Leather District Boston Real Estate:
Market Update 4/30/08  

Data courtesy of LINK-ONLINE
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Average $ per square Foot Quarterly

1st Quarter average closed thru 3/31(prelim): $415/SF.

2nd Quarter average closed thru 4/30: $540/SF.

Closed Units per Quarter

Closed, 1st quarter thru 3/31(prelim): 14 units.

The average selling price for the 1st quarter was 89% of last asking price (one property was at 69%).
The average selling price for the 4th quarter was 94.63% of last asking price.
The average selling price for the 3rd quarter was 93.09% of last asking price. .

The average number of days on market for properties sold in this area for the 1st quarter was 166 including preconstruction marketing time.
The average number of days on market for properties sold in this area for the 4th quarter was 124.
The average number of days on market for properties sold in this area for the 3rd quarter was 186.
For the 2nd, it was 242. This includes protracted pre-construction marketing time.

Median Selling Price

1st quarter thru 3/31(prelim): $567,500. In this neighborhood, the amount and type of inventory available for sale is determined by the presence of large scale new construction/renovation projects. Skewing this figure upwards was 112 Beach #6, a 2823 SF unit at $1.538m. Also, there were 6 units at 210 South Street as well as a penthouse at Lafayette Lofts, all of which pushed this number upwards.

2ndquarter (thru 4/30): $400,000 (1 property)

The number of available condos as of 4/30/08: :18.

Average days on market for available units as of 4/30/08: 105. Down about 25 in the last 30 days.

Availability in this neighborhood is very dependent upon the completion of large scale construction and renovation projects, and to a limited degree, the resale of those units.

Look for continued development and appreciation as the new Greenway is completed. Additionally, this area will become more attractive as the hundreds of new residents in the new developments her draw more high end amenities to the neighborhood.

Average $ per Square Foot Yearly

At $489/SF, 2007 was the strongest year on record for the Leather District, primarily due to sellouts of large scale projects such as  210 South Street and sales of the penthouses at Lafayette Lofts.

The actual figures for each unit sold in 2007 in the this area so far range from $329/SF to about $740/SF for an 1858 SF 2 bed 2.5 bath penthouse unit at Lafayette Lofts ($1.375m)..

It is important to remember that average $ per SF is really just an index. Value varies greatly according to location, condition, configuration, location in building, parking, condo association factors, etc.