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South Boston condo prices soar

Posted by Scott Van Voorhis  August 13, 2013 07:58 AM

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Would you pay nearly $1,000 a square foot to live in Southie?

Well the buyer of a 2,025 square foot penthouse in the Macallen building on Dorchester Avenue has apparently decided it's worth paying a Back Bay price to live in the neighborhood.

The two-bedroom, two and a half bath condo, with panoramic views of downtown Boston and the harbor and a large rooftop terrace to relax in, just fetched $1,945,000.

That's $960 a square foot, according to Coldwell Banker, which brokered the deal.

We are talking about Back Bay prices.

Per square foot, it is one of the highest prices ever paid for a condo in South Boston or the nearby Seaport District, home to Fan Pier, the ICA and Fort Point's picturesque, Victorian era granite warehouses, now funky offices and loft-style condos.

The $960 a square foot sale price could be an anomaly - or a sign of things to come amid scarce listings in Boston's luxury condo market.

A surge of downtown high-rise construction during the bubble years left a glut of multimillion-dollar units after the economy and real estate market hit the skids, but all those empty condos are now long gone.

Of the top five condo sales in South Boston and the Seaport since 2007, two were Macallen building units that fetched just over $2 million each. But the price per square foot was significantly lower, in the 700s, not the high 900s, Coldwell Banker says, citing LINK.

A penthouse unit at FP3 in one of those converted, grand old Fort Point warehouses went for over $3 million, but the price per square foot was $753 a square foot, not $960.

A condo at Channel Center, a modern high-rise in Fort Point, sold for more than $2 million, but the price per square foot was just under $600, according to the brokerage firm.

What's your take? Another sign of the gentrification of South Boston and the expansion of downtown Boston?


This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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