Allele South Boston Sales Velocity

January 16, 2009 By

After opening to residents in 2008, the Allele condo development in South Boston, which fuses standard housing features with those of typical lofts, has been somewhat slow to sell, perhaps a function of maintaining strong price per square foot values, competition from other condo developments in the immediate area that offer different living styles, and even the ups and downs that the financial markets have had on Buyers’ pocket books.

The current sales statistics for the building (below) evidence that the Allele sales team is remaining steadfast in positioning the value and price of the new development, and while the building is less than 20% sold, current residents have not been severely impacted by price reductions to the point where they find themselves stuck with negative equity in their units – a similar protective stance on behalf of early adopters is taking place at FP3 as well.

  • Number of Listings Sold: 9 of 48 (19%)
  • Average Sales Price: $627,889
  • Median Sales Price: $519,000
  • Average Price per Square Foot: $446

Two additional units (107 and 406) are currently Under Agreement, which would bring the percentage of building sold to 23%.  Parking spots in the onsite garage are being marketed as available for sale (and separate from the sale of a condo), and price points for remaining units are being maintained at levels of the previously sold units.

The Allele is not entirely alone in seeing slow sales velocity in the downtown market, however, there are other condo developments in the city (285 Columbus Lofts for instance) that have performed quite well in the volatile financial markets of the past 1.5 years.

Allele Boston Condos

While the new condo developments (Allele, Macallen, Lofts at 36 A) near the Broadway Red Line T-Stop are different on many accounts, HOA fees, and the amenities and services that those fees support, have been something that is talked about at each development, and a side-by-side comparison is warranted in order to ferret out if there are any real differences.

By putting together the below table, we have taken a look at units that are currently on the market at the three developments, and calculated the HOA fees on a price per square foot basis to help facilitate comparison.

Development

HOA Fee / Square Foot

What’s Included

Allele

$0.34

Heat, Hot Water, Gas, Water, Sewer, Master Insurance, Elevator, Landscaping, Snow / Refuse Removal

Macallen

$0.40

Heat, Hot Water, Gas, Water, Sewer, Master Insurance, 24-Hour Concierge, Swimming Pool, Elevator, Exterior Maintenance, Landscaping, Snow / Refuse Removal, Recreational Facilities, Exercise Room, Garden Area, Screening Room & Kitchen

Lofts at 36 A

$0.22

Water, Sewer, Master Insurance, Elevator, Exterior Maintenance, Snow / Refuse Removal

While breaking the numbers down in such a way makes it easy to see that the Lofts at 36 A have the lowest HOA fees on a price per square foot basis, and the Macallen Building the highest among the three, one needs to read between the lines in order to gain a truly fair comparison.  Simply put, the difference in fees is a function of what’s included or covered by that fee, however, it’s a nonlinear comparison.  The Lofts at 36 A truly have low HOA fees, and the construction of the building aids in keeping prices of certain amenities (heat for instance) in check, while on the higher end of the fee structure, the line is somewhat blurred between Allele and the Macallen Building, yet the Macallen Building has, by far, the most comprehensive amenity list in the area.  The energy efficient nature of the Macallen Building obviously helps keep fees low, but the economies of scale, given that the Macallen Building is almost three times the size of Allele, also plays a major role.

Allele South Boston

After much anticipation, the  Franklin  Cafe opened on the ground floor of the Allele, yet, that too has gotten off to a shaky start.  In early January 2009, reports were released that portions of the internal ceiling in the restaurant collapsed.  The incident caused approximately 8  people  to  be transported to the  hospital, none with life  threatening injuries. Boston Fire Spokesman Steve MacDonald stated the Franklin Cafe roof collapse occurred at the 152 Dorchester Avenue location just after 10 pm on January 3, 2009.  MacDonald stated that decorative panels attached to the ceiling may have caused the collapse, though a full investigation is underway.

Filed Under: South Boston Condos Tagged With: , ,

Franklin Cafe Slated for Allele South Boston

September 2, 2008 By

Nothing official has been announced, but it appears that a Franklin Cafe will occupy the new ground floor restaurant space at Allele South Boston. Various names have been floating around this development for quite some time, including a Jae’s Cafe, and Tapeo.

The West Broadway Neighborhood Association recently reported that the Franklin Cafe’s request to acquire an alcohol license with a 2 am closing hour was approved.

Residents at the surrounding condo developments continue to enjoy commercial buildout of their neighborhood, hardening property values by bringing further amenities to bear.  Sources state that the buildout of the gourmet market on the ground floor retail space of Court Square Press will begin shortly as well.

Allele Condo Development

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Macallen Building and Neighbors

August 15, 2008 By

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.

