A popular search phrase lately has been the Macallen Building, a 140-unit luxury eco-friendly development in South Boston. Macallen opened to residents a little over a year ago, and has been well received by not only Bostonians, but the building has been the center of attention in many regards, namely for it LEED certification, the first in downtown Boston.
We predicted absorption of this large luxury development in South Boston would be slow with the (relatively) high price per square foot being demanded given the investment that a LEED certification requires. Nonetheless, absorption has been steady, with currently only 16, both resale and developer, units for sale in the building. While sales prices at the Macallen over the past 6 months (10 units sold) have only been at 89% of list price, the price per square foot has averaged $570, which is still setting a new standard for South Boston.
Macallen’s sister development, Court Square Press, in comparison, has 5 units for sale currently, and over the past 6 months, the 7 units that sold in the building averaged $464 per square foot. Court Square press offers more classic loft style living with exposed brick and beam, at a lower price point than Macallen, however, Court Square Press residents enjoy all of the same common amenities that Macallen residents enjoy – Macallen and Court Square Press were both built by Pappas Properties, and share a parking garage, lap pool, large deck with grills, fitness center, and viewing room with adjacent kitchen and bathroom (perfect for private parties).
Across the street, Macallen and Court Square Press have two new neighbors, the Allele building, and the Lofts at 36 A. The Boston MLS shows that there are currently 18 condos for sale at Allele, with the average price per square foot of those sold over the past 6 months at approximately $390. The Allele is a new construction building, and boasts small outdoor balconies, yet lacks the same level of amenities that Macallen and Court Square Press can offer residents. While the Lofts at 36 A lack some of the same amenities, it offers residents high end finishes, and a fabulous roof deck (both common and private spaces). 36 A, a boutique 26-unit development, is almost sold out, with 3 units currently available. Over the past 6 months, the 14 units that sold averaged approximately $465 per square foot.
With all four of these developments being steps from the Red Line, they represent a viable alternative to some of the other core downtown neighborhoods, allowing your dollar to be stretched a little farther, especially in new construction.