2019 YEAR END MARKET REPORT TABLE OF CONTENTS

2020 and Beyond: Boston’s Condo Market Forecast...... 4

BOSTON CITYWIDE Overview ...... 6 Sales Price By Range...... 7 Bedroom Growth...... 8 The Leaderboard 2019 ...... 9 Pipeline...... 10

BOSTON SUBMARKETS Allston/Brighton ...... 12 Back Bay...... 14 Beacon Hill...... 16 Charlestown...... 18 East Boston ...... 20 The ...... 22 ...... 24 Midtown...... 26 North End...... 28 Seaport/Fort Point...... 30 ...... 32 South End...... 34 Waterfront ...... 36

GREATER BOSTON AREA SUBMARKETS Brookline ...... 38 Cambridge...... 39

Note: Dorchester, Roxbury, Mattapan, Hyde Park, Mission Hill, Roslindale, and West Roxbury were not included in the submarket segment of this report. Condo sales in these neighborhoods were included in the Boston Citywide subsection. 2019 AT A GLANCE developments, 100 Shawmut and The Quinn . of Boston’s primary submarkets, especially in 2020 Looking at East Boston, another supply the South End with closings at 100 Shawmut 2019 was a landmark year in Boston’s condo constrained neighborhood with 2 .4 months and The Quinn, and in the Fenway with 60 market as a wave of new luxury construction AND of supply, there has been tremendous price Kilmarnock . In late 2021, the Residences at St. projects throughout the city begin to close . growth in the past two years, driven primarily Regis and the condominiums in the new Raffles Just as the closings at Millennium Tower did by sales along hotel will continue to push for new highs at the in 2016, Pier 4, One Dalton, and Echelon BEYOND the waterfront top end of the market in the Seaport and Back sales pushed 2019 sales prices and price per at The Mark at Bay . We expect the new condo developments foot metrics to new heights and dramatically BOSTON’S DeNormandie at the St. Gabriel’s monastery site and at 1515 impacted the overall Boston condo market; Wharf, Slip65, Commonwealth Ave in Brighton/Allston to CONDO MARKET for the first time, multiple buildings have had and Slip45 . continue to sales that breached the $4,000/sf threshold, FORECAST The Mark at DeNormandie Wharf In 2020/2021, drive pricing and average $/sf for buildings outside of Back the price gains triggered by the new growth further Bay and Beacon Hill have crossed the $2,000/sf construction on the East Boston waterfront upwards in line . This signals that the top end of the luxury will extend to the greater East Boston area that section condo market continues to be strong in this (Orient Heights, Eagle Hill) and continue to of Boston; economy heading into 2020 . bring up the average of this submarket . In an upswing St. Gabriel’s South Boston, now Boston’s largest condo that took shape with the development of The SUPPLY AND DEMAND IN BOSTON submarket, the surge of new development Lancaster, The Aberdeen, and Telford 180 The outlook for the broader condo market from 2014 to 2019 has driven $/sf to the same earlier in this cycle . Looking farther out, to the level as Charlestown (with 2x as many sales) next two to five years, if the BPDA approves Boston as a whole remains in Boston also remains positive . Boston as a whole remains undersupplied with only 2 .8 and higher than Brookline’s in 2019 . Perhaps the current iteration of the two proposed undersupplied with months of inventory . Of Boston’s three most Boston’s most evolved submarket in terms large waterfront towers, 55 India Street and “ only of supply constrained of new construction in the past decade, this The Pinnacle at Central Wharf (developed 2.8 months [condominium] inventory. submarkets (South growth should continue to increase as the by Chiofaro Company), we could see a large End, Fenway, and submarket’s development pipeline expands increase in new luxury inventory in a submarket Charlestown), the southward with the construction of Washington that has little development this cycle outside South End has Square and 218-220 Old Colony Ave . of Lovejoy Wharf . As these new developments ” continue to be gradually absorbed at all price the most shadow points, outlook for future condo sales in inventory available 2021 AND BEYOND due to two large Boston continues to be bullish entering the 2021 will likely show a large increase in average concurrently election year . sales price and price per square foot in several selling new 100 Shawmut

BOSTON REALTY ADVISORS 5 BOSTON CITYWIDE YEAR END 2019 SALES BY PRICE RANGE 2019

$5,000,000+ AVERAGE SALE PRICE & $/SF IN BOSTON SINCE 2009 44

$4,750,000 - $5,000,000 $1,000,000 $1,200 7 5% 5% YOY $900,000 4% 13% $1,000 GROWTH 13 $4,500,000 - $4,750,000 $800,000 5% 7% ‘18-’19 $700,000 10% $4,250,000 - $4,500,000 8% $800 9 $600,000 5% 15% 3% -10% $922,635 $500,000 $600 AVG SALE PRICE - 2019 5 $4,000,000 - $4,250,000 $400,000 $400 $300,000 $1,056 14 $3,750,000 - $4,000,000 $200,000 $200 AVG $/SF - 2019 11 $3,500,000 - $3,750,000 $100,000

$0 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 4,373 $3,250,000 - $3,500,000 TOTAL CONDO 11 SALES IN 2019 AVG PRICE PPSF 10 $3,000,000 - $3,250,000

34 $2,750,000 - $3,000,000 • The 2009 Recession saw a decline of 9 7%. in the average sale price, but 2010 more-than-recovered with an increase of 15%, the highest growth rate in the last decade 40 $2,500,000 - $2,750,000 • closed 256 units in 2013-14, dramatically impacting the average sale price for the city and confirming the strength of the condominium market recovery 34% $2,250,000 - $2,500,000 • Another spike in average sales price occurred after 2016 following the closing at Millennium Tower (424 units) . 26% of 2016’s OF SALES WERE $500,000-$750,000 55 closed market volume came from Millennium Tower ($920,000,000 in closings) • 2018 and 2019 marked the delivery of several large scale luxury projects, including 50 Liberty and Pier 4 in the Seaport, as well as 59 $2,000,000 - $2,250,000 Siena at Ink Block in the South End and One Dalton in Back Bay 26% • Echelon (256 units in Building I) will likely have a similar impact as Millennium Tower on market volume and prices, leading to a OF SALES WERE $250,000-$500,000 74 $1,750,000 - $2,000,000 2020 spike 15.8% 131 $1,500,000 - $1,750,000 STUDIO 1 BED 2 BEDS 3 BEDS OF SALES WERE $750,000-$1,000,000 175 $1,250,000 - $1,500,000 AVG SF u 468 723 1,127 1,630 311 $1,000,000 - $1,250,000

