The average asking price of market-rate listings currently on the market in Boston’s booming Seaport District is $1,498 a square foot compared with $996 a square foot for market-rate properties for sale along the city’s North End Waterfront.
That is according to a new analysis from real estate research site NeighborhoodX, which deep-dived into the respective areas’ listings.
The site not only came up with how they compare pricing-wise, but with reasons for the relatively high tags (and, make no mistake, both the Waterfront and the Seaport are among Boston’s most expensive areas for buying a home).
“Both of these neighborhoods, are adjacent to historic neighborhoods - the North End and South Boston, respectively,” NeighborhoodX co-founder Constantine Valhouli explained in an email, “and the higher prices reflect a fundamentally different product type that is a result of zoning. The higher average prices are also a result of the homogeneity of product type—predominantly luxury condominiums."
The homogeneity, Valhouli added, is one of the reasons why the Seaport has a higher average price than Beacon Hill ($1,413) or even Back Bay ($1,472)—these neighborhoods developed over a much longer period, and have a greater range of housing types.
It also explains why the Seaport’s more affordable units (relatively speaking) are actually clustered in Fort Point—and are of a different product type. These tended to be conversions of historic buildings rather than pricier new developments such as Twenty Two Liberty and 50 Liberty, according to Valhouli.
- 50 Liberty’s condos start dropping: $1,400 a foot and way up [Curbed Boston]
- Twenty Two Liberty Sales: Gobsmacking As Everyone Thought [Curbed Boston]