We knew it. Size matters. Hub dwellers are finding it increasingly difficult to locate larger condos—especially ones that don't have a catch, like several flights of stairs before the front door or a location so distant from commercial areas as to render commuting a Mark Sanchez-sleeping-with-your-wife nightmare. Indeed, the numbers don't lie, brothers and sisters. Per broker Jennifer Athas in The Herald:
According to MLS PIN, there are only 71 Hub properties on the market for under $1 million that are 1,800 square feet or larger and only 51 of these properties have three bedrooms or more. The inventory picks up significantly if a buyer is able to spend north of $1 million. During the past year, there were 356 condominiums sold in the Hub with over 1,800 square feet and only 142 of them were priced less than $1 million.
The reasons are what you might think: the majority of the Hub housing stock that is not single-family comes in buildings that are oftentimes decades old and not easily convertible to larger spaces; or in newer buildings designed to maximize unit numbers in order to maximize sales. Plus, where can you build big anymore, especially in Boston proper?
Why, South Boston!
[L]ocal developer Bruce Daniels of Bennett Development was fortunate to obtain several parcels of land in South Boston along West Second and Dresser streets, where Copley Pharmaceuticals once stood. Daniels has been developing condos in Boston, mostly in the Charlestown and South Boston neighborhoods, since the 1980s and has completed over a thousand units during the past 30 years.
Named after the former pharmaceutical company Copley Townhomes has four newly constructed units, each over 2,000 square feet, with four bedrooms and three parking spaces, priced at $699,900 each.
But, really, Daniels' development is one of just a handful of examples of larger-scale condo development. For now, everybody get shelves, plastic bins and 1.5 kids.
· Large Condos Scarce in Hub [Herald]
Photo: a 4-BR condo at 390 South Street via The Herald