Chris Lombardo | Summer Greater Boston Market Trends

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Greater Boston Market Trends

Summer 2024

Setting the bar for sophisticated real estate services

At Engel & Völkers Boston, we embrace our city’s simple ethos work hard, play hard, treat clients like family. Our advisors work each transaction with the same care and diligence as if they were purchasing or selling themselves. We’re not just the most successful in the area, we reflect the Engel & Völkers’ culture of teamwork, passion, and expertise. With state-of-the-art real estate tools and technology, global luxury brand recognition and unrivaled market and marketing dexterity, we deliver concierge class service during your purchase or sale process and beyond. Call on us for your next transaction. Our bold strategies and individual counsel are crafted to impart the information you’ll need to make informed decisions in an increasingly complex real estate marketplace.

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Introduction

Summer Property

Virtual Marketing Suite

Back Bay

Beacon Hill

Brookline

Cambridge

Charlestown

Jamaica Plain

Medford

Midtown

Newton

North End

Seaport

Somerville

South End

South Boston

Waterfront

West End

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Chris Lombardo Bio

Summer Property Spotlight

15 W Bellflower St, Unit 2 I South Boston 2

Welcome to your dream home on a quiet street just moments from Harvard Square in West Cambridge This meticulously renovated 34 bedroom home boasts an open floor plan, seamlessly blending classic charm with modern luxury. Step inside to discover pristine custom walnut floors throughout. Entertain with ease in the fireplaced living area with expandable dining area. The gourmet kitchen is outfitted with top-of-the-line appliances, sleek countertops, and ample storage. The finished basement offers additional flexible space for a media room or additional bedroom Upstairs you'll find the stunning primary suite featuring a deep soaking tub, fireplace and a coffered ceiling and 2 additional bedrooms Parking for 1 car With its ideal location and impeccable finishes, this charming home offers the best of both worlds –tranquility and convenience.

Modern Elegance Awaits in This Stunning 2-Bed, 2-Bath Condo with Parking! This beautifully crafted, nearly new condo boasts a sprawling open layout that seamlessly connects the living, dining, and kitchen areas. Bathed in natural light, the space is framed by seven windows, double sliders, and access to a private balcony. The luxurious master suite is a true retreat, featuring a spacious walk-in closet and a second closet for all your storage needs The en-suite bathroom is designed for both functionality and style, showcasing a dual vanity and a sleek glass-enclosed shower The full second bedroom provides additional space, while gleaming, freshly refinished white oak floors with Bona Nordic Seal finish add a touch of sophistication to every room. With one dedicated parking spot, inunit laundry, and additional storage in the basement.

This exquisite 2 bed, 2 bath features a spacious open layout that seamlessly blends modern luxury with classic charm. The living area is bathed in natural light thru large skylights and windows that offer picturesque views of the iconic Commonwealth Ave and the Back Bay skyline. The gourmet kitchen boasts high-end appliances, beautiful cabinetry, and ample counter space, perfect for culinary enthusiasts. Retreat to the spacious primary suite, complete with a lavish ensuite bathroom for your comfort and relaxation Step outside to your expansive private roof deck, an entertainer's dream, offering breathtaking views of the city skyline and the serene surroundings. Enjoy alfresco dining or soak up the sun in your own urban oasis. This unit also comes with two deeded tandem parking spaces.

400 Stuart St, Unit 22C I Back Bay

1 Bedroom1 I 2 Bathroom I 1,134 Sq Ft

Wonderful 1+ bedroom with 2 full baths and alcove for guests or home office. Luxury full-service living in Back Bay's cultural hub intersecting South End. Glorious south facing window wall allows light and displays city and treetop views framing an open floor plan with new wood flooring for entertaining or relaxing at home Bonus alcove is perfect for guests or work from home space Lovely entry foyer Deluxe chef's kitchen dazzles with Italian walnut cabinetry, new quartz countertops with Sub-Zero fridge, Miele gas range and dishwasher. Large primary suite with spa-inspired bath and full second luxury bath. Building amenities include valet parking space and 24-hr concierge, outdoor terrace, fire pit/grill stations off the clubhouse, children's playroom, library, conference center and full gym.

