Fort Point Channel Loft Development – FP3 – In The Passing Lane!
Month in and month out we see FP3 Boston in the headlines of our feed readers. Yet today they make headlines again. Where many developers of new construction condos are frantically scrambling to sell units, some even choosing dramatic events such as an auction like The 1850, Longwood Towers, Nouvelle at Natick Collection and most recently The Bryant Back Bay – BUT – some developers with “Cash Strong Positions” and confidence in their superior product, are able to work through the market, cut a fair deal and ultimately make good on their real estate investment as a whole. Looks like Young Park’s Berkeley Investments and Fort Point Channel FP3 Lofts plan is coming to fruition!
Todays cover story on the Boston Business Journal tell us that FP3’s strategy is now paying dividends.
“Some new condo developments have spent much of the year averaging less than one sale per month; Berkeley was doing two to three during the summer, and closed seven in October. Three more are under agreement, and four others are being held on reservation. Berkeley believes FP3 is the busiest new condo development in town.”
No Quick Turnaround but…
“It didn’t happen overnight,” said Berkeley principal Young Park. He said the project’s repositioning efforts had an eye on “the intrinsic value of FP3, given the market, the neighborhood and our building. It was clear, from our perspective, that the project offers something very unique.”
“We are confident in our optimism that the market is getting better,” added Joseph Laurano, director of operations for Berkeley’s residential marketing group. After a strong autumn, Laurano predicted FP3 will hit the 51 percent sold mark in the coming months, allowing Berkeley to tap a much wider pool of buyers with Fannie Mae-backed financing. “The momentum is building off itself. We have good value and good momentum.”
Earlier in the year FP3 put out a great video detailing not just the units but the concept of this award winning building. If you haven’t see it already check it out here!
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Hey Tony,
While sales volume has definitely picked up at FP3, it is important to note that most sales there have been under 400K and a couple others are higher but still less than 620K. That means, the smallest units are selling better, b/c many other luxury buildings in Boston don’t carry that price point at all. The homebuyer credit may be helping too, as many buyers in this category might qualify and avail of it. Units priced above 750K and certainly above $1M have a very different story I believe.
You are absolutely correct. $400k – $700 price point is Boston’s sweetest….and for that price @ FP3 you can get a killer unit!
Although I know Joe Laurano over there has 2 units U/A over the $1M mark as well.