Real Estate News

The latest news about the residential real estate market in Boston and the surrounding areas

NANTUCKET HOME SALES MARKET – AS STRONG AS EVER

ACKRA - Home Office

By: Nantucket Realty Advisors

ACKRA - Home Office

 BOSTON, MA (August 8, 2018) – Boston Realty Advisors (BRA), the number one independently owned real estate advisory and brokerage firm in Massachusetts, announced today its expansion into Nantucket, MA. BRA has named its newest division – Nantucket Realty Advisors – a full service brokerage, assisting home buyers and sellers, along with assisting clients with vacation rentals.

The state-of-the-art office is located at 15 North Beach and will be managed by sixth generation Nantucketer, Angel Conrad Frazier. Ms. Frazier has more than twenty years of experience working with buyers and sellers on the island. She said, “I have a native responsibility to preserve the DNA of Nantucket.” Mrs. Frazier continued, “The Island and its residents have perpetually maintained a sophisticated mix of class, respect and discretion – a rare combination that my new partners at Nantucket Realty Advisors genuinely exude.” Angel will be joined by some of the most seasoned professionals from Boston Realty Advisors, including Jason Weissman, William Catlin, Tana Weissman and Janice Dumont.

To comprehend BRA’s expansion into Nantucket, it helps to appreciate who Boston Realty Advisors is off the island. BRA is an established real estate thought leader throughout New England. A few notable and relevant highlights include marketing Pier 4 Luxury Condominiums in Boston’s Seaport, a world class development by Tishman Speyer and the management of office and retail leasing at Faneuil Hall Marketplace for Ashkenazy Acquisition Corporation. BRA additionally collaborates with elite clients such as Jamestown, AIG and The Davis Companies. Furthermore, BRA’s investment sales division has completed over $1B in middle market transactions in the last five years.

The resolve to open an office in one of the world’s most recognized islands was supported by data and comprehensive research on Nantucket and the strength of the second home market. A downloadable snapshot of the analyzed data-set is available to the right this release.

Jason Weissman, CEO of Boston Realty Advisors said, “Nantucket is a logical expansion for our white glove residential brokerage platform.” He continued, “Our presence on Nantucket will create numerous synergies with our diverse client base; on and off the island.”

Nantucket Realty Advisors is co-hosting its grand opening party alongside N Magazine on Friday, August 10th – 6:00pm-8;00pm – at 21 Broad Hotel in Nantucket. Join Jason Weissman, CEO of Boston Realty Advisors, Bruce Percelay, Chairman and Publisher of N Magazine and the Nantucket Chamber of Commerce for cocktails and hors d’oeuvres to celebrate the essence of Nantucket and world-class service.

The Nantucket Realty Advisors inaugural celebration will help launch the busiest weekend on the island. The annual Boston Pops on Nantucket attracts over 46,500 visitors.

 

Inside the $18M penthouse going up near the Mass. State House

By Boston Business Journal

 

The Archer Residences Beacon Hill, a 67-unit luxury condominium complex developed in a former Suffolk University building near the Massachusetts State House, is now on the market.

The 67 units range in price from $1.8 million to $10 million, while the 6,000-square-foot penthouse is listed for $18 million.

The complex is located at 45 Temple St. in the former Gleason L. & Hiram J. Archer building and the Frank J. Donahue Building, property located down the street from the Massachusetts State House which Suffolk University sold in 2015 for $43.5 million. Center Court Mass LLC developed the Archer Residences, which were designed by The Architectural Teamand LDa Architecture & Interiors and built by Consigli Construction Co.

Manuel Davis, senior vice president with Advisors Living, is the property’s exclusive listing agent.

“The Archer Residences offers a unique blend of elegantly designed and spacious layouts, beautifully complemented by some of the finest finishes that I have encountered in today’s real estate market,” Davis said in a statement. “Given its Beacon Hill address, sense of community with 67 full-service homes, and modern amenities, including onsite underground valet garage spaces, discerning clients are acknowledging how rare and unique this opportunity is.”

The 67 units range in size from 1,200 square feet to 3,000 square feet, while the penthouse will span 6,000 square feet. Amenities include a kitchen-equipped roof deck, children’s playroom, pet spa and bicycle storage. The four-bedroom, four-bathroom penthouse, meanwhile, includes a 2,350-square-foot terrace, gas fireplace, infinity-edge jacuzzi, grilling stations and a fire pit.

