Condo Living On Boston's New Greenway

In 1959 Boston authorities made a tough decision when figuring out what to do with the overflow of traffic moving to, from, and through the city. Their solution was to erect a 6 lane elevated superhighway, one that would slice the city in half. The Central Artery, as it was called, displaced 20,000 residents from their homes, and severed Boston's Waterfront and the North End from the rest of the city. The ability for these neighborhoods to economically compete in the city's commerce were cruelly diminished. 25 years later, when the volume of traffic on the Central Artery began creating over 10 hours of congested traffic per day, and as the severed neighborhoods were still harboring their grudges, a solution was planned once again. This time it was called "The Big Dig".


The Big Dig broke ground in 1991 with a mission to remove the entire Central Artery, replacing it with an 8-10 lane expressway below the surface. It would require huge connector ramps on either side of the tunnel, and as an added bonus, the Ted Williams Tunnel would be constructed to connect Logan Airport in East Boston to South Boston, thus creating an alternate route for travelers approaching from the South and West. When it was all said and done, the Big Dig disrupted 7.8 miles of highway. If each lane of those highways were laid down one after the other, it would stretch out for more then 161 miles. The project is currently in its final stages, 15 years later.


Although the finishing touches still need to be applied, Boston residents are already realizing the effects of the Big Dig. The North End and the Waterfront are once again a part of the city, whereby residents can easily stroll from one neighborhood to the other. The sound of traffic is buried beneath the streets, and the once poisoned property along the Central Artery is busting with construction and realizing a growing volume of commerce. Besides bringing the city back together, the Big Dig is responsible for the creation of more then 260 acres of open land. Where the old artery once stood stretching through the city, a strip of parks, art centers, and recreational facilities are being built. The Rose Kennedy Greenway, as the strip will be termed, is being lined with new hotels, restaurants, shops, galleries, an arboretum within, and several new luxurious condominium residences. Rowes Wharf and the Boston Harbor Hotel have had the pleasure of watching the entire Greenway laid out in front of them. Other condo buildings, either new construction or recent conversions, have recently opened their doors in time to take full advantage of the areas new atmosphere. These include Greenway Place, Folio Boston, Broadluxe, and the Residences at the Intercontinental. There are several residential communities planned for the future, including Russia Wharf, which will position itself should-to-shoulder with The Intercontinental.


The Greenway represents something brand new for a city whose streets and neighborhoods have already fathered so much history. Being a Boston resident affords each individual the ability to observe and contribute to this exciting era. Living along the Greenway and among all its integral surroundings offers a promise of something novel and unique in a city where that is often rare. The Rose Kennedy Greenway will be a hub of anticipation, of activity, of fresh character, and of exhilaration.

For a virtual tour of the Rose Kennedy Greenway, visit "Neoscapes A City In Bloom"
Statistics Source - Massachusetts Turnpike Authority

Folio Building Selling Final Two Auction Units - Hoping to Sell Out By End Of November

The marketing team for the Folio Building, a 96-unit, predominantly residential, development on Broad Street in Boston's Financial District, began advertising units for preconstruction sale in mid-2004. At that time, investors were eager to purchase at this unique location, and sales took off as anticipated. However, with more luxury developments on the rise, and a slight increase in asking price (as well as other factors) unit sales at Folio came to a near screetching halt. As a result the developer decided that the easiest and most time efficient way to sell off the remaining 34 units was to resort to real estate sales tactics that have not been used since the last great market fluctuations took place in the late 1980's and early 1990's. The units were auctioned off at a one day event held at the Seaport Hotel, in which bidders were prepared to bid and purchase units in a live auction. In order to be an eligible bidder, one must have previously viewed each unit they were interested in and have, in-hand, a considerable deposit check to hand over if they happen to be one of the lucky winning bidders.

Click here to check out the Folio Boston.

The auction was an interesting event, where auctioneers would present the unit being auctioned off, the beginning price was announced, and bidders would raise there respective bidder I.D. card when a desired price tag was announced. In my opinion, it was crazy seeing such high-priced condos being sold so quickly, and many at very reasonable prices. It was almost as though valuable paintings or antiques were being auctioned off, not million dollar condos.

Throughout the auction, some units were recognizably more popular than others, several with more than a dozen separate parties bidding, and others with only a small handful of interested people. In the end, units sold for an average of about 26% less than the original asking price, or an average of $581 per square foot (down from $791 per square foot). One of the best deals (seemingly) was penthouse unit #1103. This 1,815 square-foot, 2-bedroom, 2.5-bath unit, was originally on the market for $1,610,000 and the opening auction price was $950,000. With few bidders interested in this unit, it ended up selling for only $70,000 more than the minimum asking price, or $1,020,000. Therefore the unit sold at a 37% discount off of the original asking price, and sold for $562 per square-foot (down from $887 per square-foot).

Originally, the auction was supposed to be for the sale of all of the 34 remaining units, however due to to a lack of interest in two of the units, they were eliminated from the auction right before the event took place. If you are one of the many investors who was once interested in the auction, or you happened to have missed the opportunity to acquire a unit at Folio, the sales and marketing team announced earlier this week that the remaining two units are now on the market. The first unit is unit #401, a 1,910 square-foot, 3-bedroom, 2.5-bath, fourth floor unit, with a current asking price of $825,000, down from the original asking price of $1.245 million. The other unit is unit #1102, an 1,664 square-foot, 2-bedroom, 2-bath penthouse unit. The current asking price for this unit is $925,000, down from the original asking price of $1.385 million. With the developer eager to sell, you may want to head over to the Folio and make an offer on one of these two remaining units, or contact us for more information on how we can help. The developer plans to have the building completely sold out by November 30th.