STUDIO 1 BED 2 BEDS 3 BEDS 689 $750,000 - $1,000,000 AVG PRICE u $528K $735K $1.16M $1.95M 1,487 $500,000 - $750,000

$250,000 - $500,000 1 BED 2 BED STUDIO 3 BEDS 1,137 PRICE/SF u $1,017 $1,033 $1,130 $1,197 57 $0 - $250,000

6 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 7 GROWTH IN AVERAGE PRICE & $/SF SINCE 2009 THE LEADERBOARD 2019 TOP 25 BUILDINGS BY $/SF CLOSED IN 2019

STUDIO 1 BEDROOM Year Built/ # Units in # Sold in $1,200,000 $1,400 $900,000 $1,200 Building Area Converted Building 2019 Avg $/SF Avg Price Avg SF $800,000 $1,200 $1,000,000 $1,000 $700,000 The Carlton House Back Bay 1964/1982 53 1 $2,547 $2,865,000 1,125 $1,000 $800,000 $600,000 $800 Heritage on the Garden Back Bay 1988 87 6 $2,536 $8,099,800 2,811 $800 $500,000 $600,000 $600 $600 $400,000 One Dalton Back Bay 2019 171 75 $2,485 $5,413,138 2,106

$400,000 $300,000 $400 $400 The Four Seasons (Boylston St) Back Bay 1985 93 3 $2,414 $4,525,000 1,818 $200,000 $200,000 $200 $200 $100,000 The Lydon Back Bay 2016 6 1 $2,332 $14,300,000 6,132

$0 $0 $0 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Pier 4 Seaport 2019 106 96 $2,096 $3,364,684 1,605

A RICE $SF A RICE $SF Zero Marlborough Back Bay 2008 12 1 $1,973 $6,550,000 3,319

50 Liberty Seaport 2017 120 5 $1,945 $3,400,740 1,724

2 BEDROOM 3 BEDROOM 22 Liberty Seaport 2015 109 11 $1,939 $3,602,954 1,755 $1,600,000 $1,200 $3,000,000 $1,400 Mandarin Oriental Back Bay 2008/2015 51 1 $1,925 $3,668,560 1,906

$1,400,000 $1,200 $1,000 $2,500,000 Maison Vernon Beacon Hill 2008 7 1 $1,905 $5,595,000 2,937 $1,200,000 $1,000 $800 $2,000,000 $1,000,000 Rowes Wharf Waterfront 1987 98 3 $1,865 $3,162,000 1,668 $800 $800,000 $600 $1,500,000 The Belvedere Back Bay 2001 61 2 $1,813 $3,670,000 1,962 $600 $600,000 $400 $1,000,000 $400 The Clarendon Back Bay 2009 102 9 $1,719 $2,168,611 1,182 $400,000

$200 $500,000 $200,000 $200 Echelon Seaport 2019 255 69 $1,630 $1,607,750 975

0 $0 $0 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Millennium Tower Midtown 2016 442 24 $1,623 $2,540,021 1,450

A RICE $SF A RICE $SF Trinity Place Back Bay 2000 97 4 $1,582 $3,364,375 2,022

The Atlantic Waterfront 2006 8 3 $1,576 $2,787,500 1,855

Pierce Fenway 2018 109 13 $1,507 $2,253,462 1,478

Atelier 505 South End 2003 101 1 $1,501 $2,500,000 1,666 • Studio prices are at a historical high but still a very rare product in Boston with only 118 sales in 2019 • Studio, two, and three bedroom prices still appear to be on the upswing, with average one bedroom unit pricing Jordan Lofts South End 2016 24 6 $1,432 $3,169,000 1,984 stabilized in the $750,000 - $775,000 range, reflecting limits on single-occupancy affordability with more one Union Wharf Waterfront 1830/1978 89 3 $1,319 $2,448,333 1,821 bedrooms having parking restraints Boulevard on the Greenway Waterfront 2018 36 12 $1,286 $2,274,167 1,713 • In 2019, the average three bedroom $/sf was $1,200, average 2 bed was $1,033, average 1 bed was $1,017, and studio was $1,130 . Battery Wharf Waterfront 2008 104 7 $1,278 $2,386,786 1,848

• One and two bedroom prices per square foot historically have moved in lockstep, except for a short period when Ritz Carlton Residences Midtown 2001 172 17 $1,178 $2,564,941 2,056 one-bedrooms became pricier on a $/sf basis during 2017 and 2018 due in part to a decrease in average unit size/ increase in plan efficiency. *Bold Indicates 2019 Delivery

