5 year historical charts 2005 to 2009

These charts indicate the continuing attractiveness of our community,strength of CRP values, price stability and the recognition by consumersthat new residential developments in the West End, Bullfinch Triangle andCharles River Park itself are likely to lift the value of older surroundingproperties as is historically the case in Boston wherever new constructionhas revitalized a tired neighborhood. In the West End, our new streetlights, banners, signs and the new etching on the Martha Road side of thewall of route 93 say it well: “Welcome to the greatest neighborhood thisside of heaven.” This effort by the city to draw attention to theresurgence of the West End can only be a shot on the arm to property values.

Average selling prices increased in all unit types over the years except 2bedroom units during 2006 which declined a mere .05% (1/2 of 1%). The2 bedroom units came under pressure from competition from condoconversion developments in East Cambridge and Charlestown. In EastCambridge, ½ mile from CRP, property taxes are 26% less than Boston’sand the residential exemption is 27% greater. Notwithstanding, theoverall results of CRP sales are evidence that our CRP market is stillpositive.

New construction in the West End has somewhat slowed the pace atwhich CRP homes are being absorbed (see Days on Market), but it has notadversely affected values. In fact it is having the opposite effect.Additionally, during 2006, new price highs - record breaking selling prices- were realized in all 3 unit types at Charles River Park.

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Days on the market increased in all types except with one bedroom units.Studios stayed on the market about 150% longer than in 2005 but theyfetched an average of $12,000 more, an increase of approximately 4%.One bedrooms sold almost 1/3 faster so far in 2006 compared to 2005and 2 bedrooms showed the longest time on market, more than doublethe time it took in 2005 to sell.

In conclusion, it is my belief that Whittier and Hawthorne homes willcontinue to be in demand even though it may take longer for them to sell.The fundamentals are sound and the principal drivers of price-to-value andsupply/demand are underpinning CRP prices. I also believe that newconstruction throughout the West End will lift the value of CRP’scondominiums as the neighborhood draws new attention, new residents,new infrastructure enterprises, all of which speak to ever increasing valueaddedin our CRP community.

NOTE: All information was gathered from LINK, a data base company thattracks Boston real estate. All numbers are deemed accurate but thepublisher makes no warranty as to their accuracy. All parties relying onthis information are advised to conduct their own due diligence. Some ofthe sales price data includes parking but the methodology used wasconsistent throughout the report. For precise information regarding pricesthat included parking contact a realtor who is intimate with CRP as it willbe virtually impossible for one who is not to discern which propertiesincluded parking. Any reproduction of this report without the expresswritten consent of the publisher is strictly prohibited.

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