435 Marlborough St, Unit 2 I Back Bay 2 Bedroom I 2 Bathroom I 760 Sq Ft

Charming renovated duplex condominium located on one of Back Bay's most desirable streets. Completely new paint throughout this meticulous home. There is a tasteful combination of the classic appeal of high ceilings and the crown moldings with modern designs crafted from fine materials such as mahogany, quartz and marble The kitchen has stainless steel appliances and offers gas cooking Contemporary lighting and hard wood floors run throughout both floors An ideal floor plan has two bedrooms and two full baths on the first floor Use the spiral staircase to get to a spacious living area with enough room for formal dining furniture enveloped by plenty of natural light. One deeded tandem parking space included in the sale price.

130 Mount Auburn St, Unit 507 I Cambridge 3 Bedrooms I 3 Bathrooms I 1,720 Sq Ft

Rarely are homes offered for sale at the full service Luxury University Green! Discover this flexible 3-bed, 3-bath, 3 patio, 1720 sq ft trophy penthouse duplex condo at the edge of Harvard Square. Occupying the top two floors with elevators at both levels. Open Living area with den has a patio and fireplace. Meticulously upgraded throughout with open living space enhanced by the soaring barrel-vaulted ceiling and an attic easement offering additional space This fine residence enjoys rich mahogany stained oak hardwood floors & crown molding on the 5th floor The generous main bedroom offers ensuite bath and a private patio. 1 Garage parking space.

& Völkers

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Back Bay Neighborhood Market Trends

Back Bay’s rich history, trendy restaurants, and nightlife create a vibrant atmosphere everyone wants to be part of. Our own office is located in the heart of Back Bay and we can attest to the majestic bustle! The number of condos sold decreased 25% this quarter. Average sales price decreased by 33% compared to Q3 2023 due to the high sale volume in Back Bay’s Raffles Condominiums this time last year. Back Bay currently has 160 condos on the market.

Beacon Hill Neighborhood Market Trends

Brick row houses with beautiful doors and gaslit cobblestone sidewalks lined with window boxes all add to the charm and mystique that can only be found in Beacon Hill. The number of condos sold dropped 25% year-over-year in the third quarter. Average sale price and days on market have increased slightly. The current average list price for a condo in Beacon Hill is $2,604,883 with only 60 units currently on the market.

Brookline Neighborhood Market Trends

Listings Sold Days on Market

Brookline offers a rare mix of urban living in an attractive suburban atmosphere. Its variety of restaurants, shopping and iconic cultural institutions backdropped against an acclaimed public school system make it singularly appealing. The number of condos sold decreased year-over-year for the third quarter. The average sales price decreased 6% and days on market increased slightly. Check out the increase in the average price per square foot, certainly a good time to consider listing your home! The current average list price for a condo in Brookline is $1,640,985 with 73 active listings.

Brookline Property Feature 53 Crowninshield Road I Sold

This exquisite single-family residence presents 5 bedrooms and 4 5 bathrooms, sprawling over 4,000 Sq Ft across 4 levels, and boasts cutting-edge smart home technology by Crestron. It seamlessly combines practicality with elegance, catering to both productivity and leisure. Relax in the expansive front-to-back living area featuring a charming fireplace and French doors leading to a private stone patio and meticulously landscaped backyard. The gourmet chef's kitchen is a culinary haven, boasting bespoke cabinets, top-of-the-line appliances, and a sizable island. The opulent primary suite leaves no luxury spared, showcasing a custom walk-in closet, a marble-appointed en suite bathroom with heated floors, an indulgent oversized steam shower, and a bespoke dual sink vanity. Additional amenities include a home gym, a dedicated office space, a heated garage, and driveway. Nestled on a tranquil, one-way street within a highly coveted historic enclave near Coolidge Corner.

