“This year, the average list price for a condominium in Charlestown is $750,010, with the average sale price reaching $765,383. In the past 6 years, sale prices have surpassed the average list prices by 2%, indicating the high demand for condos in this historic sub-market.
Since 2012, the average condominium sale price has increased by 62%, with the average number of sold condos priced over $1m increasing 13% y-o-y.
The average sold price per square-foot in 2018 has reached $742, with the average days to offer at just 23. Charlestown has pivoted into an attractable destination for several reasons:
Convenient access to Downtown Boston, Logan Airport and 93 North
More spacious unit layouts compared to those in similar sub-markets
Ease of parking and family friendly atmosphere
Today, the 18% closing difference between one and two-bedrooms suggest the rising demand for one-bedrooms, and ultimately how young-professionals are absorbing the existing supply. Given the larger unit sizes for two and three-bedrooms, Charlestown is a desirable location for transitioning families as well, by evidence of 3-bedrooms costing 18% less PSF than 1-bedrooms.”
New renderings of the development One Charlestown have been released after being proposed to the Boston Planning and Development Agency.
The project will cost $1 billion and will transform what is currently a housing development into a mixed-use, mixed-income neighborhood.
The proposal includes 3,200 units and 13 blocks of apartment buildings that are waiting to be approved.
The development will be made up of a number of buildings with a mix of apartments and condos, ranging from six to 21-stories tall. Each building will have a tree-filled courtyard, retail shops throughout and single-story parking garages under each block.
The buildings’ designs have been carefully constructed by different architects to give them each a friendly and unique look.
Developments also include the addition of two new parks to the neighborhood.
Check back to find out more details about when One Charlestown will be constructed and any developments within the project.
Contact our advisors for more information or to learn more about all new developments throughout Boston.
The former Ropewalk Factory in the Charlestown Navy Yard will finally be reinvented, thanks to Frontier Enterprises.
The 160,000 square foot development has sat unused since 1971, with its unusual layout and historical heritage preventing developers from taking on the challenge of reusing it.
Plans for the redevelopment include 97 apartments, a mix of one, two and three bedrooms. The building is 45-feet wide throughout most of the interior and it is over a quarter mile long, which poses a unique challenge for redesigning the space.
In order to adapt to this design the apartments will be built townhouse style, one after the other. Twenty of the apartments will be designated as affordable as well.
The 180-year-old granite will not lose all of its historic elements in the redesign. The plans include a rope making museum at one end of the complex and a display of hemp-pulling machines that were previously used in the building.
One downside to the development is that it will not include onsite parking and potential residents will need to prove they have designated parking somewhere else.
Developers are hoping to get approved by next month and if all goes well they hope to begin construction by labor day.
Stay tuned to see how this unique development progresses!
Another day, another proposed Boston real estate project. This time it is Berkeley Investments Inc. with the intention to construct 171 apartments in Charlestown in close proximity to the Sullivan Square Orange Line T station. The plan is to utilize the existing building at 32 Cambridge St which consists of three stories of industrial space currently occupied by Graphic Arts Finishers Inc. who will be moving on. This piece will become 52 apartments and 2,500-square-feet of retail. Directly next door, Berkeley plans to knock down the single story building at 572 Rutherford Ave and replace it with a four-story, 119 unit building. The two buildings would be connected on the 3rd floors and they would share a courtyard and a dog run. And even with the convenient access to the T, they will also offer over 100 parking spaces, most of which will be underground.
In an interview with the Boston Business Journal, Erik Ekman, Vice President of Berkeley Investments, noted that monthly rents would come in under $2,000 for studios, $2,400 – $2,800 for 1-bedrooms, around $3,000 for 2-bedrooms and an average of nearly $3,400 for 3-bedrooms. The project isn’t expected to be completed until sometime in 2017 but these prices seem reasonable for the area currently. For example, 275 Medford Street is a five-story apartment building not nearly as convenient a location as Berkeley’s proposed project but they are currently offering studios for $1,800 and one-bedrooms for $2,200. Navy Yard 33 and Parris Landing have rents in a similar range as well. Depending on how the area continues to grow over the next couple years will determine how much the rents will change come 2017.