8 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link Note: Data is sourced from MLS, Link and The Registry of Deeds BOSTON REALTY ADVISORS 9 Building Neighborhood Status Units Developer PIPELINE 152 Liverpool St East Boston Board Approved 23 MG2 Group 2020 2021+ 28-30 Geneva Street East Boston Board Approved 26 Joel DeLuca Building Neighborhood Status Units Developer 2 Ford Street East Boston Under Review 27 MG2 Group The Archer Residences Beacon Hill Now Selling, Under Construction 75 Center Court Partners 151 Liverpool St East Boston Under Construction 36 City Point Development Stadia 50 (46 Hichborn St) Brighton Now Selling, Under Construction 46 Hichborn Partners 11-19 Walley Street East Boston Under Construction 38 MG2 Group 187-191 & 211 Condor St East Boston Under Construction 23 Boston Real Estate Capital 319 - 327 Chelsea Street East Boston Board Approved 38 MG2 Group Tempo Jamaica Plain Under Construction 39 City Realty The Residences at 1181 Bennington East Boston Board Approved 44 Velkor Realty Trust Echelon Seaport District Now Selling, Under Construction 255 Cottonwood Management 205 Maverick Street East Boston Board Approved 49 Kyle Zick Landscape Architecture, Inc . Ceinture South Boston Now Selling, Under Construction 54 R & B Investments Mira East Boston Under Construction 64 City Realty 88 Wareham South End Construction Complete 27 Cresset 135 Bremen St East Boston Board Approved 94 Joseph Ricupero and Micaheael The Mezz South Boston Now Selling, Under Construction 42 Boston Property Ventures Merullo (135 Bremen, LLC) The Factory on 46 Wareham South End Construction Complete 18 Holland Companies The Mark at DeNormandie Wharf East Boston Now Selling, Under Construction 101 The Davis Companies Frankfort + Gove Street Housing Project East Boston Board Approved 108 Frankfort Gove LLC 2021+ 282-308 Bremen Street East Boston Board Approved 145 Transom Real Estate Building Neighborhood Status Units Developer 144 Addison St East Boston Board Approved 230 Gate Residential 392-398 Cambridge Street Allston Under Construction 32 Legend Development Group Suffolk Downs East Boston Under Review 800+ Hym Investments Nexus (280 Western Ave) Allston Under Review 40 King Street Properties 287 Maverick Street East Boston Under Construction 37 MG2 Group 30 Penniman Rd Allston Board Approved 46 Jumbo Capital Management Financial District Under Construction 771 Hym Investments Allston Green Allston Under Review 52 LBC Boston Winthrop Center Financial District Under Construction 150 Steven Belkin 44 N Allston Under Construction 54 44 North Beacon, LLC 50 Stedman Street Jamaica Plain Board Approved 21 Helm Investments Common Allbright Allston Board Approved 80 AUBP LLC 197 - 201 Green Street Jamaica Plain Board Approved 23 City Realty Allston Square Allston Board Approved 334 City Realty 121 Brookside Ave Jamaica Plain Board Approved 23 Cedar Hill Design & Development New England Development, Southside St . Regis Residences Seaport District Under Constuction 124 Cronin Holdings LLC Allston Yards Allston Board Approved 1,050 Investment Partners, The Bozzuto Group, Stop & Shop 765 E 3rd Street South Boston Under Review 25 Richard & Joy Cox 1000 Boylston Back Bay Board Approved 108 Weiner Ventures 340 West Second St South Boston Now Selling, Under Construction 29 RMC Development Raffles Hotel Back Bay Under Construction 146 Saunders Hotel group 256 Dorchester St South Boston Board Approved 32 Rashide LLC Back Bay/ South End Gateway Project Back Bay Board Approved 240 Boston Properties 218-220 Old Colony Ave South Boston Under Review 32 Choo & Company, Inc . Fortis Property Group and 6 Glover Court South Boston Board Approved 34 Six Glover Court, LLC 47-55 LaGrange Street Back Bay Board Approved 170 The Matteson Companies 400 W Broadway South Boston Board Approved 36 Boston Property Ventures 458 - 460 Washington Street Brighton Under Construction 24 First Cambridge Capital 457 - 469A W Broadway South Boston Board Approved 44 463 West Broadway LLC 100 Lincoln Street Brighton Board Approved 32 100-110 Lincoln Street, LLC 21-35 W 2nd Street South Boston Board Approved 55 Transom Real Estate 249 Corey Road Brighton Under Review 35 Brookline Development Corporation Trimount Place South Boston Board Approved 55 267 Old Colony Ave LLC 544 Washington St Brighton Under Review 37 Encore Properties 87-93 W Broadway South Boston Board Approved 65 Broadway & A Street, LLC 11 Faneuil Street Brighton Under Review 41 City Realty 181-185 W 1st & 184,190 South Boston Board Approved 97 East Way Development Avalon Bay Brighton Board Approved 48 Avalon Bay Communities and 206 W 2nd Street 50-56 Leo Birmingham Parkway Brighton Board Approved 53 City Realty The Freeport (270 Dorchester Ave) South Boston Board Approved 114 Navem Partners 425 Washington St Brighton Board Approved 54 Legend Group 2 H Street South Boston Board Approved 135 N & P Associates Residences at Birmingham Washington Village South Boston Board Approved 656 Samuels Associates & DJ Properties 70 Leo Brimingham Parkway Brighton Board Approved 79 Condiminium LLC South Boston Power Plant South Boston Under Review 750 HRP St . Gabriel's Monastary Brighton Under Construction 111 Cabot & Forbes (776 Summer Street) Washington Street Plaza (15 Washing- The Tubman House South End Board Approved 66 New Boston Ventures ton Street) Brighton Under Review 108 KIMCO Realty (566 Columbus Ave) 1515 Commonwealth Brighton Under Review 330 The Davis Companies The Quinn South End Now Selling, Under Construction 101 Related Beal 40 Mount Hood Road Brighton Board Approved 114 1650 Commonwealth LLC 100 Shawmut South End Now Selling, Under Construction 138 The Davis Companies 610 Rutherford Ave Charlestown Under Construction 22 Gary Mac Properties 217 Albany Street (7INK by Ollie) South End Under Construction 180 National Development and Ollie One Bromfield Under Review 119 Midwood Investment & Development 60 Kilmarnock The Fenway Board Approved 173 Cabot, Cabot & Forbes Condominium, LLC 425 Border Street East Boston Board Approved 16 PhD Homes, LLC Harbor Tower (55 India Street) Waterfront Under Review 44 Boston Residential Development LLC 75-85 Liverpool Street East Boston Board Approved 22 Flying Cloud Ralty Trust The Pinnacle at Central Wharf Waterfront Under Review 120 Chiofaro Company 114 Orleans St East Boston Board Approved 23 CRM Realty Garage Waterfront Board Approved 195 Fortis Property Group

10 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link Note: Data is sourced The Registry of Deeds BOSTON REALTY ADVISORS 11 ALLSTON/BRIGHTON YEAR END 2019 CONDO DEVELOPMENT MAP AND TIMELINE

AVERAGE SALE PRICE & $/SF IN ALLSTON/BRIGHTON SINCE 2009 ST GABRIEL’S $700,000 $800 TELFORD 180

$600,000 $700 $529,604 PENNIMAN ON THE PARK $600 AVG SALE PRICE - 2019 214 MARKET $500,000

$500 $400,000 $400 $605 99 TREMONT $300,000 $300 AVG $/SF - 2019 533 CAMBRIDGE ST CONDOS $200,000 $200 $100,000 $100 241 0 $0 TOTAL CONDO 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 STADIA 50 THE LANCASTER SALES IN 2019 A RICE SF 1515 COMMONWEALTH

THE ABERDEEN • Year over year price growth percentage in Allston/Brighton was consistent with that of greater Boston, averaging around 6% per year since 2009 • New Developments The Lancaster, The Aberdeen, Telford 180, and 99 Tremont drove the increase in average sale prices from 2017 to 2018 . 214 Market Street delivered in 2019, but is a smaller building; the impact on the market was not quite as significant. WATERWORKS 40 MOUNT HOOD • Future delivery of St. Gabriel’s, 1515 Commonwealth, and 46 Hichborn Street will likely bring the Allston/Brighton pricing to new heights in 2020/2021 . • Allston/Brighton was a “hot” neighborhood with the second-lowest average Days on Market in Boston during 2019 . PENNIMAN ON • Allston/Brighton is one of the most supply constrained submarkets in 2019 in Boston with only two months’ of active inventory, THE PARK perhaps not surprising as it is also one of the least expensive as well 36 UNITS 1515 COMMONWEALTH 330 UNITS TELFORD 180 85 UNITS WATERWORKS STADIA 50 ST. GABRIEL’S STUDIO 1 BED 2 BEDS 3 BEDS 112 UNITS THE LANCASTER 46 UNITS 111 UNITS AVG SF u 55 UNITS 368 631 943 1,428

