6 Responses to “Back Bay Condo Sales” »»

1. Mike
   Comment by Mike | 07/17/09 at 3:35 am

   Thanks for the information, John and John!

   Looks like Bradley finally has some actual empirical data to support is Pollyanna claims that all is well in the Back Bay. The 40% decline in sales volume is troubling, as is the basically flat PPSqFt. This seems to indicate the market is far from healthy and something needs to give before volumes return to normal. I still believe it’s sellers price expectations that will give.

   It seems high end sales are really helping to keep the mean and median growing. I wonder how much of that 6% mean / 8% median increase is due to mix? If none of it is, that’s a heck of an increase year over year.

   Looks like if sellers are willing to hold out, people are having success getting their price, at least in the Back Bay. It still doesn’t hold a candle to gains made in prior years, so it certainly isn’t pointing towards one of the best real estate sales years ever, but at least it’s evidence that there isn’t the decline seen in so many other areas including Bradley’s previous favorite area, the South End.

   Now if these numbers turn ugly the way they did for the South End, will Bradley jump ship and try to find a new area that’s holding up?

   Mike

2. condobuyer
   Comment by condobuyer | 07/17/09 at 3:46 am

   Hey John,

   Where are you including places like the Bryant…back bay or south end? (Hopefully not both as they like to claim!). They have only closed 3 units, but I was wondering.

3. JohnF
   Comment by JohnF | 07/17/09 at 4:13 am

   condobuyer, good point. I just checked LINK and the Byrant sales were under Back Bay but not the South End. If you delete the Byrant sales the average price per sq ft is down to $768.00. Median sales price drops to $705,000.00

4. condobuyer
   Comment by condobuyer | 07/17/09 at 4:55 am

   Very interesting further research on what is selling…
   I searched in the registry for sales in 2009 on beacon street. Ofcourse there is a little overlap b/w beacon hill/back bay on the front end of beacon. I went through about the 400 beacon block to include back bay. Here is what I found:

   30+ sales under $600K (the volume here is interesting)
   7 sales b/w 600K and 1M
   7 sales b/w 1M and 2M
   2 sales b/w 2M-3M
   7 sales over 3M (this was very interesting) I was so intrigued by the last category here are the staggering actual sale figures for these 7.

   1@3.1M
   1@3.8M
   2@4.1M
   1@6.4M
   1@6.5M
   1@9.3M!!!!!

   Just like most of the over 3M sales are WELL over 3M, most of the under 600K sales were often well below 600K. Now on average, we’ll probably get a figure just over 1M. Here’s the catch though: that is the segment that I believe is not selling or selling very slowwwwly.

   Sales, it seems, are being fueled by people entering the back bay market (either investors, or 1st time buyers) at the very low end (studios, tiny 1 Beds) OR we have the PH crowd where money is typically no object.

   The volume of sales b/w 600K and 2M was very telling to me. This is probably why 45 Province, Bryant are struggling. People will no doubt pick up the 2 penthouses or so, it’s the mid-luxury units that will sit.

   Thoughts anyone???

5. condobuyer
   Comment by condobuyer | 07/17/09 at 5:06 am

   Very interesting further research on what is selling…
   I searched in the registry for sales in 2009 on beacon street. Ofcourse there is a little overlap b/w beacon hill/back bay on the front end of beacon. I went through about the 400 beacon block to include back bay. Here is what I found:

   30+ sales under $600K (the volume here is interesting)
   7 sales b/w 600K and 1M
   7 sales b/w 1M and 2M
   2 sales b/w 2M-3M
   7 sales over 3M (this was very interesting) I was so intrigued by the last category here are the staggering actual sale figures for these 7.

   1 sale at 3.1M
   1 sale at 3.8M
   2 sale at 4.1M
   1 sales at 6.4M
   1 sale at 6.5M
   1 sale at 9.3M!!!!!

   Just like most of the over 3M sales are WELL over 3M, most of the under 600K sales were often well below 600K. Now on average, we’ll probably get a figure just over 1M. Here’s the catch though: that is the segment that I believe is not selling or selling very slowwwwly.

   Sales, it seems, are being fueled by people entering the back bay market (either investors, or 1st time buyers) at the very low end (studios, tiny 1 Beds) OR we have the PH crowd where money is typically no object.

   The volume of sales b/w 600K and 2M was very telling to me. This is probably why 45 Province, Bryant are struggling. People will no doubt pick up the 2 penthouses or so, it’s the mid-luxury units that will sit.

   Thoughts anyone???

   p.s. John–realized the “at” sign I was using caused the message to get flagged, so am reposting. Sorry if it posts twice.

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