Boston Market Trends
Spring 2021
Setting the tone for sophisticated real estate services
At Engel & Völkers Boston, we strive to embrace our city’s simple ethos — we work hard, and we play hard. Our real estate advisors work each deal with the same drive and intensity as if they were purchasing the property for themselves.
Our advisors are not only the most successful in our area, they also share traits which align with Engel & Völkers’ culture, such as teamwork, passion, and competence. With our state-ofthe-art real estate tools and technology, premium brand recognition, and unrivaled market knowledge, we are able to offer our clients first class service during the purchase or sale process.
We look forward to hearing from you soon and advising you on your next real estate deal.
Global marketing support
Fully dedicated team of experts
Engel & Völkers manages a global marketing infrastructure out of our corporate headquarters in Hamburg, Germany that supports our shops and advisors worldwide. This support adds to the targeted marketing strategies delivered by our Americas headquarters in Manhattan to support the local markets served by our Engel & Völkers advisors. Each local shop then leverages the brands national and international resources and reach through its dedicated marketing specialist who works with each advisor to create customized, multi- channel campaigns for each property we market.
Engel & Völkers marketing strategies and offerings are rooted in data and research for optimal results --- at every level. By identifying the unique qualities of a property and placing it in the context of current and trending market conditions, we then identify target market groups and create campaigns to provide maximum exposure of the property alongside messaging and branding to attract the most qualified buyers. Our creative approach is also backed by consumer data and testing to ensure we highlight your property in the best light.
The world deserves to see it. You deserve to sell it.
Giving you the EDGE. Smart marketing. Extensive exposure.
Global reach with boutique style is what you can expect when working with an Engel & Völkers advisor here and around the world. Providing unprecedented reach of your property, Engel & Völkers offers the exclusive EDGE (Extensive Domestic & Global Exposure) platform designed to maximize online exposure of your listing to qualified buyers worldwide via a suite of highly trusted and strategic online and mobile marketing partners. But we don’t stop there. With a global network of more than 11,000 real estate professionals in more than 30 countries, we not only reach millions of consumers, but are able to collaborate with our fellow Engel & Völkers advisors to strategically handpick and refer buyers for the specific properties they seek … like yours.
Let us provide the EDGE you need to sell your home and begin your next adventure.
Brick rowhouses and sidewalks, beautiful doors and windowboxes all add to the charm that can only be found in Beacon Hill. Last year during the first quarter, the number of homes/condos sold and the number of days on market both increased. However, the average sale price dropped due to less new construction inventory in the neighborhood. The ratio of sales to list price stayed steady.
Beacon Hill Featured Property
66 Revere Street
This enchanting brick single family sits on picturesque Revere St in the heart of Beacon Hill. Greeted by the cherry-red door, you immediately know you’ve arrived home. From the sunny and gracious foyer to the dining room with custom millwork cabinetry and an original fireplace to the fully appointed gourmet chef’s kitchen with direct access to a private, outdoor patio, this home is filled with high-quality finishes and innumerable updates. Bright and spacious, the double living room is highlighted by front to back windows, numerous built-ins, a stunning fireplace, and a private study. And there’s a glorious roof deck ideal for entertaining or just relaxing and a ground floor den/bedroom with its own bathroom and private entrance, just perfect for an au pair or guests. This one-of-a-kind, rarely available home is not to be missed, and all of this perfectly located just steps from the acclaimed shopping and restaurants of Charles St, the Esplanade, MGH/MEE, public transit, and easy highway access.
Back Bay Neighborhood Market Trends
From the rich history of the homes and buildings to the trendy vibe of the shops and restaurants, Back Bay is a place many people wish to call their home. Our own offices are located in the heart of Back Bay, and we are certainly happy to call it home! Last year the number of homes/condos sold was the same year over year for the first quarter. The average sales price and the ratio of sales to list price did drop, but the Spring market is picking up. The current average list price for a condo in Back Bay is $3,432,053.
Back Bay Featured Sales
160 Commonwealth Ave, The Vendome
The Vendome is an iconic elevator building featuring 24-hour concierge, on-site management, and a gorgeous lobby. Situated on the corner of Dartmouth and Commonwealth Ave, it is optimally located in the heart of Back Bay and just steps to Copley, numerous T stations, and the best shopping and restaurants/eateries that the city has to offer. Unit 708 - UAG $1,499,900 Unit 413 - SOLD $1,005,000
We are pleased to announce these fabulous units were listed and sold by Engel & Völkers. Stunning penthouse, unit 708, features 3 beds, 2 baths with breathtaking city views and great storage. Front facing, unit 413, features gorgeous views overlooking the Comm Ave mall and high ceilings throughout.
