East Boston Condominium Market Update
The East Boston condo market has exploded over the last 5 years. It was a market that went from approximately 100 units per year with an average sales price in the low $300,000s and average net sale under $350 per square foot to a market steadily trending at 300+ units per year with an average sale of $600,000+ and $450 psf in just 5 years’ time. A combination of large-scale new development projects and a high number of 2-10 family condo conversions has created an entirely new condo market that attracts professionals from Somerville, Charlestown, North End, Midtown, South Boston, and beyond.
Once the downtown Boston* condo market dipped to less than 25% of its inventory under $500,000, the East Boston market quickly emerged to provide the much-needed inventory for buyers in entry-level price points. First up was Seville Boston Harbor. The first condo development since 156 Porter (2005, 216 units), and the first ground-up new construction condo development in East Boston**,Seville Boston Harbor (2016, 66 units) was almost entirely sold out by Certificate of Occupancy and the first round of sales recorded an average price of $588,614 and $623 psf, helping to set a new standard for lifestyle condo developments in East Boston.
After Seville Boston Harbor, 320 Maverick, 70 Bremen, and Slip 65 continued the trend of lifestyle condo developments in East Boston.
Notable East Boston new condo developments by the numbers
2016: Seville Boston Harbor
- Closed the majority of its units between 3Q 2016 and 1Q 2017.
- 66 units, Elevator, gym, onsite manager, garage parking
- Averaged $588,614/$623 psf
- Eagle Hill waterfront
2017: 320 Maverick
- Completed late Dec 2017 and closed the majority of its homes in 2018
- 33 units, elevator, garage parking, no amenities
- Average price $608,568/$632 psf
- The airport end of Jeffries Point, .5 miles to Maverick Station
2018: 70 Bremen
- Closed most of its units in 2018
- 32 units, elevator, garage parking,
- Average $514,838, $632 psf
- 2 blocks from Maverick Station
2019 65 Lewis, Slip 65 Clippership Wharf
- Closed all of its units in 2019
- Fitness, club/game lounge, concierge, dog park,
- Averaged $799,392/$875 psf
- On the waterfront
With each new luxury building arriving to set a new standard, values of the previous generation of lifestyle buildings also increase. For example:
Seville Boston Harbor
25% increase since opening
2018: $658,500/$710 (2 sales)
2019: $603,667/$777 (6 sales)
Porter 156: 216 units
35% increase in last 5 years, average 8% turn over each year
2015: $402,895/$475 (17)
2016: $436,939/$491 (19)
2017: $500,002/$538 (17 sales)
2018: $514,890/$574 (13 sales)
2019: $542,080/$599 (15 sales)
Parallel to the emergence and expansion of the lifestyle condo market in East Boston was the emergence of a lifestyle apartment market. New apartment complexes such as Boston East and The Eddy have set new standards for apartment living.With these new standards of living also camea new standard of prices.
Rents in these new luxury apartment communities are steadily achieving above $4.00 psfon average and are not far behind some downtown Boston lifestyle apartment communities.
- Boston East (2018, 174 units) averaging $4.69 psf for 1BRs ($2,900/month) and $3.79 psf for 2BRs ($4,000/month)
- The Eddy (2016, 257 units) averaging $3.83 psf ($2,550/month) for 1BRs and $4.06psf for 2BRs ($3,525/month)
Compare to:
- The Devonshire (1983, 455 units) averaging $4.19 psf for 1BRs ($3,150/month) and $4.11 psf for 2BRws ($4,054/month)
- Avenir Apartments (2009, 241 units) averaging 2.94 psf for 1BRs ($3,120/month) and $3.28 psf for 2BRs ($3,604/month)
As East Boston continues to evolve, buyers are pushing out farther into Chelsea. A recent new construction condo development in Chelsea with no amenities, Parker Place (2019, 12 units), recently sold out with an average of $486,364 and net $565 psf. Many locations along MBTA lines offering an easy commute in to Boston are also seeing condo market expansion. Even as far north as Salem we see condo prices increasing over 40% in just the last 5 years.
*The downtown Boston market includes the following neighborhoods: Back Bay, Beacon Hill, Charlestown, Fenway, Leather District, Midtown, North End, Seaport, South Boston, South End, Waterfront, and West End
**156 Porter (2005, 216 units), Gumball Factory Condominiums (1989, 45 units), and Paris Flats (2005, 13 units) were all conversions of pre-existing buildings.