Cambridge Neighborhood Market Trends

Cambridge is located directly across the Charles River from Boston. It’s home to worldfamous universities, highly-rated public schools and an immense civic pride in its vibrant cultural scene. The number of condos sold increased slightly year- over-year in the third quarter. The average sales price increased 2%. Our listings in Cambridge are not lasting long! With students and professionals alike heading back to the Cambridge market, we are sure to see a strong start to the year in your neighborhood.

$1,061,406 $1,085,679

Cambridge Property Feature

130 Mount Auburn St, Unit 507

Welcome to the luxurious University Green at 130 Mt Auburn St #507, a trophy penthouse duplex condo offering 1,720 sq ft of unparalleled living space mere steps from Harvard Square This 2+ bed (3 bed possible), 3 bath marvel has amazing additional full flex space as a private study, bedroom, or dining room, and occupies the top two floors with elevator access on both levels Step into an open living area enhanced by soaring barrel-vaulted ceilings, rich mahogany-stained oak hardwood floors, and elegant crown molding The living room features a fireplace and access to a charming patio, perfect for relaxation The meticulously upgraded kitchen shines with high-quality imported tiles, top-of-the-line cabinetry, a Fisher & Paykel refrigerator, and the finest Wolfe induction range The generous, huge main bedroom is a sanctuary that provides plentiful closet space and a private patio Residents enjoy 24/7 concierge service and an outdoor patio area One garage space is included, with a second available for purchase

Charlestown Neighborhood Market Trends

Charlestown is steeped in history with brick townhouses in a waterfront neighborhood that is home to the Bunker Hill Monument, the Navy Yard and endless stories of its colorful past. This quarter, the average days on market slightly increased and the number of condos sold increased by a whopping 49%. The average sale price increased 19%. Over the past four years the “price per square foot” has edged up steadily.

Jamaica Plain Neighborhood Market Trends

Jamaica Plain is a beloved neighborhood intensely proud of its diverse population and politics with serene green spaces around Jamaica Pond and throughout the vast Arnold Arboretum and Franklin Park. The number of condos sold remained steady year-over-year for the third quarter. Days on market decreased significantly causing average sales price to increase by 7%. Prices continue to go over the list price. Over the past four years the “price per square foot” has remained very steady with the biggest bump most recently.

Jamaica Plain Property Feature

5 Lila Road I New to Market

Welcome to 5 Lila Rd, a charming 3-bedroom, 1.5 bath home located in the desirable Moss Hill neighborhood of Jamaica Plain, just steps away from the picturesque Arnold Arboretum. This timeless home is bursting with endless potential, ready for you to infuse your personal style and beauty. This residence features cozy living spaces with sunroom, mini split units for efficient cooling, and a garage for convenient parking. Nestled on a corner lot, the property boasts serene outdoor areas and stunning views of the downtown Boston skyline in the backdrop, making it a perfect retreat in the city. With its ideal location near parks, shops, and public transportation, this home offers both tranquility and urban accessibility. Additional rooms in the partially finished basement level, plus another full bathroom (off record), making for a total of 2.5 baths throughout the home. Don’t miss your opportunity to create your dream home in a vibrant neighborhood!

Medford Neighborhood Market Trends

Medford is one of Boston’s best kept secrets. It’s just minutes from downtown Boston, filled with fabulous restaurants, shops and bars, plus easy access to public transportation - who knew?! The number of condos sold decreased 45% as days on market increased in the third quarter. The average sales price is down 11%. The “price per square foot” has settled back to 2022 levels. Limited inventory in the area is certainly stirring up this market!

Medford Property Feature

33 Watervale Road I Sold

This charming abode offers an exceptional opportunity for first-time homebuyers looking for a blend of modern amenities and a prime location. Step inside this 3-bedroom, 1.5-bath home and be greeted by a warm, inviting atmosphere. The heart of the home features a stunning, updated kitchen equipped with quartz countertops and sleek stainless steel appliances It's a space where both culinary enthusiasts and casual cooks will delight in creating delicious meals Each bathroom has been thoughtfully renovated, boasting contemporary fixtures that ensure comfort and style The deck off the main dining area offers the perfect place for a cookout, and the fenced-in yard makes it ideal for kids and dogs alike. There is plenty of space to garden or set up a hammock under the trees. The home has had many updates, including replacement windows, new cooling /heating systems, and solar panels, which offset the electrical bill. Approximately one mile to the orange line, close to major highways, & The Fells.

