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How Much Does a 3 Bedroom Condo Cost in a Concierge Building in Cambridge in 2016?

How much does a three-bedroom condo cost in a concierge elevator building in Cambridge in 2016?

Year to date in 2016 (through December 11, 2016) MLS reports five 3-br sales in concierge elevator buildings in Cambridge. (No additional 3-br sales are pending.) In case you were wondering, there were no 4-br sales in 2016. In 2015, MLS reported just three 3-br sales in concierge elevator buildings in Cambridge. 

For the five closed 3-br sales in Cambridge concierge elevator buildings in 2016 reported in MLS:

Average sale price $2,932,800 in 2016 (up from $1,843,333 in 2015, a 38% increase)
Average living area 1,759 square feet 
Average sale price per square foot $1,535 (up from $748 per square foot in 2015, a 52% increase)
Average days to an offer being accepted is 29, (compared to 12 days to an offer in 2015)
Sale prices ranged from $1,010,000 to $7,100,000.

The sale event at 975 Memorial Drive for $7,1000,000 is an outlier. If we put this one sale aside, for the other four 3-br concierge building sales in 2016:
Average sale price $1,891,000 - nearly the same as 2015.
Average sale price per square foot $1,101 - still a big jump up from 2015.

There are twelve concierge elevator buildings in Cambridge (Pictured above is the view from the balcony of 1010 Memorial Drive Unit 16 A & B. I listed and sold this three-bedroom residence in 2016. 1010 Memorial Drive is a co-op building rather than a condo association.)

Click here to see active listings in the twelve concierge buildings in Cambridge

There are four concierge buildings in West Cambridge (including Harvard Square):
975 Memorial Drive (Residences at Charles Square)

One 3-br sale at the Residences at Charles Square reported in 2016 in MLS:
975 Memorial Drive Unit 1105 sold for $7,100,000 - this is a record sale price for a three-bedroom condo in Cambridge. Sold for $1,100,000 over the asking price.

130 Mount Auburn Street (University Green)
One 3-br sale at University Green reported in 2016 in MLS:
130 Mount Auburn Unit 510 sold for $2,725,000 - sale price $575,000 over the asking price

221 Mount Auburn Street (Riverview)
No 3-br sales reported in MLS at Riverview in 2016

1010 Memorial Drive
One 3-br sale at 1010 Memorial Drive reported in 2016 in MLS:
1010 Memorial Drive Unit 16 A & B - sold for $2,704,000 - I was the listing agent for this offering. It generated multiple offers and sold for $104,000 over the asking price. This unit is a co-op rather than a condo. 1010 Memorial Drive is the only concierge elevator building co-op in Cambridge.

There are two concierge buildings in Mid Cambridge
931 Massachusetts Avenue
No 3-br sales reported in MLS at 931 Mass. Ave in 2016

950 Massachusetts Avenue (Bay Square)
No 3-br sales reported in MLS at 950 Mass. Ave in 2016

There are six concierge buildings in East Cambridge:
The Esplanade (75-83 Cambridge Parkway)
No 3-br sales reported in MLS at the Esplanade in 2016 

River Court (10 Rogers Street) 
No 3-br sales reported in MLS at River Court in 2016

Thomas Graves Landing (4 and 6 Canal Park)
Two 3-br sales reported in MLS at Thomas Graves Landing (4-6 Canal Park) in 2016:
6 Canal Park Unit 210 sold for $1,125,000
6 Canal Park Unit 701 sold for for $1,010,000

One First (17 Otis and 20-28 Second Street and 150 Cambridge Street)
No 3-br sales reported in MLS at One First in 2016 

Regatta Riverview (8-10-12 Museum Way)
No 3-br sales reported in MLS at Regatta Riverview in 2016

NorthPoint (1 and 2 Earhart)
No 3-br sales reported in MLS at NorthPoint in 2016

I help buyers buy and sellers sell in Cambridge and Somerville, MA. Here to help you. Let's talk.

Call me at 617-733-8937 or email me.

See frequently asked questions and my answers to them at AskCharlesCherney.com

Check out the Cambridge Somerville Buy Sell Report at CharlesCherneyBuySellReport.com

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