South Boston Infill and Small Developments

Is there anyone who can comment on the South Boston housing market with evidence? I spoke with a real estate agent who covers South Boston and he said he's seen more price reductions of late. Obviously this is subjective. Curious if the new development is having any downward pressure on prices in the condo market?
 
Reznor said:
Is there anyone who can comment on the South Boston housing market with evidence? I spoke with a real estate agent who covers South Boston and he said he's seen more price reductions of late. Obviously this is subjective. Curious if the new development is having any downward pressure on prices in the condo market?
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I'm not active in the South Boston market so I can't comment first-hand, but MLS data seem to show a robust market.

I can't see how many condos are listed for sale right now vs. a year ago but all signs point to continued strength. (Good news for sellers; not good news for anyone else ...)

Incredibly (I checked my #s twice), right now the median list price for a condominium is over a million dollars in South Boston. 39 of 72 condos listed are for $1 million+.

The # of condos on the market that have had price reductions is lower than during the same time period, last year. This shows strength but also maybe there's fewer b/c there are fewer condos listed for sale, overall.

There were more sales 8/3/2017-9/3/2017 than 8/3/2016-9/3/2017 and prices were higher, meaning a stronger market now. You can see from these tables that many condos sold for more than original asking price, reflecting multiple offers, showing more demand than supply.

Currently, there are a lot of million-dollar plus listings and I would call it a "glut" based on prior period's sales, but for the average buyer, there aren't enough condos available for sale. (Only two under $500,000!)

Current market, condos listed for sale

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Condo sales, 8/3-9/3, 2016 and 2017

2016.png


2017.png


Price changes, 8/3-9/3, 2016 and 2017

2016_pc.png


2017_pc.png
 
^Great project and great design. Bar and event space in a golden rooftop pleasure dome!
This is certainly not your grandfather's Dot Ave. anymore.
 
It may be the black and bronze together, but it feels almost Miesian. I like it!

From the PNF:
ZLzrhNB.png
 
Careful Down, this is a very "artistic rendering"

cca
 
This site used to be where the Albanian Orthodox Church of St. John the Baptist stood. It burned down in 2013. https://www.google.com/maps/place/4...1d8a93741124df!8m2!3d42.3372537!4d-71.0477238

The new building under construction will contain:
  • 24 condos (3 affordable)
  • 3000+ sq/ft commercial space
  • 28 parking spaces

410broadway.jpg


Small Project Review Doc:
http://www.bostonplans.org/getattachment/fa00888f-3dd3-47b1-92ed-69a2ee0992cc

BeeLine said:
410 W Broadway

https://flic.kr/p/YnWGXx

https://flic.kr/p/Ci4bDY
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