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The Esplanade in Cambridge - 2016 Sales

The Esplanade is a concierge-elevator building in East Cambridge overlooking the Charles River and Boston. Completed in 1989 and designed by architect Moshe Safdie, the Esplanade contains 206 units, many with water and skyline views. The distinctive design features two L-shaped towers sitting on a three-story base. The street address of the Esplanade is 75-83 Cambridge Parkway.

CLICK HERE to see units currently listed at the Esplanade.

MLS reports five two-bedroom unit sales at the Esplanade in 2016. I review these sales below.

In addition, MLS indicates that there are two one-bedroom units now under accepted offer at the Esplanade, both scheduled to close in December 2016:

Unit 601 is a larger one-bedroom plus study with river view. 1,410 square feet. List price $1,395,000. $989 a square foot at list price.

Unit E504 is a smaller one-bedroom with 785 square feet. List price $669,000. $852 a square foot at list price.

Here are the five two-bedroom sales at the Esplanade in 2016. All feature river views:

Unit E907. Listed for $1,295,000 and sold for $1,280,000 in July 2016. 1,210 square feet. Sold for $1,057 a square foot. 

Unit W703. Listed for $1,500,000 and sold for $1,375,000 in August 2016. 1,595 square feet. Sold for $862 a square foot. 

Unit W606. Listed for $1,700,000 and sold for $1,685,000 in June 2016. 1,705 square feet. Sold for $988 a square foot.

Unit E1009. Listed for $1,995,000 and sold for $2,105,000 in May 2016. 1,533 square feet. Sold for $1,373 a square foot.

Unit W708. Listed for $2,750,000 and sold for $2,750,000 in May 2016. 2,060 square feet. Sold for $1,334 a square foot.

OBSERVATIONS on the two bedroom sales at the Esplanade in 2016:

Units E907 and W606 both sold for $15,000 below the list price. W703 sold for $125,000 below the list price. W708 sold for list price. Only E1009 sold for over asking, selling for $110,000 over the list price. Average days to offer for these five sales was just six days. Clearly, there is a demand for units here.

Average price per square foot for these five sales is $1,123. There is a wide range in sale prices, which is explained by unit location and unit size and unit condition. Noteworthy that the three two-bedroom sale events under $2,000,000 hover around the $1,000 price per square foot mark, while the two sales north of $2,000,000 hover around the $1,300 price per square foot mark.

In 2015, there were just two sales at the Esplanade reported in MLS:
E310. A 2-br listed for $1,195,000 and sold for $1,195,000 in June 2015. 1,210 square feet. Sold for $987 a square foot.
W908 A 3-br listed for $2,500,000 and sold for $2,350,000 in June 2015. 2,100 square feet. Sold for $1,119 a square foot.

In 2014, there were five sales at the Esplanade reported in MLS, with four 2-br units all under $1,600,000, and one 3-br sale for $2,200,000. Average sale price per square foot for these five sales $919. The trend over the last few years has been upward, in keeping with the overall upward trend in value in the market during this time.

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