2006 2016 2018 2020

STUDIO 1 BEDS 2 BED 3 BEDS AVG PRICE u $299K $422K $561K $686K 2007 2017 2019 2021+

THE ABERDEEN 533 CAMBRIDGE ST 44 UNITS 40 MOUNT HOOD 3 BEDS 2 BEDS 1 BED STUDIO CONDOS 114 UNITS u 99 TREMONT PRICE/SF 44 UNITS 62 UNITS $481 $595 $668 $813 214 MARKET 30 UNITS

12 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 13 BACK BAY YEAR END 2019 CONDO DEVELOPMENT MAP AND TIMELINE

AVERAGE SALE PRICE & $/SF IN BACK BAY SINCE 2009 THE CARLTON HOUSE

$2,000,000 $1,400

$1,800,000 $1,200 $1,764,125 $1,600,000 AVG SALE PRICE - 2019 $1,400,000 $1,000

$1,200,000 THE CLARENDON $800 MANDARIN ORIENTAL $1,000,000 ONE CHARLES $600 $1,247 $800,000 AVG $/SF - 2019 1000 BOYLSTON $600,000 $400 RAFFLES $400,000 $200 $200,000 321 145 & 165 DARTMOUTH $0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TOTAL CONDO SALES IN 2019 A RICE SF ONE DALTON

THE BRYANT • The Back Bay may have had only the 3rd highest average sales price of the Boston submarkets [in 2019] behind Midtown and the BACK BAY Seaport, but unlike other neighborhoods, the price increases were not driven by the delivery of new developments other than THE BELVEDERE closings at One Dalton at the end of 2019 • Since 2009, the average sale price has increased by 80%, from $978,955 to $1,764,125, an average growth rate of 6% per year • Largest single year jump in price was from 2009 to 2010 coming out of the Recession - a 25% increase from $978,955 to $1,220,908- which also coincided with closings at the Mandarin Oriental, and The Clarendon • Back Bay sales in 2009 sat for an average of 118 days in 2009; but by 2019, it had dropped to 63 days, only slightly above the lowest average annual reading of 54 days in 2017. Inventory was and still is significantly below 6 month equilibrium. • On the heels of One Dalton, three new developments appear to be taking up the ultra-luxury mantle in the next 2-5 years: 1000 RAFFLES Boylston, 145 & 165 Dartmouth, and Raffles, with nothing significant to deliver in 2020. 146 UNITS THE BRYANT 145 & 165 THE CARLTON HOUSE ONE CHARLES BACK BAY DARTMOUTH 50 UNITS 240+ UNITS STUDIO 1 BED 2 BEDS 3 BEDS 53 UNITS 233 UNITS AVG SF u 412 735 1,609 2,879 2001 2008 2019 2021+

STUDIO 1 BED 2 BEDS 3 BEDS AVG PRICE u 1982 2004/2005 2009 2020 $557K $886K $2.52M $5.29M

THE BELVEDERE MANDARIN ORIENTAL ONE DALTON 1000 BOYLSTON ST 50-51 UNITS 171 UNITS 108 UNITS 1 BED STUDIO 2 BEDS 3 BEDS 61 UNITS PRICE/SF u $1,205 $1,353 $1,569 $1,837 THE CLARENDON 102 UNITS

14 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 15 BEACON HILL YEAR END 2019 CONDO DEVELOPMENT MAP AND TIMELINE

AVERAGE SALE PRICE & $/SF IN BEACON HILL SINCE 2009

$1,800,000 $1,400

$1,575,000 $1,200 $1,602,972 BOWDOIN PLACE $1,350,000 AVG SALE PRICE - 2019 $1,000

$1,125,000 $800 $900,000 THE ARCHER RESIDENCES $600 $1,212 $675,000 AVG $/SF - 2019 $400 $450,000 THE WHITWELL MAISON VERNON $225,000 $200 154 0 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TOTAL CONDO SALES IN 2019 A RICE SF 25 BEACON

• Traditionally Boston’s most exclusive (and oldest) submarket, there have been only a few new developments (The Archer Residences on 2020) of any scale . Most of the product is in smaller condominium buildings and subdivided brick homes, with limited supply . • Since 2009, the average sale price has increased by 120%, from $730,209 to $1,602,972; an average year-over-year growth rate of 9%, higher than the Boston average of 6% • Largest single year jump in price was from 2016 to 2017 - a 69% increase from $978,018 to $1,655,056 driven by the closings at The Whitwell, 25 Beacon, and Maison Vernon . • Limited by supply, Beacon Hill inventory dynamics look positive overall . Beacon Hill experienced an average of 94 days on market in 2009 which by 2019, had fallen to 47 days . MAISON VERNON 7 UNITS BOWDOIN PLACE THE ARCHER RESIDENCES 25 BEACON 62 UNITS STUDIO 1 BED 2 BEDS 75 UNITS 3 BEDS 6 UNITS AVG SF u 401 637 1,190 3,042 2017 2019 2021+

STUDIO 1 BED 2 BEDS 3 BEDS AVG PRICE u 2003 2018 2020 $476K $742K $1.37M $4.83M

THE WHITWELL 13 UNITS 2 BEDS1 BED STUDIO 3 BEDS PRICE/SF u $1,153 $1,164 $1,188 $1,589

16 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 17 CHARLESTOWN YEAR END 2019 CONDO DEVELOPMENT MAP AND TIMELINE

AVERAGE SALE PRICE & $/SF IN CHARLESTOWN SINCE 2009

$900,000 $800

$800,000 $700 $763,008 $700,000 $600 AVG SALE PRICE - 2019 $600,000 THE LUMEN $500 $500,000 $400 57 BARTLETT STREET $400,000 $740 $300 AVG $/SF - 2019 $300,000

$200 $200,000 THE STARBOARD $100,000 $100 273 $0 $0 TOTAL CONDO 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 PARRIS LANDING SALES IN 2019 A RICE SF

THE COURTYARD

• Charlestown mostly missed out on condominium developments during this cycle, seeing only 2 smaller projects, and has no real pipeline THE NAUTICA FLAGSHIP WHARF • Despite the lack of new projects that drive average prices upward, Charlestown still had an average growth rate of 6% consistent with the City-wide average • Charlestown is transit-constrained and does not fit well within the new urban paradigm of transit-oriented developments that are more easily capitalized • Comparing Charlestown to East Boston, it is not hard to see why “Eastie” has been gaining traction, despite similar locations, Charlestown average 1 bedroom price was $583,000, 17% higher than Eastie, and $809/sf, 21% higher than Eastie .

