5 year historical charts 2002 to 2006

As these charts indicate the continuing attractiveness of our community, strength of CRP values and the recognition by consumers that new residential developments in the West End, Bullfinch Triangle and Charles River Park itself are likely to lift the value of older surrounding properties as is historically the case in Boston wherever new construction has revitalized a tired neighborhood. In the West End, our new street lights, banners, signs and the new etching on the Martha Road side of the wall of route 93 say it well: “Welcome to the greatest neighborhood this side of heaven.”  This effort by the city to draw attention to the resurgence 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 2 bedroom units during 2006 which declined a mere .05% (1/2 of 1%).  The 2 bedroom units came under pressure from competition from condo conversion developments in East Cambridge and Charlestown. In
East Cambridge, ½ mile from CRP, property taxes are 26% less than Boston’s and the residential exemption is 27% greater. Notwithstanding, the overall results of CRP sales are evidence that our CRP market is still positive.

Increasing selling prices fly in the face of speculation and perception that Equity’s construction would reduce the value of existing CRP condos. What the construction has done, however, is to somewhat slow the pace at which CRP homes are absorbed (see Days on Market), but it has not adversely 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.

back to top

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 they fetched an average of $12,000 more, an increase of approximately 4%. One bedrooms sold almost 1/3 faster so far in 2006 compared to 2005 and 2 bedrooms showed the longest time on market, more than double the time it took in 2005 to sell.

In conclusion, it is my belief that Whittier and Hawthorne homes will continue 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 and supply/demand are underpinning CRP prices. I also believe that new construction throughout the West End will lift the value of CRP’s condominiums as the neighborhood draws new attention, new residents, new infrastructure enterprises, all of which speak to ever increasing
value-added in our CRP community.

NOTE: All information was gathered from LINK, a data base company that tracks Boston real estate. All numbers are deemed accurate but the publisher makes no warranty as to their accuracy. All parties relying on this information are advised to conduct their own due diligence. Some of the sales price data includes parking but the methodology used was consistent throughout the report. For precise information regarding prices that included parking contact a realtor who is intimate with CRP as it will be virtually impossible for one who is not to discern which properties included parking. Any reproduction of this report without the express written consent of the publisher is strictly prohibited.

back to top