The Archer Residences will open next year.

The Archer Residences

This is what those new Beacon Hill luxury condos will look like

A rendering of one the condos being built at the Archer Residences in Beacon Hill.	Neoscape

A rendering of one the condos being built at the Archer Residences in Beacon Hill. Neoscape

By Lauren Frias, Boston.com

 

On-site underground valet parking and 24-hour concierge service will be offered at the Archer Residences, a 67-unit condo building at 45 Temple St. in Beacon Hill slated for completion in late 2019.

Other building amenities include a fitness and wellness center; a club room with a private dining space; a playroom; a pet spa; a boardroom; and a 4,800-square-foot roof deck with views of downtown Boston. The roof deck features seating, a kitchen, and sustainable plantings.

The Archer Residences will offer one- to four-bedroom units priced from $1,500 to $2,500 per square foot, depending on the home, Manuel Davis, senior vice president of residential sales at Advisors Living, the property’s listing agent, wrote in an e-mail. The homes will range from about 1,100 to 3,500 square feet and will feature details like high ceilings of 10 to 15 feet and windows that are 7 to 11 feet in height. There are two styles of kitchens, and some will have walnut finishes, marble counters, and copper hardware.

The homes will be backlit with LED lights and include recessed lighting throughout, according to Davis. The homes will also come with CinemaFrame, which is a concealed home entertainment system, and surround sound.

The most exclusive suite in the building will be the Archer Penthouse. The 6,000-square foot, two-story unit will have four bedrooms, four full baths, two half baths, and a 2,350-square-foot terrace with a gas fireplace, an infinity-edge hot tub, grilling stations, and a fire pit.

The building’s lobby will be decorated with artwork curated by Boston Art and have a fireplace and a concierge desk with a bronze waterfall countertop. Materials used in the building’s common spaces and residences will also include polished copper, imported marble, white oak hardwood, custom limestone mosaic flooring, and curated lighting fixtures, paneling, and wall coverings.

“All the materials are sleek and timeless yet steeped in craft and tradition. They are truly a step above what you may encounter at other luxury properties,” John Day of LDa Architecture and Interiors, one of the companies involved in the development and design of the building, said in a statement.

For more information, visit the building’s website at thearcherresidences.com.

Million Dollar Condos Are The New Reality

What was once a neighborhood characterized by its affordable property values and family-run restaurants has transformed into a rapidly-developing market filled with million-dollar homes. In 2018, the average sale price in South Boston skyrocketed to $803,513, up 10% from 2017 and 86% from 2008. South Boston’s housing market is booming, with 55 transactions currently under agreement and average days-to-offer at just 20 days.

South Boston’s housing market is shifting out of reach for working-class adults and into the territory of elite young-professionals. Ten years ago, only 3% of the 419 condominiums sold were priced between $700,000 – $1,000,000. Almost all condos were selling under $699,000, with a huge portion under $349,000. Last year, 278 condos, or 45% of all inventory was listed within the 700,000-1,000,000 range. These exorbitant prices keep condominiums as a distant aspiration for young adults looking to establish themselves.

In 2008, a $429,500 investment could get someone a new construction two-bedroom condominium with a private roof deck and other state-of-the-art amenities. For the same price in today’s market, buyers won’t even be able to find a single listing.

While the condominium market is certainly experiencing dramatic growth rates, it may be nearing a cooling point in price growth. For the first time since 2013, listing prices have surpassed the asking prices, indicating that there is less competition in bidding for these coveted condominiums. Given its proximity to the Seaport and the surplus of upcoming housing in Washington Village, South Boston will remain a highly demanded sub-market for young-professionals.

As prices continually to rise, it may seem unlikely one will be able to find a reasonable priced condominium for sale, but there are still affordable options out there. Like Charlestown, the average price per square foot is markedly more affordable when purchasing a 3-bedroom condominium. These three-bedroom spaces have nearly double the average living area when compared to one-bedroom listings, with the 24 active three-bedroom spaces having an average living area of 1,553 and the 12 one-bedroom listings having an average of 873.

WANT A DEAL? FIND A STUDIO IN JAMAICA PLAIN

From Boston Realty Advisors: 

The average listing price in Jamaica Plain in 2018 is $613,000, up 8% since last year. With just 35 listings on the market, and 42 under agreement in March (with the average days-to-offer at 10 days) Jamaica Plain has transitioned into a hotbed for families and young-professionals.

