Record number of Boston condos sold for over $3 million in 2015
Once upon a time, a $5 million condo sale in the Back Bay or Beacon Hill might have made a nice story or at least have been worthy of note.
But unless a celebrity is involved in the deal, a $5 million downtown condo sale is more likely to get a yawn than a headline, and for good reason.
Last year, 117 condos in Boston sold for more than $3 million, a record.
That’s up from 73 in 2014.
And with hundreds multimillion-dollar units expected to close later this year after the new Millennium Tower opens, that record is more than likely to get shattered again in 2016.
In fact, 11 condos have sold for more than $3 million though the first five weeks of 2016.
“There were huge jumps” said Kevin Ahearn, president and owner of condo marketing and research firm Otis & Ahearn, of the exponential increase in multimillion-dollar sales. “It is really something else.”
The number of multimillion dollar condo sales in Boston has jumped ten-fold since 2003, when there were 16 sales above the $3 million mark. Such deals were unusual enough that Banker & Tradesman led off a story that year with the fact that two Back Bay townhomes were sold for more than $6 million.
All told, more than 822 condos fetched at least $1 million in Boston in 2015, up from 690 in 2014.
There were 286 condos sold for more than $2 million in 2015, compared to 191 deals the year before.
Meanwhile, 131 condos fetched $1,500 or more per square foot in 2015 – a key indicator of deals worth several million.
That was roughly three times the number of such sales in 2014, when 46 condos sold for more than $1,500 a square foot.
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