Market Review I Summer 2021 I Molly Schoeck

Boston

Market Trends

Summer 2021

Setting the tone for sophisticated real estate

At Engel & Völkers Boston, we strive to embrace our city’s simple ethos — we work hard, and we play hard. Our real estate advisors work each deal with the same drive and intensity as if they were purchasing the property for themselves.

Our advisors are not only the most successful in our area, they also share traits which align with Engel & Völkers’ culture, such as teamwork, passion, and competence. With our state-ofthe-art real estate tools and technology, premium brand recognition, and unrivaled market knowledge, we are able to offer our clients first class service during the purchase or sale process.

We look forward to hearing from you soon and advising you on your next real estate deal.

Summer Property Spotlight Killybracken Estate

THE COMPOUND

Less than one hour from Boston, Killybracken is a one-of-a-kind, secluded, and private compound on the most eastern point of the prestigious, historically significant, and architecturally rich Eastern Point peninsula. With woodland behind and open rocky shoreline in front, Killybracken stands amid expansive lawns, glorious perennial gardens and specimen plantings on about 2.4 oceanfront acres. Gloucester Harbor can accommodate yachts of any size; there are private tennis courts and the Eastern Point Yacht Club within walking distance, a world class 18-hole golf club about a mile away, and an FBO Beverly Airport less than 30 minutes away can accommodate private jets. Killybracken’s gated, paved driveway can accommodate more than 25 guest automobiles.

The location is one of the most eastern points of land in the continental United States. The compound consists of five structures with more than 10,400 sq ft. of indoor space. From anywhere on the property there is a constantly changing panoramic nautical landscape of traditional lobster boats, tall ships, pleasure boats, yachts, and magnificent sailing regattas.

THE RESIDENCE

Killybracken is one of the most splendid stone residences gracing the New England Coast. The primary estate was built in 1927 in the Arts and Crafts style of granite quarried in Gloucester. Behind the granite is concrete reinforced with rebar said to be the first private residence built with rebar in the United States. The main residence is: 6,500 sq. ft. with fourteen rooms, six custom baths, and four fireplaces. The Estate effortlessly captures the warmth and elegance of the great homes of Europe while remaining graciously relaxed, perfect for everyday living.

Exceptional Old World refinements include softly burnished oak and pine woodwork, granite-hearth fireplaces, deep window seats and cozy alcoves, floors of stone, tile and hardwood, accents of polished brass, copper and leaded glasswork, decorative granite windowsills. Luxurious granite baths abound are carefully integrated with the estate’s period features. Every room enjoys unobstructed, spectacular ocean views.

THE ENTERTAINMENT CENTER/ POOL HOUSE

The architecturally significant entertainment building with an integrated indoor/outdoor pool was built with granite from the same quarry used for the original residence. This granite and cedar-shingled building houses, in addition to the entertainment spaces, a full guest apartment, a separate study/murphy guest bedroom, an empire decorated private drawing room with fireplace and a unique private balcony overlooking pool and ocean for a special viewing vantage point. The building also contains a large heated two-car garage and storage space. The voluminous entertainment space can be completely closed in by electric glass sliding doors. At the push of a button all doors open, creating a true indoor/outdoor space and pavilion with windward and leeward courtyards. The large entertainment space features a wet bar, built in grill, indoor-outdoor fireplace, dining area, lounge, eightperson whirlpool spa, a multi-head shower and steam room, dressing room and utility and bathrooms. The building was designed to safely withstand any major hurricane with threaded rods, set about every 30” through bolting the roof into the foundation.

THE POOL

The natural appearing, outdoor 65,000 gal. pool is surrounded by manicured perennial gardens and a waterfall. The pool’s pH level, antibacterial treatment, and water level are all controlled by computer — no chlorine is used. Since the heated pool can be entered from the inside the building with its radiant heated indoor floor, it can be used year-round below freezing and in a snowstorm.

THE COTTAGE

The compound also has a romantic, two-storey granite and cedar shingled guest/caretaker cottage with kitchenette, living room, bathroom, and high tech fireplace. Upstairs is a bedroom and sitting area. The cottage boasts some of the most spectacular views on the property.

THE GARAGE

There is a detached trellised Arts & Crafts two-car garage/workshop/storage area (another 2-car heated garage is in the entertainment building). There is also an out of view “storage barn” on the property.