THE COURTYARD THE NAUTICA PARRIS LANDING THE LUMEN 82 UNITS 117 UNITS 367 UNITS 30 UNITS

STUDIO 1 BED 2 BEDS 3 BEDS AVG SF u 1989 621 720 1,110 1,610 2001 2015 2017

STUDIO 1 BED 2 BEDS 3 BEDS 1986 2000 2005 2016 AVG PRICE u $529K $583K $803K $1.07M FLAGSHIP WHARF 57 BARTLETT STREET THE STARBOARD 201 UNITS 8 UNITS 54 UNITS

3 BEDS 2 BEDS 1 BED STUDIO PRICE/SF u $666 $724 $809 $853

18 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 19 EAST BOSTON YEAR END 2019 CONDO DEVELOPMENT MAP AND TIMELINE

AVERAGE SALE PRICE & $/SF IN EAST BOSTON SINCE 2009

$700,000 $700

$600,000 $600 1181 BENNINGTON $590,262 16 BOARDMAN AVG SALE PRICE - 2019 $500,000 $500

SEVILLE BOSTON $400,000 $400 $603 HARBOR $300,000 $300 AVG $/SF - 2019 301-303 BORDER STREET

$200,000 $200 151 LIVERPOOL $100,000 $100 281 152 LIVERPOOL $0 $0 TOTAL CONDO 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 SALES IN 2019 THE MARK 135 BREMEN ST 70 BREMEN ST A RICE SF

SLIP 45 • A very small submarket in a very good location, East Boston only began to develop into a meaningful condominium market in 320 MAVERICK 2016 with the Seville Boston Harbor, but developers and Bostonians have since woken to its potential due to its proximity to the waterfront for a fraction of the price, the new Maverick Blue Line station, new water taxi, proximity to the airport, and the spectacular views of downtown Boston . • Since 2009, average sale prices have increased by 149%, from $237,009 to $590,262 with a big increase in 2019 with the delivery of SLIP 65 Slip 65; an average growth rate of 10% • Despite the building boom, average prices of closed units are still among the best value of the Boston neighborhoods, though 152 LIVERPOOL this will change as units at The Mark and Slip 45 close, as units in those buildings are consistently exceeding $1,000/sf 23 UNITS • East Boston experienced an average of 172 days on market in 2009; by 2019, this is an entirely different submarket with an SLIP 65 average of 45 days for a unit to sell, skewed by Slip 65’s accelerated sales tactics 80 UNITS 1181 BENNINGTON SEVILLE BOSTON 44 UNITS HARBOR 320 MAVERICK 66 UNITS 33 UNITS THE MARK STUDIO 1 BED 2 BEDS 3 BEDS 107 UNITS AVG SF u 468 743 978 1,310 2017 2019 2021

STUDIOS 1 BED 2 BEDS 3 BEDS u 2021+ AVG PRICE 2016 2018 2020 $405K $497K $599K $654K 151 LIVERPOOL 70 BREMEN ST 16 BOARDMAN SLIP 45 135 BREMEN 36 UNITS 32 UNITS 19 UNITS 114 UNITS 94 UNITS 3 BEDS 2 BED 1 BED STUDIO PRICE/SF u $499 $613 $669 $865 301-303 BORDER STREET 58 UNITS

20 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 21 THE FENWAY YEAR END 2019 CONDO DEVELOPMENT MAP AND TIMELINE

AVERAGE SALE PRICE & $/SF IN THE FENWAY SINCE 2009

$1,000,000 $1,200 MOUNTFORT PLACE $900,000 $1,000 $814,678 $800,000 SYMPHONY COURT I AVG SALE PRICE - 2019 AUDUBON PARK $700,000 $800 $600,000 SYMPHONY COURT II $500,000 $600 $1,012 PIERCE $400,000 AVG $/SF - 2019 $400 $300,000

$200,000 $200 $100,000 95 60 KILMARNOCK THE HENRY $0 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TOTAL CONDO SALES IN 2019 A RICE SF MOSAIC ON THE

• The Fenway saw very little development at the end of the last cycle, and was late to this cycle’s boom until 2016 when the first Symphony Court delivered . Each of the projects delivered were successful, though the pace of sales at Pierce was on the slower side . • Fenway had an average DOM of 70 in 2009; by 2019, DOM dropped to 46, a 34% decrease • Since 2009, average sale prices have increased by 141%, from $338,738 to $814,678 • The large spike in 2018 coincides with the closing of Pierce, which had such a drastic impact on the Fenway market that there was an 11% decrease in average sales price from 2018 when the building closed to 2019 . • Average year-over-year growth in Fenway since 2009 is 9%, stronger than Boston’s overall growth rate of 6% • 60 Kilmarnock should have a similar effect on the Fenway market as Pierce and drive the average PPSF for this submarket higher

MOUNTFORT PLACE SYMPHONY COURT I SYMPHONY COURT II THE HENRY

STUDIO 1 BED 2 BEDS 3 BEDS 37 UNITS 39 UNITS 43 UNITS 20 UNITS AVG SF u 361 562 1,034 1,452 2015 2017 2019 2021+

STUDIO 1 BED 2 BEDS 3 BEDS AVG PRICE u 2006 2016 2018 2020 $380K $572K $878K $2.97M

AUDUBON PARK MOSAIC ON PIERCE 60 KILMARNOCK 53 UNITS THE RIVERWAY 109 UNITS 173 UNITS 2 BEDS 1 BEDSTUDIOS 3 BEDS PRICE/SF u 42 UNITS $849 $1,018 $1,053 $2,044

22 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 23 JAMAICA PLAIN YEAR END 2019 CONDO DEVELOPMENT MAP AND TIMELINE

AVERAGE SALE PRICE & $/SF IN JAMAICA PLAIN SINCE 2009 TEMPO $700,000 $600 7 BURROUGHS 65 GREEN $600,000 $500 $625,754 AVG SALE PRICE - 2019 $500,000 $400

$400,000 $300 $536 $300,000 AVG $/SF - 2019 $200 $200,000

$100 $100,000 347 45 ON BURNETT $0 $0 TOTAL CONDO 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 SALES IN 2019 VITA A RICE SF