Midtown Neighborhood Market Trends

Boston’s Midtown is centrally located near Boston Common and driven in part by the many full-service buildings. The average sales price jumped only 1% with an average list price currently at $3,575,768 with 61 units on the market for sale. Number of listings sold decreased as the days on the market increased. The full service market in the Midtown neighborhood has made a come back. One of Midtown’s newest developments, The Residences at Winthrop Center is truly a stunning masterpiece. It is a must see property!

Newton Neighborhood Market Trends

Sold Days on Market

Newton is located just seven miles West of downtown Boston and built around 13 distinct village centers - each with its own character. It’s also home to one of our shops at 77 Union St. in Newton Centre- stop by and visit us anytime! After a slight dip last quarter, the number of single family homes sold increased by 14% year-over- year for the third quarter. In addition, the average sales price of a home remained steady and price per square foot jumped 7% showing signs of a strong quarter ahead. If you have ever considered selling your home in Newton, now is the time!

North End Neighborhood Market Trends

The North End is one of Boston’s most historic neighborhoods, famous for its iconic streets and historic figures, architecture and amazing culture and restaurants. Finally we are seeing some inventory in the North End with number of listings sold continuing to increase in the third quarter. Average sales price has also increased slightly adn days on market is down compared to last year. Our fourth Engel & Völkers location at 345 Hanover Street is flourishing- stop by anytime! We are sure to have some great coffee and pastries on hand at all times

North End Property Feature 144-144A Salem Street I New to Market

This newly revamped building features four beautifully updated units, each with elegant quartz countertops, modern bathrooms, and stylish flooring. Enjoy brand-new stainless steel appliances, including a dishwasher and washer/dryer, in contemporary kitchens designed for convenience. Spanning over 4,000 square feet across four floors, this property offers expansion potential and a spacious walkout basement. Located just steps from the historic Old North Church and vibrant Salem Street, this fully renovated building requires little to no maintenance and is perfect for generating strong rental income. Don’t miss your chance to invest in this exceptional property!

Seaport District Neighborhood Market Trends

Seaport District Neighborhood Statistics

The Seaport District is Boston’s newest neighborhood with an influx of vibrant luxury buildings. The number of condos sold increased with the average sale price dropping off in the third quarter! Many units in these luxury buildings are selling, maintaining both activity and pricing in the neighborhood up. Days on market is down nearly 50% while price per square foot has settled back to 2022 levels. The St. Regis has settled into the neighborhood and is certainly a wonderful addition to have! Looking forward to seeing what project comes to the area next.

Seaport District Property Feature

326 A Street I Sold

Rarely available, this 2400 square foot brick and beam loft located in the Seaport area presents a unique opportunity for customization. The loft features a distinctive architectural style with exposed brick walls and wooden beams, creating a charming and industrial atmosphere. The open layout allows for flexible design options, giving the future owner the freedom to personalize the space according to their preferences. The Seaport district is known for its vibrant atmosphere, with proximity to waterfront views, trendy restaurants, and cultural attractions. This loft offers a blend of historic charm and modern amenities, making it an appealing option for those looking for a unique and customizable living space in a sought-after location. One deeded parking space and storage round out this spectacular find.

Somerville Neighborhood Market Trends

Somerville offers its proud residents an urban/suburban feel with proximity to downtown Boston and many bars, restaurants, coffee shops and parks. The number of condos sold dropped 14% yearover-year Days on market decreased causing the average sale price increase slightly. Somerville continues to be a highly sought after neighborhood. Over the past four years the “price per square foot” has remained steady.

