Look out, Boston condo hunters: If you’re looking to get into Boston proper neighborhoods like Back Bay or the Boston Common, be prepared to potentially pay more than $1,000/square foot.
Boston Midtown/downtown has truly jumped the shark with its price per square foot average Boston luxury condo: It’s now just above $1,400. And thanks to the new Millennium Boston condo development in downtown Boston, that neighborhood’s price per square foot average leads the pack for condos in the city.
I’m not a huge fan of basing everything on price per square foot, mainly because there’s some confusion with older Boston condos on the verification that the square footage being represented is accurate. Many Boston real estate agents based the square footage on property tax records, which I have found not always being correct. But square footage data point is usually the standard reference, particularly when you’re talking about new construction. The price per square foot for new construction condos situated in very central and desirable Boston neighborhoods topped $1,000 last year, and it seems like many buyers are happy to fork that over for new Boston condos in new luxury buildings.
When you’re competing in a multiple-offer situation, you can bet there are agents, sellers and buyers who are taking this data point into consideration. Here’s where you can expect to pay the highest price per square foot.
(originally posted March 2015)
Back Bay average asking price per square foot: $1,375.00.
Boston Midtown average asking price per sq ft: $1,445.00.
Boston Waterfront average asking price per sq. ft: $1,135.00.
