Stuart St James has compiled the 2012 Broadluxe Condo Sales Report (PDF), which shows that while price per square foot in the 44-unit loft-style Broadluxe condominium development increased year over year, resale velocity went down.
Condominium owners at the Broaduxe in Boston’s Financial District continue to enjoy appreciation on their 2008 investment following the condominium auction that took place on the building after TD Bank foreclosed on the original developer. In 2012, the average Broadluxe sales price per square foot was $593 and the average number of days it took to sell a condo at the Broadluxe was 39 days.
While 2011 represented the first year of true resale activity in the building with a total of 4 units actually changing hands, velocity slowed in 2012, with only 2 condos being sold. Throughout 2012, there was additional listing activity in the building, however, those unit listing either expired or were canceled from the MLS. Nonetheless, a track record of sales is continuing to be established in the building, with average price per square foot nearing $600, substantially above auction sales prices. itself, there is now a basis from which to establish market value estimates. For historical pattenrs, please reference the 2011 Broadluxe Condo Sales Report (PDF).
Broadluxe is a 44-unit loft-style condominium development at the corner of Franklin and Broad Streets in Boston’s Financial District. The concierge and elevator building with private storage units in the basement of the building trades at a lower price point than its neighbor across the street, the Boston’s Folio condo building. Currently, there is a single unit for rent at the Broadluxe, but no units for sale.