As 2011 came to a close, we thought it would be interesting to look back at sale activity for the past year.
This data was drawn from Multiple Listing Service (MLS) and reflects information supplied by the brokers involved in each transaction.
Both the North Tower (1 Avery Street) and the South Tower (2 Avery Street) were about equal in sales. The North Tower had 11 sales and the South Tower had 9 sales with 1 pending sale.
In 1 Avery Street, the average list price was $2,226,091. The Average Sale Price being $2,063,636 with an Average SQFT price of $969 and Days on Market (DOM) averaged 166.
The Low-High range for the 1 Avery was 16D selling at $850,00 (originally listed at $899,000, DOM 134) and 35B which sold for $3,500,000 (originally listed for $3,750,000, DOM 147)
**These details do not include the sale on 9/9/2011 of ex Red Sox Manny Ramirez’s PH2A for $5,550,000. These figures were not part of MLS, as the unit was not officially listed in MLS after having expired.
Across the street at 2 Avery Street, the sales data was as follows:
Average List Price of $1,277,700
Average Sale Price of $1,223,750
Average Price/SQFT of $950
Average DOM of 268
The Low-High range was 18F selling for $625,000 (originally listed at $639,000, DOM 257) and 23C selling for $2,300,000 (originally asking $2,450,000, DOM 366)
The South Tower has 1 unit slated to close later this month, 27C listed at $3,250,000.
At the close of 2011, available properties in the South Tower consisted of 14 listings with an Average ask of $1,170/SQFT.
The North Tower has 11 listings with an Average ask of $1,033/SQFT. Traditionally, inventory in both residential buildings will increase in January.
In 2011 of the total 21 sales for both towers, Atlantic Associates Real Estate represented the Seller or Buyer in 9 of the transactions.
For all current Ritz-Carlton listings visit our website at www.atlanticassociatesre.com
*Information is deemed correct but is supplied by a third party. To the best of our knowledge this information is accurate as of 12/31/11.
MILLENNIUM PLACE SOUTH RESIDENTIAL ASSOCIATION
BOARD OF DIRECTORS MEETING
The Ritz-Carlton Residences South Tower
2 Avery Street
Boston, Massachusetts 02111
Meeting to be held on
January 25, 2012 at 7:00 p.m.
In the Boylston Room
The Ritz-Carlton Hotel, Boston Common
10 Avery Street
Boston, MA 02111
Residents are welcome to attend and observe the meeting and provide comments and ask questions during the appropriate time in the meeting agenda.
Lovejoy lawsuit settled
Boston Business Journal by Thomas Grillo, Real Estate Editor
Lovejoy Wharf, a luxury condominium project on the waterfront near Boston's North End, is cleared to proceed after a legal settlement with neighbors. The project would add five stories in a massive renovation to the existing Hoffman Building, pictured here.
Twenty-one residents of Strada234, an upscale development near the TD Garden filed suit to overturn an amendment to the Municipal Harbor Plan that allowed Lovejoy Wharf to be built by Lexington-based Ajax Management Partners at 155 feet, up from 55 feet. A second lawsuit sought to overturn a Zoning Board of Appeal decision to allow construction of an eight-story automated garage.
The Boston attorney representing the Strada residents, said terms of the agreement prohibited him from disclosing details. Previously, a proposed settlement with Ajax provided residents with $2.3 million and, in exchange, the plaintiffs would drop litigation, but that deal fell through.
At issue was the mixed-use development at the water’s edge that includes the rehabilitation of 160 North Washington St. and a new 14-story tower to be built on nearby Beverly St. The project received approval from the . But the proposal has been stalled due to legal challenges. In all, the project would add 250 units along a revitalized waterfront.
The development team has said Lovejoy Wharf presents an opportunity to revitalize a significant waterfront parcel near Boston’s North Station. The project would serve as a contemporary gateway to the area near the Rose Fitzgerald Kennedy Greenway. The historic structure at 160 North Washington Street would be renovated following the demolition of the top two floors that would be replaced with four new floors. The ground level would feature 39,000 square feet of retail space including a 300-seat restaurant and a 7,600-square-foot fitness center.
Given the challenging times for condominiums, it’s unclear whether Ajax will proceed with construction of condos, seek to change them to apartments or sell the project.
JUST SOLD!! Today December 28th
Atlantic Associates Real Estate is proud to announce the sale of 1 Avery Street Unit 32A!!
Ritz-Carlton! Rarely available high floor corner “A” unit. Expansive layout with the ultimate Boston Views. Unobstructed vistas from Boston Harbor to Fenway Park. Must be seen to be believed!! Elegantly designed with the highest quality of finishes. Co-Exclusive $2,500,000