Back Bay Brownstone Market in 2017
Boston has recently experienced high property sales, which marks the end of another booming quarter for the city's real-estate market. The demand for the Millenium Tower units is particularly high, setting the pace for a promising market in and around the city. As at the year 2014, the price of Brownstone houses in the high-end areas of Boston City had pushed the price to $ 2,000,000. Three years down the line, people looking to buy single-family units in Back Bay, South End, and Beacon Hill are ready to splurge as much as $2.8 M to eight-digit figures.
A unit at Boston's Millennium Tower Penthouse Collection, for example, sold for nearly $ 12 million. It featured a 4,700 square foot condo with floor-to-ceiling windows, hardwood floors and building amenities like private function room, terrace, and a library. Another unit at the same Tower sold for $4 million.
When it comes to buying Brownstone properties, the price largely depends on the condition of the house, year of renovation, and its location. As such, newly renovated single family units tend to be more expensive, especially if they come with a garage parking and panoramic views like those of the Charles River and Commonwealth Avenue. In fact, the most coveted locations include Chestnut Street, Louisburg Square, and Union Park.
The Range of Prices to Expect for a Condo Back Bay
A triplex condo located in the historic Back Bay brownstone estate was recently sold for $8 million. The apartment occupied 5,000 square feet of living space, 4.5 baths, four bedrooms, a bar, multiple fireplaces, a kitchen, hot tub, and a private terrace that is fitted with gas grills. A few doors from this brownstone condo, a second-floor condo unit that occupies 2,100 square feet was sold at $ 3.4 million. The brownstone property featured a high ceiling, marble fireplaces, an open kitchen and a spectacular view of Charles River.
The Highest Sales in 2017
This year's highest sale of Back Bay's condo was made in June at Commonwealth Avenue, which sold for a whopping $17.2 M. Of course, it does not exceed 2016's $30M+ deal for the Millennium Penthouse, but it makes the highest sale this year. This historic brownstone was built in 1890 and featured two half baths, four baths, five bedrooms, and a spacious living space of 7554 square feet.
The condo also has a private entrance, an elevator, and up to 32 windows, providing panoramic views of Common Av. Mall. Its living room has a height of 42 feet and a 15-foot ceiling. The library is made of stunning woodwork. Its condo also featured other amenities like a private patio, two laundry rooms, five gas fireplaces, and up to four garage parking spots.
The sale exceeds the previous 2017 record-sale of a condo located at Beacon Hill. This 6,022 square foot condo was sold for $9,035,000. It featured three bedrooms, 3.5 baths, twelve-foot ceilings, custom finishes and floor-to-ceiling windows. The building amenities comprise an onsite garage parking and a shared terrace with spectacular city views.
What Causes the Sharp Price Deviations?
The deviations in property prices of these Brownstone properties in Back Bay depend on several factors. As mentioned earlier, the condition of the Brownstones, year of renovation, and its location play the most significant role. But, other elements come into play when setting prices for these properties. To begin with, real estate valuers factor in the amenities that come with the property. In fact, they create the most significant deviation per square foot. In Back Bay, units that provide various amenities garner the highest price compared to those with fewer convenience facilities.
Secondly, the location of the condo also determines the ultimate price of the brownstone property. Pent-house units, for example, garner higher rates than those located on first, second, or the parlor floors. A unit with the lowest dollars per square feet is located on the first floor or below. In 2012, for instance, a six-year-old condo (after renovation) on the first floor cost $500,000 while a garden level unit with a patio sold for $ 624,000.
A penthouse built in 1985 near Arlington Street, however, sold for over a million in the same year. Another loft that was constructed in the 1920s and located at 100 Beacon, sold for $9 million. It had been renovated in 2009.