The average sale price in 2018 is over $633,000, but with the large spectrum of pricing, deals still exist.

  • In April, newly renovated 171 South Street Unit 2A sold for $293,000  a steal for a studio with transit access. Within one week, the property had a cash buyer.
  • On the contrary, recently constructed 16 Rockview Street – Unit 16, sold for $1,450,000 in January. This was the most expensive transaction this year.

Today, the average price per square foot is $526, up 7% since 2017. Due to market constraints, average listing prices in June have soared$673,611, indicating the lack of available condos.

 

CHARLESTOWN CONDO SALE PRICE HITS $765,383

From Boston Realty Advisors:

“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.”

These Are the Eight Most Expensive Homes for Sale in Boston

by Madeline Bilis, Boston Magazine

 

The Archer Residences

 

1. 45 Temple Street #1, Boston
Price: $18,000,000
Size: 5,998 square feet
Bedrooms: 4
Baths: 5

Meet the Archer Residences, 67 very fancy units coming to Beacon Hill in the near future. The Archer’s penthouse, which is currently the most expensive home for sale in the city at a whopping $18 million, is poised to be architectural marvel when it’s completed. Both levels of the home are connected by a floating wood-and-steel staircase enclosed by glass—and the shiny glass accents don’t stop there. Floor-to-ceiling sliding glass doors in the main living area open directly to a rooftop terrace, where there’s a Jacuzzi and an infinity-edge pool.

Introducing The Archer Residences

The ArcherAdvisors Living is proud to announce the exclusive sales and marketing of The Archer Residences in Beacon Hill. The Archer Residences, a boutique collection of beautifully designed condominium homes, offers individualized details and a full-service concierge experience in Beacon Hill, one of Boston’s most desirable neighborhoods. From the magnificent roof terrace to the state-of-the-art fitness and wellness center, valet service, and exclusive indoor parking, The Archer Residences are designed to make life easier.

From The Archer Residences, many of Boston’s greatest attractions are just a short walk away. Feeling the team spirit? Enjoy the Celtics and the Bruins, two of America’s most successful and historic teams, at TD Garden. Or maybe you just want to take a relaxing stroll around the historic neighborhood? The Boston Public Garden, built in 1837, is a beautiful public park that offers boat rides around its swan-filled lagoon. Louisburg Square, a quiet, historic green near The Archer Residences, was once home to many famous 19th century figures, including architect Charles Bulfinch, painter John Singleton Copley, and author Louisa May Alcott.

The Archer Fitness Center

The Archer Residences features 67 unique residences ranging in size from one to four bedrooms. Each residence has been thoughtfully designed, blending the historic character of Beacon Hill with an elegant hand-selection of materials and finishes.

The Archer Bathroom

Click here to schedule an appointment or call us today at 888-749-4805 to visit our sales center today at 20 Ashburton Place. We look forward to showing you what makes The Archer Residences the most exciting residential new construction project in Boston.

First look: Pier 4 condos

by Catherine Carlock, Boston Business Journal

The longtime home of legendary Boston seafood restaurant Anthony’s Pier 4 is rapidly transforming into a luxury condominium complex, and the site’s developer just landed a lease with farm-to-table restaurateur Kristin Canty.

Interest is strong for the Pier 4 condos, said Janice Dumont, CEO of AdvisorsLiving. The firm, which is the residential division of Boston Realty Advisors, is the exclusive sales and marketing agent of the nine-story, 106-unit complex.

Pier 4, a nine story, 106-unit luxury condominium building, will open in late 2018 at the former Anthony’s Pier 4 site in Boston.  Tishman Speyer is developing the complex, which was designed by SHoP Architects in collaboration with Boston-based CBT.

VIEW SLIDESHOW

“Given the nostalgia of the site, and the fact that so many people have had wedding receptions, bar mitzvahs, confirmations, at the site, it’s been very exciting,” Dumont said in an interview with the Business Journal.

Two-bedroom units at Pier 4 will start at $2 million-plus. Each home has its own private outdoor space and water views, and penthouse units will feature private roof decks. Amenities include an outdoor terrace, an outdoor seating and dining area with a fire pit, virtual golf and 24-hour concierge services from First Service Residential.

