May 2011

There are 3 blog entries for May 2011.

This Sunday from 2-3PM I will be a guest on the Money Matters Boston radio show to discuss the state of the South Boston real estate market.  The show is hosted by mortgage broker Chris Devin and is on channel 1120AM.  I'm sure most of you have better things to do on Mother's Day than listen to me on the radio, but if you're in your car, please tune in.  You can also watch online at MoneyMattersBoston.com.

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360 West 2nd Street

I attended a community meeting Thursday night for the redevelopment of 360 West 2nd Street (between E & F Streets) in South Boston.  The L-shaped lot currently has a brick building with several green garage doors.  The developers initial proposal in April was to build:

  • 25 condos (21 Market, 4 Affordable)
  • Garage Parking for 25 vehicles on the 1st floor
  • 5 story building

The community was against this, so the developer came back for a 2nd meeting last night with revised plans.  The revised plans were:

  • 21 condos (18 Market, 3 Affordable)
  • Garage Parking for 25 vehicles on the 1st floor
  • 4 story building

The community was against this proposal as well.  Comparable sized lots in neighborhood that have recently been

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South Boston Condo Sales

This morning I did some research on the South Boston real estate market and it's performance thus far in 2011.  The data below compares condo sales from January 1st to May 1st in 2011 to the same time frame in 2010.  What I found interesting was that South Boston condo sales volume was down 14% during that time frame, yet the average price was up a staggering 33%!  In addition, the average days a property was on the market before it sold was up 25%.

In summary, I think the local real estate market is healthy right now.  The drop in volume in comparison to 2010 is to be expected as the 1st time home buyer credit was still in effect at this time last year.  I don't know how to explain the sharp rise in the average sale price, but I'm sure sellers

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