post

Breaking Down the First 50 Sales at 22 Liberty

David Bates / December 9, 2015-12:48 pm

 

Perhaps the most anticipated and most secretive Boston condo development in recent memory is 22 Liberty in the Seaport. The Fallon Company project is the first condominium development to come to market and close in the Seaport, Boston’s new “it” neighborhood. Additionally, the ultra-luxury ask prices of 22 Liberty have no doubt inspired the condominium development of other Seaport lots and perhaps impacted condominium pricing throughout the Hub. Yet, the developer of 22 Liberty has kept his real estate cards so close to the vest that not much is known about the sales. That is until now.  I looked up 54 of the first condos to go to record in the 108 unit development and all you have to do is click “Continued” to see what I found for sale prices, values paid per square foot, the premiums paid, and other interesting data.

  • The highest sale $8.3 million, but the buyer purchased two units next to each other, PH1A & PH1C, totaling 5,018 square feet and $11,246,222 ($8.3 mil + $2.946 mil) of penthouse level condominiums. This buyer also bought a $5.145 million condominium on the 11th floor. So far, 22 Liberty has had more than 40 sales in excess of $2 million, more than 20 condos sales for over $3 million, and six condo sales have topped $5 million.
  • PH2F & PH2G also sold to just one buyer, totaling $9,389,000 ($6.914 mil + $2.475 mil) and 4,648 square feet of penthouse.
  • A couple of condos at 22 Liberty appeared to have re-sold right away, including Unit 8B (sold for $2.741 mil and $3.270 mil), Unit 9B (sold for $2.895 mil and $3.42 mil), and Unit 10F (sold for $4.640 mil and $5.732 mil). Were they flips or were they buyers whose plans had changed? It’s a question that might have an interesting answer.
  • Only about 40% of the sales I looked at had a mortgage.
  • Buyers paid a hefty premium for condos facing front. Front units got at least $1407 a square foot and about one out of every five front facing sales that I reviewed received more than $2000 a square foot. The highest price paid per square foot at 22 Liberty so far was $2,486, which was ponied up for the front to back corner condominium located at PH1A. This condominium was on the city side of the first penthouse floor of 22 Liberty. In general, rear facing units with back or back corner views sold for far less per square foot than front facing condos. Their value ranged from $925 to $1375 per square foot.
  • A number of front corner units sold at somewhat less aggressive per square foot prices. I speculate these enviable unit locations had modest pricing because they faced the ocean instead of the city or quite possibly went under agreement early in the marketing period, before the developer had been able to modify pricing to reflect market changes and increased demand.

 

22Liberty12thfloorred

12th floor plan for 22 Liberty

 

 

 

Unit# Sale Square Feet $ Per square foot Position
2A $3,040,500 2027 $1,500 Front Corner
2E $2,472,184 1756 $1,408 Front
2F $2,888,500 1859 $1,554 Front Corner
2G $1,462,000 1452 $1,007 Back Corner
2L $535,025 508 $1,053 Back
3B $2,525,000 1635 $1,544 Front
3D $3,087,500 1985 $1,555 Front
3F $2,940,000 1859 $1,581 Front Corner
3M $1,858,000 1733 $1,072 Back Corner
4A $3,509,500 2027 $1,731 Front Corner
4B $2,590,000 1635 $1,584 Front
4F $2,885,873 1859 $1,552 Front Corner
4L $575,025 508 $1,132 Back
5A $3,429,279 2027 $1,692 Front Corner
5B $2,635,000 1635 $1,612 Front
5D $3,152,500 1985 $1,588 Front
5G $1,680,560 1452 $1,157 Back Corner
5H $1,210,500 1176 $1,029 Back
5M $1,603,025 1733 $925 Back Corner
6A $3,438,603 2027 $1,719 Front Corner
6B $2,720,000 1635 $1,664 Front
6E $2,849,025 1756 $1,622 Front
7E $2,876,025 1756 $1,638 Front
7H $1,263,024 1176 $1,074 Back
7M $2,319,927 2286 $1,015 Back Corner
8B $2,749,025 1635 $1,676 Front
8B $3,270,000 1635 $2,000 Front
8E $2,889,000 1756 $1,645 Front
8F $2,934,786 1859 $1,579 Front Corner
8H $1,273,024 1176 $1,083 Back
9A $4,218,323 2027 $2,081 Front Corner
9B $2,895,025 1635 $1,771 Front
9B $3,420,000 1635 $2,092 Front
9D $3,270,500 1985 $1,648 Front
9J $996,075 1039 $959 Back
10C $3,760,126 2162 $1,739 Front
10E $3,453,500 2116 $1,632 Front
10F $4,640,250 2674 $1,735 Corner floor
10F $5,731,700 2674 $2,143 Corner floor
11A $5,145,025 2756 $1,867 Corner front to back
11F $4,541,862 2674 $1,699 Conrer front to back
11H $548,375 535 $1,025 Back
11I $1,045,000 1035 $1,010 Back
12A $5,096,944 2756 $1,849 Corner front to back
12C $4,194,030 2162 $1,940 Front
12D $3,559,785 2129 $1,672 Front
12E $3,670,000 2116 $1,734 Front
12H $733,375 533 $1,376 Back
12I $993,450 1035 $960 Back
PH1A $8,300,650 3339 $2,486 Front to back corner
PH1C $2,945,572 1679 $1,754 Front
PH1F $6,820,668 2951 $2,311 Front corner
PH2D $4,796,750 2383 $2,013 Front
PH2F $6,914,000 2951 $2,343 Front Corner
PH2G  $2,475,000 1697 $1,458 Back corner