 

Boston Real Estate Firms Increasingly Attractive Acquisitions

Scaled Vertical Growth Necessary To Remain Competitive

By Jim Morrison | Banker & Tradesman Staff | Oct 8, 2017

https://www.bankerandtradesman.com/boston-real-estate-firms-increasingly-attractive-acquisitions/

Street intesection in Boston historical North End

Street intesection in Boston historical North End

The nationwide trend of real estate agencies mergers and acquisitions came to Boston this month with Douglas Elliman’s announced purchase of local Otis & Ahearn Real Estate. Smaller firms are feeling the pinch from rising costs and market forces, and more consolidations are likely.

The increased attention from out-of-town players has been a major topic of conversation around the watercooler at Boston Realty Advisors, said Jason Weissman, founder and senior partner – and he couldn’t be happier about it.

“It shows the strength of the market,” he said. “You have to look at Boston. If we end up going into a recession, Boston is going to have the softest landing of any city in the country because of the diversity of strong industries we have here. This city is going to outpace other cities.”

Boston Realty Advisors in the largest independent brokerage in the city as measured by gross commission income, Weissman said, and he has also been approached by other companies looking to acquire it. He’s not interested. In fact, he’s actively looking for companies to acquire.

“There’s no exit plan,” he said. “We’re very focused on serving our clients. They say if you love what you do, you’ll never work a day in your life and I love the business. I love competing and I love competing successfully. It’s extremely tough for smaller independents to compete. We’ve built the infrastructure to compete and win.”

Think Globally, Sell Locally

Gibson Sothebys is also in acquisition mode. Co-owner and chairman Larry Rideout said his company is not looking to be acquired, but he does see more acquisitions in Boston’s future.

“Big, New York companies are starting to see that Boston is on the map,” he said. “We’re also in acquisition mode. Now is a good time to consolidate in the Boston market. We’re looking for a cultural fit. Of course, the numbers have to work out and it has to be a win-win.”

Rideout said the white-hot Greater Boston real estate market can’t burn forever, but he thinks the signs point toward a few more good years. Companies that make smart acquisitions now will cash in on those good years.

“Permits are down, but they were up for a long time and things have to take a breath,” Rideout said. “Sales slowed a little this summer, but they’re going to come back. You have to look long term. Mortgage interest rates are low, money is cheap and Wall Street is doing OK.”

As Boston has become a more international city, Rideout said having the money and the network to market globally has become vital. Small, local companies just don’t have the same reach, making it harder for them to compete.

“You have to start thinking globally,” he said. “I have Sothebys, with an amazing international reach, and I still joined ‘Who’s Who in Luxury Real Estate.’ You have to use everything you can.”

Boutique Firms Can Compete With Behemoths

There’s still plenty of business for small, locally owned real estate agencies with excellent customer service, said Carmela Laurella, president of CL Properties. Laurella isn’t concerned with acquisition talk; she’s focused on remaining small and providing “excellent service and exceptional results.”

“Our firm is eight years old and we’re having one of our best years ever,” she said. “We operate like an investment banking firm. We choose to stay small and boutique. Most of our business comes from the Internet and repeat business. We have no problem getting listings and making sales.”

Deep pockets and a global reach are not as important as growing a local base of satisfied customers, she said. Big firms like Douglas Elliman and Berkshire Hathaway, who are both in acquisition mode, don’t bring that to the table.

“I wish them both well, but I do think they’ll have a hard time catching up,” she said. “This business is about people and relationships. I used to work for Coldwell Banker and Otis & Ahearn and when I left, my clients followed me, the agent, not the brand. We’re niche players. I have people who will walk over the Charlestown bridge to find me because they want me to sell their homes.”

Douglas Elliman did not respond to requests for comment.

Change Creates Opportunity

The trend of smaller companies being consumed by larger ones will continue in Boston, said Jeff Heighton, regional vice president and Boston-area general manager at Compass Real Estate. The Greater Boston economy is growing quickly and big companies are looking to capitalize on that.

“Boston is a major metropolitan area with a lot of investments from across the country and globe,” Heighton said. “If you’re a large company, you need to make sure you’re in the major markets across the country, like Boston. For companies that aren’t here, they’re thinking about it.”

Growing a business by acquisition is far more complex than simply buying an agency and changing the flag, he said.

“I’d say we’ll see more acquisitions in the near future at all levels as agents ask their firm, ‘What are you doing to grow my business?” Heighton said. “As that question can’t be answered, they’re going to look for companies that can. That’s part of what’s driving the consolidations.