• “JP” is an underdeveloped condominium submarket, traditionally a neighborhood of single-family and small multi-family (2-4 50 STEDMAN family) homes, and located on the orange and green lines . Its suburban feel and lower prices make JP an attractive destination for those priced out of closer-in neighborhoods . • Since 2009, average sale prices have increased by 79%, from $350,516 to $625,752 due to the construction and delivery of VITA and 45 on Burnett; its 5% annual growth rate is below the Boston average • Jamaica Plain condominiums spent fewer Days On Market in 2019 when compared to Boston’s average - 33 days versus 51 days in all of Boston - the fewest DOM of any submarket . • With an average of $581,000 for a 2-bedroom, JP prices are less than half of those in the South End, and are similar to the average in East Boston; however JP units are bigger, on average, and $/sf is 10% lower • Average year-over-year growth in Jamaica Plain since 2009 is 5%, lower than Boston’s average of 6% 7 BURROUGHS 45 ON BURNETT 50 STEDMAN 8 UNITS 44 UNITS 21 UNITS

STUDIO 1 BED 2 BEDS 3 BEDS 2017 2019 2021+ AVG SF u 589 738 1,054 1,468

2018 2020

1 BEDSTUDIO 2 BEDS 3 BEDS AVG PRICE u $379K $581K $770K 65 GREEN VITA TEMPO $382K 8 UNITS 8 UNITS 39 UNITS

1 BED 3 BEDS 2 BEDS STUDIO PRICE/SF u $514 $525 $551 $648

24 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 25 MIDTOWN YEAR END 2019 CONDO DEVELOPMENT MAP AND TIMELINE

AVERAGE SALE PRICE & $/SF IN MIDTOWN SINCE 2009

$2,500,000 $1,600 $1,789,783 $2,000,000 $1,280 AVG SALE PRICE - 2019

$1,500,000 $960 FORECASTER 121 $1,209 $1,000,000 $640 AVG $/SF - 2019 45 PROVINCE $500,000 $320 96 MILLENNIUM TOWER 0 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TOTAL CONDO RITZ-CARLTON SALES IN 2019 MILLENNIUM PLACE A RICE SF LINCOLN PLAZA

W RESIDENCES • The delivery of the Millennium Tower in 2016 and its 442 units was extremely successful and single-handedly expanded the Boston condominium downtown market THE METROPOLITAN • With the influx of new product, Midtown had the second highest average sales price of any submarket behind the Seaport in 2019 • The flipside to the new product is that Midtown units spend significantly more time on the market (105 days) compared to Boston’s average (51 days) . This is the highest Days on Market of any submarket . • Since 2009, average sale prices have increased by 160%, from $688,628 to $1,789,783; the large 2016 spike is due to the closing of Millennium Tower . • Average year-over-year growth in Midtown since 2009 is 8%, higher than Boston’s average of 6% THE METROPOLITAN 45 PROVINCE MILLENNIUM PLACE MILLENNIUM TOWER 118 UNITS 137 UNITS 256 UNITS 442 UNITS

2004 2012 STUDIO 1 BED 2 BEDS 3 BEDS 2006 2008 2010 2014 2016 AVG SF u 720 966 1,510 2,537

2000 2005 2007 2009 2011 2013 2015

STUDIO 1 BED 2 BEDS 3 BEDS AVG PRICE u $3.23M RITZ-CARLTON LINCOLN PLAZA W RESIDENCES FORECASTER 121 $667K $1M $1.73M 350+ UNITS 92 UNITS 123 UNITS 80 UNITS

STUDIO 1 BED 2 BEDS 3 BEDS PRICE/SF u $927 $1,035 $1,148 $1,274

26 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 27 NORTH END YEAR END 2019 CONDO DEVELOPMENT MAP AND TIMELINE

AVERAGE SALE PRICE & $/SF IN NORTH END SINCE 2009 STRADA234 $800,000 $1,200

$700,000 $1,050 $732,602 $600,000 $900 AVG SALE PRICE - 2019 THE CHRYSANTHEMUM

$500,000 $750 $400,000 $600 $913 $300,000 $450 AVG $/SF - 2019 9 COOPER ST $200,000 $300 40 FLEET ST $100,000 $150 59 $0 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TOTAL CONDO 44 PRINCE SALES IN 2019 A RICE SF STILLMAN STREET LOFTS

• One of Boston’s oldest neighborhoods, North End is a very small area that blends into the Waterfront (its own submarket), and has little room for new condominium development . Any new developments are typically very small in nature (6-9 units) . • The North End is traditionally a supply constrained submarket (under 2 months’ supply of inventory), with no new construction on the horizon • The North End had an average of 90 Days on Market in 2009; by 2019, it had dropped to 53, a 41% decrease • Since 2009, average sale prices have increased by 71%, from $427,671 to $732,602; and average year-over-year growth rate of 6% • Largest single year jump in price was from 2013 to 2014 - a 25% increase from $467,874 to $584,596

44 PRINCE THE CHRYSANTHEMUM STILLMAN STREET LOFTS 55 UNITS 9 UNITS STUDIO 1 BED 2 BEDS 3 BEDS 29 UNITS AVG SF u 429 575 917 1,069 2003 2015 2017

1 BED 3 BEDS STUDIO 2 BEDS 2000 2006 2016 2018 AVG PRICE u $415K $532K $835K $855K

STRADA234 9 COOPER ST 40 FLEET ST 108 UNITS 6 UNITS 6 UNITS

3 BEDS 2 BEDS 1 BED STUDIO PRICE/SF u $800 $911 $924 $968

28 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 29 SEAPORT/FORT POINT YEAR END 2019 CONDO DEVELOPMENT MAP AND TIMELINE

AVERAGE SALE PRICE & $/SF IN SEAPORT/FORT POINT SINCE 2009

$2,500,000 $1,800 22 LIBERTY 50 LIBERTY $1,600 $2,486,502 $2,000,000 $1,400 AVG SALE PRICE - 2019 $1,200 $1,500,000 $1,000 PIER 4

$800 $1,633 $1,000,000 $600 AVG $/SF - 2019 10 FARNSWORTH ECHELON I ST. REGIS $400 $500,000 FP3 $200 159 355 CONGRESS $0 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TOTAL CONDO SALES IN 2019 ECHELON II A RICE SF

