Boston Luxury Property Sales Monthly Report
Luxury Property Sales Report
Boston, 2016 in Review
I am pleased to provide below an overview of luxury property sales in Boston for 2016. For seventeen years I have been tracking the number of luxury property sales each month and writing reports for my clients. Historic information is available upon request to Jonathan@JonathanRadford.com.
Every few years in Boston, a luxury, full-service, building is completed and the sales have a dramatic effect on market statistics for both Boston and for the State. In the last two years, Millennium Tower in 2016 and Twenty Two Liberty in 2015 have provided the market’s seemingly insatiable appetite for luxury condominiums with 457 condominiums sold at/over $1,000,000.
At Millennium Tower in 2016:
- There were 351 sales at/over $1,000,000.
- The average sales price over $1,000,000 was $2,566,908 or $1,524/sf.
- The highest price paid was $35,000,000, a market record, for the Grand Penthouse.
At Millennium Tower, the Grand Penthouse, is truly a penthouse in the original sense of the word - the entire top floor of the building. The home was purchased by John Grayken, founder of Lone Star Funds, and a native of Cohasset. At $35,000,000 (or $2,837/sf), this sale is approximately twice the highest price paid for a residence in Massachusetts. On a price per square foot basis, however, there are six other properties that have sold at higher prices per square foot:
- In Boston, Mandarin Oriental, Unit W12-A, sold for $3,880/sf on 05/06/2015.
- In Boston, Carlton House, Penthouse, sold for $3,337/sf on 12/23/2015.
- In Cambridge, Residences at Charles Square, Unit 1105, sold for $3,271/sf on 05/16/2016.
- In Boston, The Heritage on the Garden, Unit 1005/6, sold for $3,030/sf on 10/30/2015.
- In Boston, Carlton House, Unit 10B, sold for $3,023/sf on 12/05/2016.
- In Boston, Millennium Tower, Penthouse 2A, sold for $2,874/sf on 10/31/2016.
Due to the availability of these new construction distinctive homes, the Boston luxury property sales market grew 30.81% in 2016 and 17.50% in 2015. By contrast, in 2014, when these new condominiums were not available to purchase, luxury sales in Boston fell -6.42% due to a lack of homes on the market.
These Boston sales have contributed to the overall 2016 increase in $1,000,000+ property sales across the state, an increase of 24.65%.
If you are considering selling your property, please contact me for a valuation and marketing proposal. In recent years, there has never have been a better time to sell your home (particularly in Boston). I am the #1 agent at Coldwell Banker and would be delighted to represent you.
Quick Interesting 2016 Facts
According to the MLS and LINK (a separate Boston MLS):
1. The highest priced single-family sale in Massachusetts (excluding Boston, the Cape and Islands) was 1 Hillside Road in Brookline which sold for $6,890,000 on 03/31/2016.
2. The highest priced single-family sale in Boston was 197 Marlborough Street which sold for $12,000,000 ($1,584/sf) on 09/09/2016. This property is located in the Back Bay neighborhood.
3. The highest priced condominium sale in Boston was for the Grand Penthouse at Millennium Tower which sold for $35,000,000 ($2.837/sf) on 08/17/2016. This property is located in the Midtown neighborhood.
4. The highest priced sale in Boston, by price per square foot, was for a residence at the Carlton House (2 Commonwealth Avenue) which sold for $3,023/sf ($4,650,000) on 12/05/2016. This property is located in the Back Bay neighborhood.
5. The highest priced condominium sale in the Back Bay neighborhood of Boston was the penthouse at 448 Beacon Street which sold for $13,250,000 ($2,119/sf) on 08/02/2016.
6. The highest priced single-family sale in the Beacon Hill neighborhood of Boston was 14 West Cedar Street which sold for $5,250,000,000 ($1,444/sf) on 10/28/2016.
7. The highest priced condominium sale in the Beacon Hill neighborhood of Boston was at 5 Byron, Unit 5, which sold for $6,000,000 ($1,127/sf) on 09/30/2016.
8. The highest priced single-family sale in the South End neighborhood of Boston was 146 West Canton Street which sold for $5,000,000 ($1,653/sf) on 07/08/2016.
9. The highest priced condominium sale in the South End neighborhood of Boston was at 1280 Washington Street, Penthouse, which sold for $6,275,000 ($1,150/sf) on 06/29/2016.
10. The highest priced condominium sale in the Waterfront neighborhood of Boston was Penthouse 9 at Burroughs Wharf (50 Battery Street) which sold for $5,900,000 ($2,437/sf) on 08/01/2016.
11. The highest priced condominium sale in the Seaport neighborhood of Boston was Penthouse 2A at Twenty Two Liberty (22 Liberty Drive) which sold for $7,237,899 ($2,715/sf) on 01/12/2016.
12. The highest priced parking space sale in Boston was at the Brimmer Street Garage on Beacon Hill where four spaces each sold for $400,000. These were record prices paid at this garage, up from $390,000 in 2015.
The Boston Marketplace in 2016
1. In 2016, there were 1,142 sales at or above $1,000,000 compared to 873 in 2015, an increase of 30.81%. Excluding the sales at Millennium Tower, there were 796 sales, a decrease of 9.67%.
2. Between $1,000,000 and $1,999,999 there were 638 sales compared to 509 in 2015; an increase of 25.34%. Excluding the sales at Millennium Tower, there were 454 sales, a decrease of 12.11%.
3. Between $2,000,000 and $2,999,999 there were 266 sales compared to 199 in 2015; an increase of 33.67%. Excluding the sales at Millennium Tower, there were 174 sales, a decrease of 14.36%.
4. Between $3,000,000 and $3,999,999 there were 105 sales compared to 89 in 2015; an increase of 17.98%. Excluding the sales at Millennium Tower, there were 71 sales, a decrease of 25.35%.
5. Between $4,000,000 and $4,999,999 there were 50 sales compared to 32 in 2015; an increase of 56.25%. Excluding the sales at Millennium Tower, there were 35 sales, an increase of 8.60%.
6. Between $5,000,000 and $9,999,999 there were 61 sales compared to 38 in 2015; an increase of 60.53%. Excluding the sales at Millennium Tower, there were 40 sales, a decrease of 5.23%.
7. Above $10,000,000 in 2016, there were ten sales in Boston, one more than in 2015 and the highest ever recorded for one year by MLS and LINK.
Please contact me to request my 2016 Annual Report and to receive a copy of my charts covering the last 15 years of luxury property sales.