It seems that nearly every month a new apartment building is being built up to accommodate the masses of people that move to Boston each year.
But recently there’s been some skepticism about the growth of the luxury market. Nationwide, 1.2% of homes above $2 million fell in price.
However, Boston’s newest luxury apartment building, the 30 story Pierce Building, has sold out in just 14 months. This building’s luxury features include concierge services, a rooftop swimming pool, a fitness center and yoga studio, a pet spa, an underground parking garage, a library, a private dining room, and private sky cabanas.
The average price per square foot was over $1,525.
The speed at which this building sold out is a testament not only to the strength of Boston’s luxury market, but also to the growing potential of some up and coming neighborhoods. It wasn’t too long ago that Fenway was a much smaller neighborhood that hadn’t yet been build up. It seems that the completion of The Pierce signifies Fenway’s transition into a revitalized neighborhood with plenty of shopping, entertainment, and food.