The following is an excerpt from our Fall 2014 Open Letter to South End Stakeholders, a report on the state of the South End real estate market and a glimpse into life in our neighborhood. You can download the full report here.
2014 to date
? Most Expensive South End Single Family Home: $4,240,000
? Most Expensive South End Condo: $2,800,000
How low can we go?
Today's ultra tight inventory is a result of several development projects having been abandoned in the planning stages during and after the 2008 financial crisis. Since the crisis eased, luxury buyers have have been competing for limited supply. With inventory expected to remain low in the near term, the 2014-2015 season should be an excellent time to sell.
Size doesn't matter
The price per square foot obtained by South End sellers was similar during the first half of 2014 across all size ranges. This is a phenomenon indicative of more mature real estate markets where sellers of larger properties do not experience diminishing returns on a price per square foot basis. If the trajectory observable in the most expensive sections of the city is any indication, we can expect this trend to accelerate. Future sales of the largest South End properties are therefore also likely to be those that trade for the highest prices per square foot, which is already the case in Back Bay and Beacon Hill.
*Note: Median price statistics can be misleading and are not indicative of what is required to secure a top tier property. While the South End's median price per square foot this summer has hovered around $778, choice properties can command as high as $1,000 per square foot or more.
Source: LINK Boston
Find this story and more in our Fall 2014 Open Letter to South End Stakeholders. Read all about the latest real estate trends, forecasts, and an in-depth look at the South End community.