FP3, a large-scale new construction and redevelopment building in the heart of Boston’s Seaport District, has seen a spike in sales during the month of July. Three units have sold in July, practically doubling the total 2009 unit sold count to 7. Sales statistics for the 3 condos represent a trending upward in average sales price and price per square foot.
Average Sales Price: $455,547
Median Sales Price: $426,640
Average $/SF: $472
The spike in sales may have been attributed to several price adjustments that took place in the April 2009 timeframe Furthermore, the increase in average sales prices and price per square foot in the face of price reductions can mainly be attributed to previous statistics being heavily influenced by the recording of affordable housing sales in the building.
LINK, one of Boston’s two MLS systems, shows that 20 units have sold at FP3 Boston, which represents approximately 22% of the building. In addition to FP3, there are approximately 10 other condos for sale in the Seaport District, priced from $589,000 to $3,100,000 in Channel Center, Fort Point Place, and Dockside Place, all of which are loft-style condo buildings.
Keith Munsell 
It perhaps is a “spike” given where the building was prior to 3 new sales. Only two units this WHOLE year have sold over 300K. One in the 400K range and one in the 600K range. 4 or 5 of the 7 total this year have been affordable units. I’m not sure the the developer has reason to be mega excited yet.
How can three of anything be used to declare a “spike” or a “trend?” I recognize that you go on to explain that the sales are, in reality, neither, but the headline is misleading nonetheless. In this market I know we search all over for the “green shoots” pointing to recovery, but anecdotes don’t cut it. Instead, I’d point to the 78% unsold is a much better sample size. After two years on the market, the number of unsold units tells me people (buyers and banks) are shying away from neighborhoods that are not safe bets. It is a shame, because it is a great building, but the prices were set in an era of speculation, and probably need another major adjustment downward (auction?) before people will come off the sidelines in droves for a building without a grocery store anywhere in sight.
I have actually witnessed first hand how busy FP3 has been. I went to a open house the first weekend in August and it was insane. I had to tour the building with nearly 15 other people. They actually just lowered pricing and seem to really be at a great price point right now.
Will be a different picture once it hits 50% sold, considering current mortgage restrictions. Agree, does seem best value in town for solid design B+ building.