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 $1375 per square foot.
- A number of front corner units sold at somewhat less aggressive per square foot prices. I speculate these enviable unit locations had modest pricing because they faced the ocean instead of the city or quite possibly went under agreement early in the marketing period, before the developer had been able to modify pricing to reflect market changes and increased demand.
|Unit#||Sale||Square Feet||$ Per square foot||Position|
|11A||$5,145,025||2756||$1,867||Corner front to back|
|11F||$4,541,862||2674||$1,699||Conrer front to back|
|12A||$5,096,944||2756||$1,849||Corner front to back|
|PH1A||$8,300,650||3339||$2,486||Front to back corner|