Somerville Property Feature

55

Murdock

Street, Unit 55 I New to Market

Location is the #1 rule of real estate. This townhouse is close to the Green & Red T-Lines and major highways but still feels like a single-family inside a neighborhood. 55 Murdock Street has had many recent updates, including a freshly painted interior, refinished hardwood floors, granite countertops, and back stairs. Imagine having the perfect commute into Boston/ Cambridge and still being in a neighborhood close to restaurants, coffee shops, parks, and more. This home is ideal for the owner-occupant or investment due to its proximity to Tufts and Harvard Universities, Kelly's Diner, Davis Square, and Old Magoun's Saloon. The home has three levels of living, sizeable bedrooms and has many features people want. Pet friendly, private yard, parking, inunit laundry, move in ready and expansion opportunities in the basement area for an exercise or more.

South End Neighborhood Market Trends

The South End is one of the most beloved and popular neighborhoods in the City. Its iconic brick rowhouses were the first in the nation; add a rich social, shopping and dining scene and it’s no wonder there are so many “lifers!”

The number of condos sold year-over-year for the third quarter decreased 26% while the average sales price remained very steady. The ratio of sale to list price (this is the amount buyers can expect to pay) stayed steady. There are currently only 122 condos on the market with an average list price of $1,603,996.

South End Property Feature

285 Columbus Ave, Unit 207 I On Market

Incredible light and wonderful streetscape views from the many windows in this lovely unit. Situated perfectly for contemporary living where historic Back Bay meets the vibrant South End. Large living spaces are bathed in light and perfect for lounging and entertaining with recessed lighting and oversized windows throughout. A stone-topped island provides seating for dining and chatting with the cook! Great chef’s kitchen with sleek dark wood cabinetry and stone countertops complemented by premium stainless appliances. Natural light suffuses two generous bedrooms - two baths and laundry complete the unit interior. Upstairs offers a common roofdeck with lots of seating and panoramic views of the skyline. You’ll enjoy living in proximity to Copley Square and all the dining, boutique shopping and recreation that make Back Bay and Southenders for life! Boston’s famed public library and cultural hubs are at your doorstep with easy commutes along bike paths, highway and Logan Airport access

South Boston Neighborhood Market Trends

South Boston is a neighborhood on the move, home to many young professionals and families drawn to the vibrant community and convenient location The number of condos sold is up slightly yearover-year for the third quarter. The average sale price increased 7% pointing to a strong market ahead. Buyers are out looking, so if you have ever considered selling in South Boston, now might be an ideal time to list your property! Come visit us at our South Boston location anytime493 East Broadway!

South Boston Property Feature

150 Dorchester Avenue, Unit 412 I On Market

Welcome to your sleek and stylish urban retreat in vibrant South Boston just steps away from the Broadway T stop. This contemporary 2 bed 2 bath offers the perfect blend of comfort and convenience in a dynamic city setting. You are greeted by a bright and airy open-concept space adorned with modern finishes and clean lines. Kitchen features stainless steel appliances and quartz countertops, making it a chef’s delight and a focal point for entertaining. Work from home: Stunning custom built-in Office. Primary bedroom boasts an en-suite bathroom and generous closet space. The second bedroom is perfect for guests or as a versatile home office/gym. Indoor secure garage parking. In unit W/D Central A/C Custom Closets throughout Stunning Bamboo floors Private patio rooftop deck with grilling Located in the heart of South Boston, you’ll find yourself within walking distance to trendy restaurants, shops, and recreational amenities.

Boston’s Waterfront Neighborhood Market Trends

Boston’s Waterfront, beyond it’s salty air and glorious views, has a rich history as well. It’s home to many full service buildings, the Harborwalk, and New England Aquarium. The number of condos sold remained steady for the third quarter. The average sale price slightly decreased 6% year-over-year. The average price per square foot has remained consistent. With 56 units currently for sale, the market is in full swing.

West End Neighborhood Market Trends

Listings Sold Days on Market

The West End, with its glorious Charles River views and iconic Zakim Bridge, sits adjacent to the famed Beacon Hill and has many luxury high-rises. It’s also conveniently located near Mass General Hospital, TD Garden (home of the World Champion Boston Celtics and Bruins) and the Museum of Science. The number of listings sold doubled and days on market decreased by 36%. Interest remains high in this neighborhood, if you have ever considered selling, now is the time! There are currently only 14 condos on the market with an average list price of $603,142.

