Much was made (and rightfully so) about the groundbreaking last week for a 355-unit apartment tower at NorthPoint, Cambridge's soon-to-be newest neighborhood.
All total, NorthPoint is expected to grow residential-wise to about 2,900 apartments and condos (the whole shebang could spread to 5 million square feet of retail, residences and offices over 45 acres, the last big slice of undeveloped land in the People's Republic). There were at least two other buildings already on the scene by the time of last week's groundbreaking, though: One and Two Earhart.
One Earhart has 99 condos (mostly duplexes), Two Earhart has 230; the condos (rendered above) average about 900 square feet and range from studios to 2-BRs. Sales started in 2008, with more than one-third of the towers' condos trading. Nice pace. Then the Great Recession got in the way, nixing all but 30 deals. Sales were relaunched in late 2010, with another 90 units trading through January 2012. Solid pace again.
Then! The Earhart towers' condos began trading like hotcakes: 190 in the last 16 months or so. Not only that, but the development team behind NorthPoint upped prices in that time from $490 to more than $550 a square foot (mind you, this is in a largely undeveloped, untested area of the region). It should also be noted that these sales are coming despite the fact that neither tower offers much in the way of amenities (which, admittedly, means low condo fees of 65 cents a square foot). Such is the Hub's superheated condo market.
· Website: One and Two Earhart [The Collaborative Companies]
· NorthPoint Gets Busy Being Cambridge's Newest Neighborhood [Curbed Boston]
· The New Normal in the Greater Boston Condo Market [Curbed Boston]
· Our Development du Jour archive [Curbed Boston]