THE MUSE 319 A STREET • Ten years ago, there was virtually no Seaport submarket, with Channel Center and FP3 on Congress Street the only significant condominium buildings . Since then, a new neighborhood has been built, which has achieved the highest average sale prices and a price per square foot of any submarket CHANNEL CENTER • Since 2009, average sale prices have increased by 368%, from $531,075 to $2,486,502, directly attributable to the construction and delivery of 22 Liberty, 50 Liberty, Pier 4, and Echelon beginning to close in December of 2019 FORT POINT PLACE • The average year-over-year growth rate in The Seaport since 2009 was 16%, higher than Boston’s average of 6%; the highest growth rate of any submarket . • The submarket growth rates are of average prices, not necessarily of asset prices . At Channel Center, condominium resales aver- aged an annual growth rate of 3%-7% between 2015 and 2019 . ECHELON I 256 UNITS

355 CONGRESS STREET FORT POINT PLACE FP3 9 UNITS ST. REGIS 117 UNITS 92 UNITS 319 A STREET 124 UNITS STUDIO 1 BED 2 BEDS 3 BEDS 10 FARNSWORTH 48 UNITS AVG SF u 9 UNITS 726 899 1,496 2,331 2004 2015 2017 2019 2021+

STUDIO 1 BED 2 BEDS 3 BEDS AVG PRICE u 2000 2008 2016 2018 2020 $777K $1.16M $2.2M $4.77M

CHANNEL CENTER 22 LIBERTY 50 LIBERTY PIER 4 130+ UNITS 109 UNITS 120 UNITS 106 UNITS STUDIO 1 BED 2 BEDS 3 BEDS PRICE/SF u THE MUSE ECHELON II $1,071 $1,292 $1,470 $2,044 38 UNITS 192 UNITS

30 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 31 SOUTH BOSTON YEAR END 2019 CONDO DEVELOPMENT MAP AND TIMELINE

THE RESIDENCES AT 135 ATHENS THE RESIDENCES AT DAHLGREN HALL AVERAGE SALE PRICE & $/SF IN SOUTH BOSTON SINCE 2009 PORT 45 360 W 2ND STREET $900,000 $800 14 WEST EDISON ON FIRST $800,000 $700 THE ALLELE $820,851 407 W 1ST STREET CONDOS $700,000 39 A STREET 888 E 2ND STREET $600 AVG SALE PRICE - 2019 THE CEINTURE 776 SUMMER STREET $600,000 VISTA $500 ARYA CONDOS $500,000 $400 $739 150 W BROADWAY $400,000 THE MEZZ $300 AVG $/SF - 2019 170 W BROADWAY $300,000

$200 $200,000 THE AUSTIN 457 - 469A W BROADWAY THE GRIBAUDO $100,000 $100 554 232 OC $0 $0 TOTAL CONDO 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 235 OC

SALES IN 2019 275 OLD COLONY A RICE SF

THE RESIDENCES AT 225 DORCHESTER

• South Boston is experiencing a huge increase in condominium and for-rent development that began in 2014 • South Boston has become one of Boston’s largest condominium submarkets in the past 7 years, with sales volume over the last 12 months (150 sales) greater than any other in that timeframe • Since 2009, average sales price has increased by 130%, from $356,240 to $820,851; an average year-over-year growth rate of 7%, THE RESIDENCES AT THE RESIDENCES AT slightly higher than Boston’s average of 6% 225 DORCHESTER 135 ATHENS • With large commercial developments planned, demand for housing in South Boston could rival the traditional centers of Boston, 29 UNITS 16 UNITS 14 WEST THE CEINTURE 49 UNITS 54 UNITS including the Back Bay and South End THE RESIDENCES AT THE ALLELE EDISON ON FIRST 48 UNITS DAHLGREN HALL 28 UNITS 232 OC THE MEZZ 18 UNITS PORT 45 24 UNITS 42 UNITS 360 W SECOND STREET CONDOS 105 UNITS 776 SUMMER 20 UNITS 150 W BROADWAY 750+ UNITS

STUDIO 1 BED 2 BEDS 3 BEDS 24 UNITS 2009 2013 2015 2019 2021 AVG SF u 2017 619 703 1,089 1,643

2014 2016 2018 2020

STUDIO1 BED 2 BEDS 3 BEDS u AVG PRICE 39 A STREET $796K $1.11M VISTA 235 OC $555K 888 E 2ND STREET ARYA CONDOS 23 UNITS $564K 16 UNITS 31 UNITS 24 UNITS 656 UNITS 170 W BROADWAY 407 W 1ST STREET CONDOS 34 UNITS 457 - 469A 3 BEDS 2 BEDS 1 BED STUDIO 49 UNITS W BROADWAY u 275 OLD COLONY THE GRIBAUDO PRICE/SF 16 UNITS 44 UNITS $677 $731 $802 $897 18 UNITS THE AUSTIN 34 UNITS 32 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 33 SOUTH END YEAR END 2019 CONDO DEVELOPMENT MAP AND TIMELINE

100 SHAWMUT AVERAGE SALE PRICE & $/SF IN SOUTH END SINCE 2009 SEPIA THE LUCAS $1,400,000 $1,200 ATELIER 505 $1,200,000 $1,206,303 $1,000 AVG SALE PRICE - 2019 SIENA THE QUINN $1,000,000 $800 DOVER LOFTS $800,000 GATEWAY TERRACE $600 $1,031 JORDAN LOFTS CONDOS $600,000 AVG $/SF - 2019 PENNY SAVINGS BANK ROLLINS SQUARE $400 $400,000

$200 $200,000 404 $0 $0 TOTAL CONDO THE FACTORY ON 46 WAREHAM 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 SALES IN 2019 ART BLOCK LOFTS A SAE RICE $SF THE MODERN (2) THE PENMARK 88 WAREHAM

• The South End is one of Boston’s traditionally most desirable housing markets, with classic charm and brick sidewalks, that, despite its age, has expanded its boundaries significantly over the last 10 years 7 E SPRINGFIELD • Developers have grown the submarket by expanding along the edges (Sepia and Siena) and the delivery of 100 Shawmut and The Quinn, both expected to close in early 2021, continues on this trend . SIX9ONE RESIDENCES • Prices really started to move in 2013/2014 despite the lack of deliveries of new product . • South End in 2019 exhibited strong market dynamics with 48 DOM • 2019 was a year of price stabilization with no new large luxury buildings being delivered; as such, the South End is incredibly supply-constrained . ART BLOCK LOFTS THE QUINN The resale inventory in the South End is extremely limited, and as of December 2019 is at an all-time low with only 2 months of supply 101 UNITS (42 active resales) 28 UNITS GATEWAY TERRACE • Year-over-year price growth percentage has averaged around 6% per year since 2009 . 133 UNITS THE FACTORY ON DOVER LOFTS JORDAN LOFTS CONDOS 46 WAREHAM 24 UNITS 16 UNITS SIX9ONE RESIDENCES SIENA 18 UNITS 40 UNITS 76 UNITS