South End Neighborhood Market Trends
The South End is one of the most beloved and popular neighborhoods. The number of homes/condos and days on market increased in the first quarter. The average sales price has dipped a bit. The ratio of sale to list price, this is the amount buyers can expect to pay, stayed the same. Over the past four years the sale price per square foot has remained steady. There are currently 129 condos on the market with an average list price of $1,552,512.
Data per MLSPIN
South Boston Neighborhood Market Trends
South Boston is home to many young professionals and families who are drawn to the vibrant community & convenient location. Last year the number of homes/condos sold increased by 38%. Meanwhile, the average sales price and days on market were down from last year. Come visit us at our South Boston location anytime- 493 E Broadway!
The Seaport District is Boston’s newest neighborhood with an influx of new luxury buildings. Last year the number of homes/condos sold, average sale price, days on market, and the ratio of sale to list price, decreased. Many units at The Echelon sold the first quarter of 2020, which is reflected in the higher average sale price. Thanks to luxury buildings, the “price per square foot” has gone up quite drastically over the past years.
Data per MLSPIN
Boston’s Midtown is centrally located and home to many full-service buildings near the Boston Common. Last year the number of homes/condos sold and the ratio of sale to list price dropped slightly. The average sales price dropped drastically, due to the pandemic. It looks like we are heading into a strong Spring market in the full service market in the Midtown neighborhood.
Spectacular corner three bedroom, three bathroom “Grand Residence” boasting breathtaking views from the forty third floor of Millennium Tower. Floor-to-ceiling glass windows showcase panoramic views of Back Bay, Beacon Hill, the Charles River, Boston Harbor, and beyond. Enjoy cooking in the open gourmet chef’s kitchen and dining while overlooking the city. Upgraded hardwood floors throughout, gas fireplace, automatic window treatments, and two valet parking spaces complete this truly one-of-a-kind residence. Tower residents enjoy unparalleled 5-star amenities including concierge, private dining, seventy five foot lap pool, and fitness center. Offered at $4,295,000.
Boston’s Waterfront has a rich history and is home to many full service buildings, Harborwalk, and the Aquarium. The number of listings increased a bit in the first quarter of 2021. The ratio of sale to list price and average sales price remained steady. There are currently 30 units under agreement in the Waterfront, the Spring market is in full swing here already.
The North End is one of Boston’s most historic neighborhoods, famous for its narrow streets and amazing restaurants. The number of listings sold stayed the same. The average days on market was up, while the average sale price was down. We are excited to be opening our 5th location in your neighborhood on Hanover St- keep your eyes out for our grand opening.
Charlestown is steeped in history with brick townhouses and clapboard triple deckers. Last year the number of homes/condos, days on market, and average sale price were all up. The ratio of sale to list price dropped to 98%. Over the past four years the “price per square foot” has remained steady.
Charlestown
Cambridge is located directly across the Charles River from Boston. It is home to famous univeristies and highly rated public schools. Last year the number of homes/condos sold and days on market were up. The average sales price was down. A handful of single families sold in the first quarter of 2020 for $5M+ adjusting the average sales price a bit. With students and professionals alike heading back to the Cambridge market, we are sure to see a strong Spring in your neighborhood.
Meridian Realty Group
Full Service Property Management
Selling pretty condos isn’t our only goal. Keeping them pretty is part of our service.
24/7 Full Service Property Management Division
As part of Engel & Völkers service to our clients, we are able to provide 24/7 full service property management through our sister company, Meridian Realty Group (MRG). Meridian Realty Group offers a wide range of resources to provide hands-on management for owners, investors, residents and their properties. We specialize in associations from three to 100+ units. State-of-the-art management and property accounting systems are in place to electronically pay condo fees, submit work orders, track rental activity for multifamily owners, and provide online access to building documents and monthly financials. We work closely with associations, condominium boards, and single and multifamily owners to establish and implement policies that will enhance the quality and value of your property or complex.
Meridian Realty Group utilizes a unique team approach in offering comprehensive residential and multifamily property management services. Our senior principals have over 100 years of combined experience in property management; creating programs and services tailored for each individual client.
Email us today for a free on-site consultation at info@mrgproperty.com
Condo Maintenance Guide
Preventive maintenance is the regular inspection and repair of equipment and facilities to prevent extensive, costly damage from occurring over time. Preventive maintenance can go a long way toward reducing the overall cost of your condominiums, as large expenditures for repairs and replacements can often be avoided by a careful attention to detail. Following a thorough condominium preventive maintenance checklist can help you to increase the attractiveness of your property.
Landscaping
Landscaping not only adds value, but can increase the enjoyment of your home. Whether it be in the common or private areas of your association, picking the right plantings and materials is important to maximize enjoyment for all.
