Everyone knows that Boston is in the mist of an epic residential-building boom, including hundreds of new condos. Everyone also knows (or should) that land and development costs in Boston are particularly high compared with just about any other major U.S. city.
So when a development firm does build, it tends to go long on prices, charging not only what the market will bear, but what will make up (and then some) the costs of building in the first place. The above chart from real estate data site NeighborhoodX shows just how much condo buyers are paying (and developers are charging) versus existing buildings—namely, single-family homes in Boston. It also shows just how much it costs to buy into a particular area condo- and house-wise. Not surprisingly, some of the city's more desirable areas are more expensive. The stats cover average per square foot sales prices from 2015.
· Boston: Condos vs. Single-Family House Prices, 2015 [NeighborhoodX]
· Where Are the New Boston Condos? Openings Scarce in '15 [Curbed Boston]