck, but, if you would like to get your hands on a private space, consider the following options:

  • A one-bedroom unit with 764 square foot of indoor living space and 265 square feet of outdoor space starting at $699,000
  • A one-bedroom unit with 783 square feet of indoor living space and 237 square feet of outdoor space for $749,000
  • A one-bedroom plus study unit with 969 square feet of indoor living space and 150 square feet of outdoor space for $779,000
  • A two-bedroom penthouse unit with over 2,200 square feet of indoor living space and over 1,000 square feet of outdoor space for $1,999,999

FP3 will run water, gas, and electrical onto each terrace. For assistance in making a reservation on a unit at FP3, slated for a June 2008 completion, please contact us.

FP3 Boston Condos

Free Fort Point Channel iPod Audio Tour

The City of Boston hired our friends at Audissey Guides (Boston owned and operated) to create a new iPod walking tour of Boston’s “next great place” – the Fort Point Channel. The tour takes you along a 1.5 mile section of waterfront you probably never knew existed. You’ll meet artists, architects, and other avante-garde thinkers. And thanks to the City of Boston, it’s completely free. Download the Fort Point Channel Audio Tour now.

Mayor Menino and the City of Boston are hosting a launch party for the Harborwalk tour this Thursday from 5 – 7pm. It’s free.

FP3 Boston Pushes Out Occupancy Date (Again)

The FP3 Boston condo development, one of the anchor properties of the up and coming Seaport District, has pushed out its scheduled occupancy date for the second time. Originally slated for a December 2007 completion, FP3 had pushed out their target date to April 2008, and more recently, announced that June 2008 is looking more realistic.

Roughly 15 units in the 97-unit FP3 Boston development have been reserved. There are many great buys currently available for occupancy, mainly $550 per square foot and under, in the Seaport District and South Boston (in the Broadway T-stop area). Contact us for more information.

FP3 Boston Condos Open House

You may see us down at FP3 Boston this Sunday for an open house. The last time we stopped in, a week ago, construction was progressing, but the gaping holes in the northwest part of the building show us that they have a long way to go before their Spring 2008 completion.

FP3 Boston Condos

The sales center at FP3Boston, located at 368 Congress Street in the Seaport District, will host an open house from 12-4 pm each Sunday. Preconstruction condos are available for reservation on the 97 unit condo development in Boston’s Fort Point Channel – contact us for more information.

Night Out with Audissey Guides

Boston Condo Guy came together with Audissey Guides at Lucky’s Lounge in Fort Point Channel tonight. Audissey Guides represent a new breed of audio walking tours with local narrators, good music, and offer an overall fun and exciting way to tour a city. Audissey Guides currently offer low-cost, high-fun, audio walking tours of Boston, Chicago, Miami Beach, Seattle, and Hollywood – their New Orleans tour will be launching next week.

Lucky’s Lounge is also right across the street from one of our favorite new Boston condo developments, the FP3 Boston Condos. The FP3 condo development on Congress Street is slated for a May 2008 completion and offers units from $350,000 to $2,000,000.

FP3 Boston Condos

FP3 Boston Condos Update

The FP3 Condos in Boston’s Seaport (Fort Point Channel) district are going to push out their grand opening from December 2007 until the May 2008 timeframe. Sales are moving along with the development, as over 10% of the units are already under agreement.

FP3 Boston Seaport Condos

An update on the parking situation at FP3 Boston: Parking will not be available onsite at the development itself, however, FP3 unit owners will have access and guaranteed rights to lease parking at the Stillings Street Parking Garage (just steps away) for a negotiated rate. For further information, check out the FP3 Seaport Condos page.

FP3 Condos – Seaport District of Boston

The Seaport District is now home to a new preconstruction project called the FP3 Condos. FP3 will be a mixed-use condo development with 97 units (studio through two-bedrooms), along with a restaurant, cafe, and a lounge (brought to you by Boston restaurateur Barbara Lynch of B&G Oysters Ltd.).

Boston FP3 Seaport Condos

The Boston FP3 Condos will be made up of three buildings, a combination of two existing warehouses (formerly wool warehouses built by the Boston Wharf Company), along with the third building, a three-story copper and glass infill, serving as the connection point. Prices range from $350,000 to $2 million, and occupancy is tentatively scheduled for December 2007 June 2008.

FP3 Boston Seaport Condos