Building Overview
Now is a great time to make your front entrance welcoming. Whether it is a fresh coat of paint or a new set of planters, it’s the small inexpensive things that can make a world of difference. Don’t forget to review your vendors from last year. Were you happy with the snow removal, leak repairs, heating, management company responsiveness, etc.? If not, make a couple of calls to see who else might better fit your needs.
Inspections
Perform regular inspections on all equipment and facilities that are subject to damage or normal wear and tear. Inspect such things as roofs, insulation, ventilation systems and appliances to ensure that they are operating safely and efficiently.
Cleaning
Stick to a regular cleaning schedule for fixtures such as air ducts and exterior siding to ensure that dirt, mildew and other buildup does not cause any damage. Clean and replace filters in heating and air conditioning units, as well as appliances such as washing machines and dryers, to prevent fire damage. New or cleaned filters also help to keep electricity costs down, as the appliances can operate more efficiently with an unrestricted flow of air.
Pest Control
Bring pest control specialists into your condominiums at least once per year. Common pests can increase their populations rapidly and can quickly infest an entire property, causing extensive damage to interiors and electrical infrastructure. Act proactively to ensure that pests do not gain a foothold in your properties, and respond quickly to any pest complaints.
Testing
Test emergency equipment such as sprinkler systems, smoke alarms and fire extinguishers to ensure that they remain in working order. Properly maintained safety equipment can prevent a small mishap from becoming a major disaster. Fire escapes need to be certified every 5 years per the Commonwealth of Massachusetts. Elevators need state inspections on a scheduled basis.
Sealants
Reapply all sealants before a problem occurs. Sealants on steps, decks, bricks, exterior paint and window caulking can corrode over time, exposing your property to the risk of internal damage. Keeping on top of these items not only helps to keep your structure strong, it can also cut down on energy, assessments, and repair bills in the future.
Support our Local Restaurants and Businesses
Krasi- Meze and Wine Bar
48 Gloucester St, Boston 02115
Krasi is love. Krasi is life. Krasi means wine, literally. Krasi is about conversations and the people immersed in them. It’s about new friends, old friends, and turning strangers into friends.
Krasi is Greek, differently.
La Voile- Authentic French Brasserie
261Newbury St, Boston 02116
La Voile, “the sail” in French, is an authentic French brasserie and an import from the South of France. The cuisine is evidently French and authentic, with some “Méridional” dishes from the Mediterranean. Be aware this might inspire you to discover our country, well known for its perfect balance of enjoying time, food, art of any kind.
The Bittersweet Shoppe- Gourmet Coffee
257 Newbury St, Boston 02116
Charming, vintage-modern atmosphere and sun drenched outdoor patio, it is our desire to give you a place to feel welcomed, comfortable, inspired, and happy! We hope we’ve created a memorable experience while leaving a lasting impression. Please join us often, and we’d love it if you spread the joy and the love!
Gifted Boston - Handmade Gifts
2 Dartmouth St, Boston 02116
Artist owned, artist run boutique. Gifted is an independent, woman-owned gift boutique in Boston’s beautiful South End. We feature works by more than 75 U.S. artists/makers, as well as beautiful items from around the world. We offer the area’s largest selection of greeting cardsprinted in the USA!
Engel & Völkers Cares
Engel & Völkers Cares
Special Olympics
Engel & Völkers is a proud champion of Special Olympics, specifically focused on creating more inclusive communities through its Athlete Leadership and Play Unified programs. We are committed to giving back to and investing in the neighborhoods our clients desire because these too are the places in which we live, we play and we raise our families.
Engel & Völkers is a proud champion of Special Olympics, specifically focused on creating more inclusive communities through its Athlete Leadership and Play Unified programs. We are committed to giving back to and investing in the neighborhoods our clients desire because these too are the places in which we live, we play and we raise our families.
brokerages and together across time zones and borders—it’s a common good that unites us. Every hour given, every dollar donated, every kind word spoken and every door opened creates opportunities for those who need it most. We believe that in order to lead, we must empower others to do the same.
Special Olympics athletes contribute to our story.
From them we learn, we think differently and realize what we can accomplish as individuals, as local
Special Olympics athletes contribute to our story. From them we learn, we think differently and realize what we can accomplish as individuals, as local
brokerages and together across time zones and borders—it’s a common good that unites us. Every hour given, every dollar donated, every kind word spoken and every door opened creates opportunities for those who need it most. We believe that in order to lead, we must empower others to do the same.
Ask how our shop specifically contributes to this amazing cause.
Ask how our shop specifically contributes to this amazing cause.
