Our Featured Open House of the week is taking place at South Boston’s green Macallen Building. From Noon - 2 PM on Sunday, December 16, 2007, Pappas Properties will hold open units at not only the Macallen Building (141 Dorchester Avenue), but their adjacent Court Square Press loft development.

This weekend provides you the opportunity to see two of the finest properties in northern South Boston. Let them know that Boston Condo Guy sent you, and if you need Buyer representation on a purchase, please contact us.

If you act fast, you can still take advantage of the Macallen’s year end clearance sale (see Buy at Macallen, Get a Free Hybrid Car).

Forget about a free plasma TV, or a year of HOA fees, we’re talking about a free hybrid car as a buying incentive at South Boston’s Macallen Building. Pappas Properties, the developer of the 140-unit green Macallen Building is offering a year-end clearance sale to entice Buyers into their units, and wow, are they going all out.

On a limited number of available units, prices have been slashed by upwards of $200,000 (for instance, unit 119 was listed for $1,160,000 and is now $929,000), putting price per square foot ranges on some units into the $500’s. If a Buyer reserves a unit before December 31, 2007, and closes on the property before March 1, 2008, the developer will give the Buyer a Toyota Camry Hybrid car, or, $30,000 if a car is not desired.

We’ve talked a lot about the Macallen, it being the first LEED certified green development in Boston, concierge building with amenities galore, truly setting a new baseline in northern South Boston, if not the city. And they continue to set a new baseline with unheard of Buyer incentives.

Please contact us to learn more about how to take advantage of this opportunity.

Our Featured Open House of the week has found one of the best units at the Court Square Press building in South Boston. The pickings for open houses, given the Holiday weekend, are rather slim, but if you have not already seen this unit at the 130-unit luxury development in South Boston, it’s worth a look.

Unit 416, priced currently at $539,000 after 2 price reductions, this 936 square foot unit on the 4th floor, with excellent views and light, has the capability of being converted from a one-bedroom into a two-bedroom loft (optional floor plan included). High-end finishes through the kitchen, and two bathrooms. The exposed brick and beam give this unit character, and the amenities of the Court Square Press development (as well as the neighboring Macallen to which owners have access) boast a full fitness center, lap pool, outdoor grills, private screen room with kitchen and bath, 24-hour concierge, and deeded garage parking valued in the neighborhood of $50,000.

The open house will take place on Sunday, November 25, 2007 from 11:00 AM to 3:00 PM. For Buyer representation, or more information, use the Contact Us link at the top of this page.

It’s approaching six months since the ultra-modern, green, Macallen Building opened to residents. The building has been well-received by all walks of life, yet, there are still 29 units that currently remain for sale at the 140-unit northern South Boston development.

We’ve discussed the Macallen, at 141 Dorchester Avenue, numerous times (click the ‘Macallen Building‘ tag just under the title of this post for more blog posts on the Macallen), the development is clever, and the absorption rate, as we predicted, would take time given that the Macallen is the first LEED certified condominium building in Boston real estate, and prices are consequently higher then neighboring developments. But are the prices staying locked?

As we begin to enter the winter stretch of home buying, sources state that there is room to maneuver at the Macallen related to pricing, with $50,000 price negotiations not uncommon among the moderately priced units. If you are at all tempted by the new baseline for green living in northern South Boston offered at the Macallen Building, contact us using the link at the top of this page for more details on the units currently ranging in price between $475,000 and $1,680,000 at this Massachusetts LEED condo development.

Well, the people have spoken, when we announced earlier this year (see New South Boston Condos at Leachmore Point) that Pappas Enterprises was planning the development of a small, luxury boutique, condo development above the Red Line Broadway T-Stop, the anticipated name, Leachmore Point, received boos and hisses. Based on recent conversations with representatives from Pappas, the name will be changed, to the delight of many, to Eleven West Broadway.

Eleven West Broadway (formerly known as Leachmore Point) will break ground in March 2008, and speed through a condensed construction cycle. No preconstruction units will be sold according to Pappas, once the condo development is complete, units will then be opened up for sale.

Eleven West Broadway is slated to feature 64 high-end condos. The condo development will completely redesign and renovate the Broadway T-Stop (sounds good to us), and following suit with Pappas’ new vision for a better Boston, the building will be LEED certified (green), much like their newly completed Macallen Building across the street.

Initial design drawings that were released earlier in the year are being reworked, so stay tuned for more changes on this exciting new development in northern South Boston.

One of the Three South Boston Amigos, Allele Boston, is showing significant progress towards its Q1 2008 occupancy target. The best vantage point to view the Allele development is from Dorchester Avenue looking south, where you can get a great view of the rounded bow facade of the building. The exclusive photos below provide a great time series piece on what has been happening over the past several months on the construction progress at Allele.

Allele, meaning hybrid, will be a loft-style condo development at 150 Dorchester Avenue, consisting of 48 units priced between $429,000 and $1,100,000. As you can see from the pictures, terraces accompany most units. Garage parking will be available for $30,000 $40,000.

For more information on Allele Boston, or any other South Boston or Seaport District condo, please contact us.

We’ve received a number of requests from clients interested in pricing levels at the recently opened Macallen Building, the green LEED-certified 140-unit luxury development in northern South Boston.

There are currently 32 units that are available in the development, with pricing starting at $475,000 (approximately $600 per square foot). Units include very high-end amenities, and access to a host of services provided by the dual-access Macallen and Court Square Press buildings (gym, heated pool, screening room with kitchen and bath, garage parking, etc.).

