The gamut of pricing is represented today, and most Sundays, in the South End with open houses on condos ranging in list price from $269,000 up through $1.8 million.    With an open house tour, a buyer has the ability to see upwards of 10 homes in a rather short period of time, and this can be done with or without the broker that you’re working with.  Oftentimes, a first glance of a property at a South End condo open house can lead to a second showing sometime early in the week, and an eventual Offer to Purchase.

The sweet spot from a timing perspective is 1pm, +/-, as the majority of Sunday open houses in the South End run between 11am and 3pm.

The duplex boasted a rich pedigree of features that would impress the most discerning South End condo buyer.

• Direct elevator access to residence with two convenient entries
• Expansive regal sized entertainment living space offering tree top oasis of 21st century living including 24’ x 20’ dining area, dramatic arched cathedral 32’ x 20’ skylit living room and gas fireplace with Zen inspired ceramic tile
• Magnificent kitchen by Venegas Kitchens/Boston Design Center with combination of lacquered and walnut finish cabinetry, Thermodor appliances including separate built-in refrigerator, 18” freedom freezer, 36” Masterpiece Series 5-burner cooktop, Bosch integrated panel dishwasher, GE Monogram wall oven and Avantrium convection speed cook oven, Calcutta marble countertops with breakfast bar and pantry room for food prep with additional sink
• Beautiful powder room with Ann Sacks tile floors, Geologica ceramic tile walls, Kohler Saile dual flush toilet, custom designed “Wave” pedestal with glass vessel bowl sink and Kohler faucet
• Wet bar with custom cabinetry, Marvel 24” beverage cooler, separate free standing ice maker and Miele Slim-line dishwasher
• Coat closet
• Full staircase leading to private roof deck with panoramic skyline vista
• Presidential sized master bedroom with gas fireplace measuring approximately 37’ x 14’
• Luxurious en suite bath with exquisite combination of Calcutta marble, glass and textured ceramic tile, Ge-berit toilet, walk-in shower with Grohe fixtures including body sprays and rain shower overhead fixture, Ultra Bain air jet tub, double sinks with custom vanity, Robern medicine cabinets, radiant heated hardwood floors and window offering natural light
• Large walk-in master closet
• French door access to balcony Linen closet
• Guest bedroom with walk-in closet, en suite bath with leather textured ceramic floors, angled walk-in shower with Hans Grohe fixtures, vanity with vessel sink, Kohler faucet and radiant heated floors
• Third bedroom with closet and en suite bath with leather textured ceramic floors, vanity with vessel sink/tub and radiant heated floor
• Laundry room with GE washer and gas dryer
• Utility closet plus additional double hall closet
• Walnut stained hardwood floors throughout living areas
• New Mitsubishi central air conditioning and heating with 8 programmable zones
• Supplemental in-line duct heaters for extreme cold weather temperatures
• One direct access parking space
• Additional garage parking available at Wilkes Passage
• Media closet with home run wiring for audio, media, alarm, wifi and window treatment control

Monthly condominium fees for the penthouse were estimated at $1,295.  At approximately $963 per square foot, 30 Upton Street came very close to breaking the $1,000 price per square foot barrier oftentimes only seen in downtown Boston at the most luxurious condominium developments, that said, definitely one of the most prestigious South End condos.

While some Boston neighborhoods are staying relatively flat, South End condos have shown some backward steps at different levels, including both average and median price points.  It’s important to consider both median and average prices when looking at Boston real estate market statistics because averages can be pulled significantly one way or the other with only a small number of outlying data points, thus, the combination of the two statistics will provide a more comprehensive view of the market.

According to the Boston MLS, Boston’s South End is one neighborhood that has stayed relatively flat over the past year, but has showed signs of slowing down on various fronts.  For instance, during the first 3 months of 2008, 82 properties in the South End were sold, while in 2009, the market velocity in the South End has slowed to 36 properties sold.  This represents an approximate 36% slowdown in the number of units that sold during the same period in 2008 and 2009.  2008 South End median condo price, as well as average price, were $550,000 and $641,473 respectively, where in 2009 thus far, we see $518,500 and $609,936, roughly a 5-6% decline.  Still, condos in the South End’s best locations are performing well (see South End Condos for Sale).

Tighter lending practices in 2009, which are beginning to loosen, could be the main culprit for the slowdown in the number of units sold, bearing in mind that this particular statistic lags the market given that the average time to close on a condo in Boston is anywhere from 30-60 days (that said, condos that are showing sold in the first quarter of 2009 were actually being put under agreement in December 2008 and January 2009, when lending was significantly tighter than what it is currently).  As for prices, perhaps this is a function of supply and demand market forces.  The supply of homes has decreased, yet the demand from buyers who actually can qualify and make a purchase has decreased much more, until these forces can level off, which we are starting to see, it’s no wonder that a decline in the 5% range is present.