Boston Real Estate By Foot (Squared)
David Bates / January 22, 2011-1:56 pm
LINK, a Multiple Listing Service covering Boston, compiles market statistics and publishes its findings in quarterly and annual reports. One key statistic it reports on is the average dollars-per-square-foot buyers paid in twelve different Boston neighborhoods.
How much do the neighborhoods differ in average square foot valuation? According to the LINK Annual Report for 2009, the most expensive average square feet in Boston were purchased in Midtown, the location of relatively few transactions (73 sales for 2009 at around $750 per square foot) but a place where the majority of the real estate sales occur in full-service, high rise buildings like the Ritz Carlton Condominiums and Tremont on the Commons.
Boston’s most established high-end neighborhoods, Beacon Hill and Back Bay, trailed midtown by about $50 a square foot and at $701 and $699 per square foot respectively had a nearly identical average valuation. The next grouping of neighborhoods occurred between $587-$596 per square foot and included the South End, North End and Waterfront.
The cheapest neighborhood covered by LINK was South Boston, where at $366 a square foot, buyers could purchase more than two square feet for the same price as every one square foot in Midtown. In the heart of a recession, selling two square feet for the price of one might be a good idea — as evidenced by the fact that South Boston, with 492 sales in 2009, had nearly seven times the number of real estate sales transactions of Midtown.