Slip65’s 80 Condos in East Boston Sold Out in Just 50 Days
Good news for the developer: all the 80 condominium units in Slip65 in East Boston have sold out. For those who are still dreaming about waterfront living, it is indeed bad news. Slip65, which will be situated at 65 Lewis Street is still under pre-construction phase, but its units have all been sold or under lease in just eight weeks after the announcement.
The developer, Lendlease, has publicized that the condos have indeed broken a record even though the project is still unfinished. Slip65 is expected to welcome the residents next year.
Unprecedented Sales in the Neighborhood
Before the complete sell out of the condos, Slip65 at Clippership Wharf also achieved unmatched sales during the first stage of the project. During that time, only half of the units were released for sale or lease. According to the developer, the units were all snapped up by enthusiastic buyers in just 36 hours.
The units were priced from $700 to more than $1,200 for every square foot – the same price range for the remaining 40 condo units. The costs of the units are significantly higher than the average in East Boston, which is only $375 per square foot. The rates are actually more applicable to those found in Beacon Hill and the South End.
Currently, East Boston has seen an increase in its average condo prices of more than 50%. In 2010, the average condo price was just $210,000. Five years later, the condominiums rose to $320,000 in costs. Regardless of the hefty price, interested condo owners immediately grabbed the deal, which is a milestone for East Boston, especially for the $1,200 price per square foot. Lendlease said in a statement that they are satisfied as they were able to sell condos for more than $1.5 million in this part of Boston.
The demand is obviously high for Slip65 units across all price ranges. The project is a part of the initial phase of the development of Clippership Wharf, which is a mixed-use community located on the East Boston waterfront. The entire project is comprised of two phases and will bring out four buildings, which will include 478 condos and rental apartments. Other buildings would include retail spaces, amenities, and dining areas.
As part of the first part of the Clippership Wharf project, Slip65 is one of the three buildings that are under construction. Two of these buildings consist of 284 apartments, while the other, which is Slip65, will consist of 80 condo units. It will be the only ownership selection in the East Boston waterfront.
As for the second phase of the Clippership Wharf project, there will be 114 residential units, which can either be apartments or condos. With the construction underway, the residents can expect to take occupancy by the fall season in 2018. Slip65 offers great views of the Boston Skyline. It is set directly on the Boston Harbor, just next to Maverick Square.
Since the Clippership Wharf is the shortest commute to downtown Boston, it is perhaps one of the big reasons why the condos sold like hotcakes. It only takes one stop on the Blue Line. You can also reach downtown via water taxi in just 10 minutes.
Aside from the views, residents will also enjoy an attractive amenity package, which includes gathering areas in both indoors and outdoors, a fitness club, a social club, and bike storage. There is also a zip car onsite as well as ample space for parking and of course, an unrivaled waterfront experience. Residents can take advantage of the expanded Harborwalk, public docks, recreation and dining options, and a rocky beach.
An Extraordinary Success
The condos sold very fast, which confirms that East Boston is emerging as an in-demand location. The neighborhood not only comes with million dollar views but is also just minutes from downtown. With the first 40 units sold in 36 hours and the other 40 already sold out as well, it is expected that Slip65 and the whole Clippership Wharf will become a major destination for locals and tourists alike.