Filed Under: South Boston Condos Tagged With: , , ,

Allele Condos South Boston Near Completion

April 30, 2008 By

Dorchester Avenue in northern South Boston has been a hotbed of activity over the past several years, with multiple condo developments taking shape within a one block radius, including one of the latest developments, Allele.

Allele Boston is a 48-unit high-end condo development (prices start in the $400’s) that sits at the northeast corner of Dorchester Avenue and W 4th Street, opposite the Macallen Building, and adjacent to the Lofts at 36 A. While the Allele development may not feature the same amenities that one would experience with the Macallen / Court Square Press combination across the street, Allele does provide great interior packages (bamboo flooring, Bosch appliances, huge dual showers, etc), large signature bow front units (the 01 floorplan), and private balconies.

allele-condos-9 allele-condos-9-1 allele-condos-south-boston

The exclusive time series photos above show construction nearing completion at Allele.

A model unit on the 4th floor has been open to potential Buyers for several weeks now, allowing you to get a feel for a finished floorplan. As of last week, the developer was still running a promotion where the next 4 units that go Under Agreement will be given a free deeded garage parking space (parking is typically purchased separately for $40K).

A certificate of occupancy is expected in the June / July timeframe. One final note, it is rumored that the ground floor commercial restaurant space will not be occupied by Jae’s Cafe – two other restaurateurs are in talks currently on occupying the space (no names have been officially released).

allele-condos-south-boston- allele-kitchen

Filed Under: South Boston Condos Tagged With: , , ,

Sapeo South Boston No More

October 24, 2007 By

Recent updates to the ground floor commercial space in Allele Boston has a Jae’s Cafe TBD restaurant moving in, rather than a spin-off of Newbury Street’s Tapeo, as reported earlier in the summer (Tapeo Restaurant to Open in South Boston).

A restaurant in Allele, regardless of who gets the coveted spot, will make a great addition to what is quickly becoming the hottest area to call home in Boston.

Filed Under: Boston Restaurants Tagged With:

Allele Boston Condos Show Progress

October 24, 2007 By

One of the Three South Boston Amigos, Allele Boston, is showing significant progress towards its Q1 2008 occupancy target. The best vantage point to view the Allele development is from Dorchester Avenue looking south, where you can get a great view of the rounded bow facade of the building. The exclusive photos below provide a great time series piece on what has been happening over the past several months on the construction progress at Allele.

allele-condos-9

Allele, meaning hybrid, will be a loft-style condo development at 150 Dorchester Avenue, consisting of 48 units priced between $429,000 and $1,100,000. As you can see from the pictures, terraces accompany most units. Garage parking will be available for $30,000 $40,000.

For more information on Allele Boston, or any other South Boston or Seaport District condo, please contact us.

allele-condos-11 allele-condos-11-1

Filed Under: South Boston Condos Tagged With: , , ,

The Three South Boston Amigos

September 25, 2007 By

If you like new developments, then the area surrounding the Broadway Red Line T-Stop is your new hot spot. 2007 has seen the completion, and near completion, of what we are calling the Three South Boston Amigos – the Lofts at 36 A, the Macallen Building, and Allele Boston.

These three condo developments are setting a new baseline for high-end living in the northern part of South Boston, with existing standards (Court Square Press) and some more to come in the upcoming years (Leachmore Point, now to be called Eleven West Broadway). Both the Macallen and 36 A opened to residents around the June 2007 timeframe, and Allele is planning for an early 2008 occupancy date. The exclusive photo below shows Allele Boston in the foreground, and the newly completed Macallen Building in the background, with the South End and Back Bay skyline to the left.

macallen-condos

For buyers looking for the opportunity to build short to medium term equity, this area of Boston should be of pertinent interest. With the amount of development that has already happened, and that which is planned, the neighborhood will continue to blossom. For instance, we recently announced that Tapeo Boston will open a new South Boston restaurant on the ground floor of Allele, adding to the draw of the area. Small things, like reconstruction of the median between Macallen and Allele on Dorchester Avenue and the planting of trees will, again, add to the beauty and allure of the area. Significant retail is planned for Court Square Press (an organic market complete with top choice butcher), Macallen (yoga studio, dry cleaner, cafe, and small offices), and across the street from the T-Stop, a not yet announced art / wine gallery.

The Lofts at 36 A is a 36-unit 6-story boutique development that features very high-end finishes throughout, including some of the best bathrooms in the city, and exquisite scored and stained concrete floors. The development features a common roof deck situated next to numerous private roof deck spaces, and two levels of garage parking, the lower of which is serviced by a car elevator. This is a high-end, but no frills (no concierge or fitness center) condo development. 36 A features a single retail space on the ground floor.