For more information: Macallen Building Pricing Information (PDF)

For more information on any of the individual units at the 141 Dorchester Avenue Macallen Building, or to setup a showing, please contact us. Dig a little deeper and learn more about the history of the neighboring Court Square Press building, and where the Macallen Building got its name.

Thanks to John Keith for pointing out that the Trulia Blog is passing out some warm and fuzzy news about the Boston real estate market. According to the Trulia September 2007 Trends Report, the downtown Boston market is experiencing year-on-year gains in home prices.

Median sales price in Back Bay is up 18.2 percent over last year, showing that some areas have defied the real estate slump. South End was next on the list of most popular neighborhoods. Densely populated South Boston, or “Southie”, was third most popular. Median sales price in South End and South Boston was up 8.8 percent and 7.2 percent, respectively, over the previous year.

This confirms what we have been saying for some time now, that city center condo prices buck the suburb and pan-US housing trends.

=== Updated on October 24, 2007 ====

Based on the comments we received, here is a look into deeper statistics for the Back Bay market from 2005 - 2007.

From 2005 - 2006:

• Average Price: $819,339
• Average Days on Market: 101
• Number of Units Sold: 387

From 2006 - 2007

• Average Price: $865,507
• Average Days on Market: 111
• Number of Units Sold: 453

These numbers are based off of data pulled from the MLS (Back Bay 2005 - 2006 and Back Bay 2006 - 2007). Over the past two years in the Back Bay, the number of condos sold has gone up significantly, average days on market has trended up, and average price continues to trend up.

The Trolley House at 335 West Second Street in South Boston, a 24-unit 2005 rehab of a former Boston trolley house currently has two units available for sale. Both units are two-bedroom two-bathroom, and are accompanied by two garage parking spaces.

The available Trolley House condos are priced at $519,000 and $589,000, and are 1,260 and 1,331 square feet respectively. Kitchens feature Bosch and Jenn-Air appliances, gas cooking, granite countertops, and maple cabinets. HOA fees on the units come in at just under $300 per month. Units are surrounded by floor to ceiling windows, and residents enjoy a beautifully landscaped common courtyard.

If you like new developments, then the area surrounding the Broadway Red Line T-Stop is your new hot spot. 2007 has seen the completion, and near completion, of what we are calling the Three South Boston Amigos - the Lofts at 36 A, the Macallen Building, and Allele Boston.

These three condo developments are setting a new baseline for high-end living in the northern part of South Boston, with existing standards (Court Square Press) and some more to come in the upcoming years (Leachmore Point, now to be called Eleven West Broadway). Both the Macallen and 36 A opened to residents around the June 2007 timeframe, and Allele is planning for an early 2008 occupancy date. The exclusive photo below shows Allele Boston in the foreground, and the newly completed Macallen Building in the background, with the South End and Back Bay skyline to the left.

For buyers looking for the opportunity to build short to medium term equity, this area of Boston should be of pertinent interest. With the amount of development that has already happened, and that which is planned, the neighborhood will continue to blossom. For instance, we recently announced that Tapeo Boston will open a new South Boston restaurant on the ground floor of Allele, adding to the draw of the area. Small things, like reconstruction of the median between Macallen and Allele on Dorchester Avenue and the planting of trees will, again, add to the beauty and allure of the area. Significant retail is planned for Court Square Press (an organic market complete with top choice butcher), Macallen (yoga studio, dry cleaner, cafe, and small offices), and across the street from the T-Stop, a not yet announced art / wine gallery.

The Lofts at 36 A is a 36-unit 6-story boutique development that features very high-end finishes throughout, including some of the best bathrooms in the city, and exquisite scored and stained concrete floors. The development features a common roof deck situated next to numerous private roof deck spaces, and two levels of garage parking, the lower of which is serviced by a car elevator. This is a high-end, but no frills (no concierge or fitness center) condo development. 36 A features a single retail space on the ground floor.

Allele Boston will be a 48-unit 6-story (but will sit slightly lower than the adjacent 36 A building) development that is aiming for a February / March 2008 opening. Allele, which means hybrid, offers traditional home features with loft style feel, some with terraces, and garage parking for an additional purchase price. Allele will feature a ground floor restaurant (Tapeo of Newbury Street is currently the target client).

The Macallen Building is a LEED Gold Certified (Green) 140-unit mini-mega development. Macallen represents the second phase of the Court Square Press buildout, and is a full service luxury building that is the first green residential building in the city of Boston with an outdoor heated pool on an 18,000 square foot plaza, garage parking, and a viewing / entertainment room, and fitness center (in Court Square Press).

Developers are creating a very high-end, desirable enclave just south of the city, and it’s only a ten minute walk to the South End, or a quick T ride to Downtown Crossing. Residents of other recent area developments, namely 80 A Street (also known as 52 Athens) and 125 B Street Lofts, which are seen as perhaps a lower price option to Macallen, 36 A, or even Court Square Press, will soon be enjoying the fruits of their sister developments’ labor by way of increased condo values, and augmented commercial and retail options.

For a complete look at what is available in each of the Three South Boston Amigos, or any of the other sister developments, please contact us. The exclusive photo below shows the lineup of the Three Amigos along W 4th Street (closest to farthest: Lofts at 36 A, Allele Boston, Macallen Building).