STUDIO1 BED 2 BEDS 3 BEDS 2002 2006 2011 2013 2015 2017 2019 2021 AVG SF u 694 701 1,160 2,030

2003 2010 2012 2014 2016 2018 2020

1 BEDSSTUDIOS 2 BEDS 3 BEDS u ATELIER 505 AVG PRICE THE LUCAS $728K $736K $1.2M $2.3M 101 UNITS THE MODERN (2) 88 WAREHAM 62 UNITS 33 UNITS 27 UNITS ROLLINS SQUARE SEPIA 7 E SPRINGFIELD PENNY SAVINGS BANK 83 UNITS 9 UNITS 100 SHAWMUT 184 UNITS 23 UNITS 1 BEDS 2 BEDS STUDIO 3 BEDS THE PENMARK 138 UNITS AVG $/SF u 60 UNITS $1,038 $1,041 $1,060 $1,139

34 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 35 WATERFRONT YEAR END 2019 CONDO DEVELOPMENT MAP AND TIMELINE

AVERAGE SALE PRICE & $/SF IN WATERFRONT SINCE 2009 BATTERY WHARF $1,800,000 $1,200

$1,600,000 $1,000 $1,537,136 $1,400,000 AVG SALE PRICE - 2019 $1,200,000 $800 LOVEJOY WHARF

$1,000,000 $600 $800,000 $1,067 THE ATLANTIC AVG $/SF - 2019 $600,000 $400

$400,000 HARBOR TOWER $200 $200,000 118 0 $0 THE PINNACLE AT 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TOTAL CONDO CENTRAL WHARF SALES IN 2019 THE FOLIO A RICE SF

BOULEVARD ON THE GREENWAY • Boston’s Waterfront covers a large distance from the Zakim Bridge to the Congress Street Bridge, wrapping the North End and Financial District RESIDENCES AT THE INTERCONTINENTAL • For water views, the Waterfront offers a diverse range of prices and settings, from the traditional and luxurious Rowes Wharf that averaged more than $1,800/sf to the 70s vintage which averaged around $900/sf in 2019 • The Waterfront had an average DOM of 157 in 2009; by 2019, DOM dropped to 94, a 40% decrease • Since 2009, average sales price has increased by 75%, from $877,388 to $1,537,136; an average annual growth rate of 6% • The construction of a new Harbor Tower building in 2022+ as well as the Pinnacle at Central Wharf would have a drastic impact on this submarket, which has not experienced much post-Recession development

BATTERY RESIDENCES AT THE WHARF LOVEJOY WHARF THE PINNACLE AT INTERCONTINENTAL 104 UNITS 157 UNITS CENTRAL WHARF STUDIO 1 BED 2 BEDS 3 BEDS 130 UNITS 200+ UNITS AVG SF u 584 863 1,383 2,205 2008 2017 2019 2021+

STUDIO 1 BED 2 BEDS 3 BEDS AVG PRICE u 2006/2007 2016 2018 2020 $591K $829K $1.5M $2.63M

THE FOLIO THE ATLANTIC BOULEVARD ON HARBOR TOWER 96 UNITS 8 UNITS THE GREENWAY (55 INDIA STREET) 1 BED STUDIO 2 BEDS 3 BEDS PRICE/SF u 36 UNITS 44 UNITS $960 $1,012 $1,083 $1,192

36 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 37 BROOKLINE YEAR END 2019 CAMBRIDGE YEAR END 2019

AVERAGE SALE PRICE & $/SF IN BROOKLINE SINCE 2009 AVERAGE SALE PRICE & $/SF IN CAMBRIDGE SINCE 2009

$1,200,000 $800 $1,000,000 $900

$700 $800 $1,000,000 $971,074 $935,897 $800,000 $700 $600 AVG SALE PRICE - 2019 AVG SALE PRICE - 2019

$800,000 $600 $500 $600,000 $500 $600,000 $400 $699 $400 $822 $400,000 $300 AVG $/SF - 2019 AVG $/SF - 2019 $400,000 $300 $200 $200 $200,000 $200,000 $100 450 $100 567 $0 $0 $0 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TOTAL CONDO 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TOTAL CONDO SALES IN 2019 SALES IN 2019 A RICE SF A RICE SF

• Condos in Brookline had an average DOM of 79 in 2009; by 2019, DOM dropped to 41, a 48% decrease • Condos in Cambridge had an average DOM of 78 in 2009; by 2019, DOM dropped to 35, a 55% decrease • Since 2009, average sales price has increased by 32%, from $534,349 to $971,074 • Since 2009, average sales price has increased by 104%, from $459,539 to $935,897 • Average year-over-year growth in Brookline since 2009 is 6%, equal to Boston • Average year-over-year growth in Cambridge since 2009 is 7%, slightly higher than Boston (6%) with the only new larger • Lowest year for DOM was 2013 at 26 average DOM developments being North Point (Earhart Street, 230 units built in 2009), The Rand, (1975 Ave, 20 units built in 2016), and Point 262 (Monsignor Blvd, 55 units built in 2018) . • With very few units to be constructed in the 2020/2021 pipeline in Brookline, prices will continue to steadily increase as the market is very supply constrained • Lowest years for DOM was 2016 and 2017 at 27 average DOM

STUDIO 1 BED 2 BEDS 3 BEDS STUDIO 1 BED 2 BEDS 3 BEDS AVG SF u AVG SF u 497 783 1,177 1,699 416 672 1,035 1,636

STUDIO 1 BED 2 BEDS 3 BEDS STUDIO 1 BED 2 BEDS 3 BEDS AVG PRICE u AVG PRICE u $429K $568K $835K $1.13M $401K $608K $815K $1.29M

3 BEDS 2 BEDS 1 BED STUDIO 3 BEDS 2 BEDS 1 BED STUDIO PRICE/SF u PRICE/SF u $672 $712 $742 $883 $784 $796 $920 $983

38 YEAR END MARKET REPORT 2019 Note: Data is sourced from MLS and Link Note: Data is sourced from MLS and Link BOSTON REALTY ADVISORS 39 JASON S. WEISSMAN DAVE COSTELLO SCOTT ACCORSINI Founder & Senior Partner Senior Vice President | Broker Vice President | Certified Appraiser 617.850.9608 617 905-7996 508 259-1442 [email protected] [email protected] [email protected]

745 | Boston, MA 02116 | (T) 617.375.7900 | (F) 617.536.9566 | BRAdvisors.com

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