Allele Boston will be a 48-unit 6-story (but will sit slightly lower than the adjacent 36 A building) development that is aiming for a February / March 2008 opening. Allele, which means hybrid, offers traditional home features with loft style feel, some with terraces, and garage parking for an additional purchase price. Allele will feature a ground floor restaurant (Tapeo of Newbury Street is currently the target client).

The Macallen Building is a LEED Gold Certified (Green) 140-unit mini-mega development. Macallen represents the second phase of the Court Square Press buildout, and is a full service luxury building that is the first green residential building in the city of Boston with an outdoor heated pool on an 18,000 square foot plaza, garage parking, and a viewing / entertainment room, and fitness center (in Court Square Press).

Developers are creating a very high-end, desirable enclave just south of the city, and it’s only a ten minute walk to the South End, or a quick T ride to Downtown Crossing. Residents of other recent area developments, namely 80 A Street (also known as 52 Athens) and 125 B Street Lofts, which are seen as perhaps a lower price option to Macallen, 36 A, or even Court Square Press, will soon be enjoying the fruits of their sister developments’ labor by way of increased condo values, and augmented commercial and retail options.

For a complete look at what is available in each of the Three South Boston Amigos, or any of the other sister developments, please contact us. The exclusive photo below shows the lineup of the Three Amigos along W 4th Street (closest to farthest: Lofts at 36 A, Allele Boston, Macallen Building).

the-three-amigos

Filed Under: South Boston Condos Tagged With: , , , ,

Tapeo Restaurant to Open in Allele South Boston

September 22, 2007 By

We’ve been informed that Tapeo of Newbury Street will open a second restaurant near the Red Line Broadway T-Step area in the ground floor of Allele Boston, a new boutique South Boston condo development at 150 Dorchester Avenue slated for an early 2008 opening.

Tapeo will create a new name, possibly “Sapeo“, and will plan to open following the February / March opening of Allele. Sapeo South Boston will acquire a significant amount of outdoor space along Dorchester Avenue, and it’s rumored that the current retail space on the ground floor of Allele will not be large enough, so Tapeo / Sapeo will pursue acquiring two ground floor condo units to add to their planned space.

The Allele condos are moving along quickly, from the below exclusive picture taken yesterday from the roof deck of the Lofts at 36 A, you can see that exterior work, including balconies, windows, and brick siding, is progressing. For more information about Allele, or any of the hot new developments in South Boston, please contact us.

Allele South Boston Condos

Filed Under: Boston Restaurants Tagged With: , , ,

Allele Condos South Boston

August 4, 2007 By

We stopped by the Allele Condos at 150 Dorchester Avenue in South Boston to grab some exclusive new photos of current construction status. Allele is a 48-unit new condo development, currently under construction, located just across the street from the newly opened Macallen Condos and the Court Square Press condos, and adjacent to the Lofts at 36 A.

The Allele condo development is slated for a 2008 completion, and units are currently available (to be reserved). Units start at $429,000 for a one-bedroom, one-bathroom with 979 square feet and a $332 HOA fee – each unit will feature private outdoor space. For more information about Allele Boston, and any other new development in South Boston and beyond, contact us.

Allele Condos South Boston

Allele Condos South Boston

Allele Condos South Boston

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South Boston Condos in Transition

June 23, 2007 By

South Boston is an area in transition.

The St. Vincent Neighborhood District (St. Vincent de Paul church sits in the heart of the neighborhood), with its overgrown vacant lots and rundown buildings / warehouses of the old commercial era, is being seen by architects and developers as their new playground, to do with as they please.

South Boston developers have run the tasteful, striking, contemporary, and thought-provoking gamut quite well with designs like the “green” Macallen building, 321 West Second Street, Allele Boston, and the Trolley House (pictured immediately below).

Trolley House South Boston

The designs are well received by the buying public, as the Trolley House is completely sold out, and other developments in the area are seeing solid uptake on preconstruction availability. Not that you don’t have innovative developments going up in more traditional areas of the city (considering Penny Savings Bank for instance in the South End), but perhaps it’s South Boston, and the Seaport District (including Fort Point Channel) that still have the opportunity to have their look and feel reestablished, and for the better.

Designers and developers are naturally drawn to areas like this where true change can be imparted (shaking things up perhaps), and a positive stamp can be left, leaving it better than the state you found it in.

We are just trying to create honest buildings. We made them neutral, not flashy, but they become significant nonetheless,” said David Neilson, the urban designer behind the 321-323 West Second condo development in South Boston (pictured immediately below).

321-323 West Second Condos

Filed Under: South Boston Condos Tagged With: , , ,