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Meridian Realty Group

Full Service Property Management

As part of Engel & Völkers’ service, we offer 24/7, full service property management through our sister company, Meridian Realty Group (MRG). Meridian offers wide ranging resources providing hands-on management for owners, investors, residents and their properties. We specialize in associations from three to 100+ units. State-of-the-art management and property accounting systems are in place to electronically pay condo fees, submit work orders, track rental activity for multi-family owners, and provide online access to building documents and monthly financials We work closely with associations, condominium boards, and single and multi-family owners to establish and implement policies that will enhance quality and property values.

Meridian Realty Group utilizes a unique team approach providing comprehensive residential and multifamily property management services. Our senior principals have over 100 years of combined experience in property management; creating programs and services tailored for each individual client. Preventive maintenance is the regular inspection and repair of equipment and facilities to prevent extensive, costly damage from occurring over time. Preventive maintenance can go a long way toward reducing the overall cost of your condominiums, as large expenditures for repairs and replacements can often be avoided by a careful attention to detail. Following a thorough condominium preventive maintenance checklist can help you to increase the attractiveness of your property.

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Condo Maintenance Guide

Landscaping

Landscaping not only adds value, but can increase the enjoyment of your home Whether it be in the common or private areas of your association, picking the right plantings and materials is important to maximize enjoyment for all.

Building Overview

Now is a great time to make your front entrance welcoming. Whether it is a fresh coat of paint or a new set of planters, it’s the small inexpensive things that can make a world of difference. Don’t forget to review your vendors from last year. Were you happy with the snow removal, leak repairs, heating, management company responsiveness, etc.? If not, make a couple of calls to see who else might better fit your needs.

Inspections

Perform regular inspections on all equipment and facilities that are subject to damage or normal wear and tear Inspect such things as roofs, insulation, ventilation systems and appliances to ensure that they are operating safely and efficiently.

Cleaning

Stick to a regular cleaning schedule for fixtures such as air ducts and exterior siding to ensure that dirt, mil- dew and other buildup does not cause any damage. Clean and replace filters in heating and air conditioning units, as well as appliances such as washing machines and dryers, to prevent fire damage. New or cleaned filters also help to keep electricity costs down, as the appliances can operate more efficiently with an unrestricted flow of air.

Pest Control

Bring pest control specialists into your condominiums at least once per year Common pests can increase their populations rapidly and can quickly infest an entire property, causing extensive damage to interiors and electrical infrastructure. Act proactively to ensure that pests do not gain a foothold in your properties, and respond quickly to any pest complaints.

Testing

Test emergency equipment such as sprinkler systems, smoke alarms and fire extinguishers to ensure that they remain in working order. Properly maintained safety equipment can prevent a small mishap from be- coming a major disaster. Fire escapes need to be certified every 5 years per the Commonwealth of Massachusetts. Elevators need state inspections on a scheduled basis.

Sealants

Reapply all sealants before a problem occurs Sealants on steps, decks, bricks, exterior paint and window caulking can corrode over time, exposing your property to the risk of internal damage Keeping on top of these items not only helps to keep your structure strong, it can also cut down on energy, assessments, and repair bills in the future.

46 Gloucester St. | Boston, MA 02115

Phone: +1 508-838-1391

chris.lombardo@evrealestate.com

Christopher comes to us with tremendous skills from his background in law enforcement. His enthusiasm and desire to connect are immediately apparent. Having spent 5 years literally strolling the streets around Boston & Cambridge, he became fascinated by properties for sale, the amenities they offered and who ultimately bought them at what price. Chris loves this City and his passion for the people who live here and desire to promote growth and public safety is evident. He has spent years lowering stress levels in anxiety laden situations and most importantly, using empathy and understanding to relate to people where they are while offering sage advice and guidance regardless of their personal situations. Reach out to him anytime – he’d love to be your navigator through the ever-changing real estate landscape.

Chris Lombardo

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