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A successful Boston condo development

boston-condo-development

Some new condo developments have spent much of the year averaging less than one sale per month; FP3 was doing two to three during the summer, and closed seven in October. Three more are under agreement, and four others are being held on reservation. FP3 appears to be the busiest new condo development in town.

So why do think this Boston condo development is so successful, while others are struggling?

Source of the idea: Banker & Tradesman

Read other posts about: Boston condos

Posted by Ford Realty on 11/18/09 |
| Read 7 Comments »

7 Responses to “A successful Boston condo development” »»

  1. condobuyer
    Comment by condobuyer | 11/19/09 at 2:57 am

    …because most of what they sold was 400K or LESS! The lowest priced/discounted units started selling. Why:

    1. The low end of the market has picked up
    2. The home buyer credit impacts most of these sales
    3. The other luxury buildings don’t carry much of anything for 400K.

    They might have sold 2 units around 600K with 649K being the highest.

    By the way, the same can be said of One First in Cambridge…their rate of selling over the summer far exceeded the new luxury developments in Boston

  2. rich
    Comment by rich | 11/19/09 at 6:55 am

    Hi CB,

    Any sense how much FP3 had to drop their asking prices from 2008 in order to start making sales in 2009?

    Rich

  3. John Ford
    Comment by John Ford | 11/19/09 at 8:39 am

    Rich,

    According to Banker & Tradesaman 15% reduction from the original price. PH is under $1,000 per sq ft.

  4. aaron evans
    Comment by aaron evans | 11/19/09 at 12:42 pm

    I hope your blog gets to the top of google for “boston real estate”

  5. Frank G
    Comment by Frank G | 11/19/09 at 5:49 pm

    FP3 is successful because it has aesthetics and integrates perfectly with a streetscape gradually becoming richer with amenities and activity. These are the same things that drive the popularity of the traditional homes in the Back Bay and South End.

  6. ResMark
    Comment by ResMark | 11/20/09 at 2:59 am

    CondoBuyer,

    Few used / qualified for the first time home buyer credit. In fact, stunningly few. Higher priced residence activity is solid, keep an eye on public record in the coming months.

  7. Bradley
    Comment by Bradley | 11/20/09 at 3:39 am

    Amen and high fives ResMark! Good going and best of luck.

    FoPo is a nabe to keep an eye on. The next South End, perhaps? Tastemakers such as Barbara Lynch and Joanne Chang have already blessed it. Buyers at FP3 are clearly in-the-know.

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