Engel & Völkers 955 offices in 33 countries

marketing support

Fully dedicated team of experts Global

Engel & Völkers manages a global marketing infrastructure out of our corporate headquarters in Hamburg, Germany that supports our shops and advisors worldwide. This support adds to the targeted marketing strategies delivered by our Americas headquarters in Manhattan to support the local markets served by our Engel & Völkers advisors. Each local shop then leverages the brands national and international resources and reach through its dedicated marketing specialist who works with each advisor to create customized, multi- channel campaigns for each property we market.

Engel & Völkers marketing strategies and offerings are rooted in data and research for optimal results --- at every level. By identifying the unique qualities of a property and placing it in the context of current and trending market conditions, we then identify target market groups and create campaigns to provide maximum exposure of the property alongside messaging and branding to attract the most qualified buyers. Our creative approach is also backed by consumer data and testing to ensure we highlight your property in the best light.

The world deserves to see it. You deserve to sell it.

Giving you the EDGE. Smart marketing. Extensive exposure.

Global reach with boutique style is what you can expect when working with an Engel & Völkers advisor here and around the world. Providing unprecedented reach of your property, Engel & Völkers offers the exclusive EDGE (Extensive Domestic & Global Exposure) platform designed to maximize online exposure of your listing to qualified buyers worldwide via a suite of highly trusted and strategic online and mobile marketing partners. But we don’t stop there. With a global network of more than 11,000 real estate professionals in more than 30 countries, we not only reach millions of consumers, but are able to collaborate with our fellow Engel & Völkers advisors to strategically handpick and refer buyers for the specific properties they seek … like yours.

Let us provide the EDGE you need to sell your home and begin your next adventure.

Meridian Realty Group

Full Service Property Management

Selling pretty condos isn’t our only goal. Keeping them pretty is part of our service.

24/7 Full Service Property Management Division

As part of Engel & Völkers service to our clients, we are able to provide 24/7 full service property management through our sister company, Meridian Realty Group (MRG). Meridian Realty Group offers a wide range of resources to provide hands-on management for owners, investors, residents and their properties. We specialize in associations from three to 100+ units. State-of-the-art management and property accounting systems are in place to electronically pay condo fees, submit work orders, track rental activity for multifamily owners, and provide online access to building documents and monthly financials. We work closely with associations, condominium boards, and single and multifamily owners to establish and implement policies that will enhance the quality and value of your property or complex.

Meridian Realty Group utilizes a unique team approach in offering comprehensive residential and multifamily property management services. Our senior principals have over 100 years of combined experience in property management; creating programs and services tailored for each individual client.

Email us today for a free on-site consultation at info@mrgproperty.com

Condo Maintenance Guide

Preventive maintenance is the regular inspection and repair of equipment and facilities to prevent extensive, costly damage from occurring over time. Preventive maintenance can go a long way toward reducing the overall cost of your condominiums, as large expenditures for repairs and replacements can often be avoided by a careful attention to detail. Following a thorough condominium preventive maintenance checklist can help you to increase the attractiveness of your property.

Landscaping

Landscaping not only adds value, but can increase the enjoyment of your home. Whether it be in the common or private areas of your association, picking the right plantings and materials is important to maximize enjoyment for all.

Building Overview

Now is a great time to make your front entrance welcoming. Whether it is a fresh coat of paint or a new set of planters, it’s the small inexpensive things that can make a world of difference. Don’t forget to review your vendors from last year. Were you happy with the snow removal, leak repairs, heating, management company responsiveness, etc.? If not, make a couple of calls to see who else might better fit your needs.

Inspections

Perform regular inspections on all equipment and facilities that are subject to damage or normal wear and tear. Inspect such things as roofs, insulation, ventilation systems and appliances to ensure that they are operating safely and efficiently.

Cleaning

Stick to a regular cleaning schedule for fixtures such as air ducts and exterior siding to ensure that dirt, mildew and other buildup does not cause any damage. Clean and replace filters in heating and air conditioning units, as well as appliances such as washing machines and dryers, to prevent fire damage. New or cleaned filters also help to keep electricity costs down, as the appliances can operate more efficiently with an unrestricted flow of air.

Pest Control

Bring pest control specialists into your condominiums at least once per year. Common pests can increase their populations rapidly and can quickly infest an entire property, causing extensive damage to interiors and electrical infrastructure. Act proactively to ensure that pests do not gain a foothold in your properties, and respond quickly to any pest complaints.

Testing

Test emergency equipment such as sprinkler systems, smoke alarms and fire extinguishers to ensure that they remain in working order. Properly maintained safety equipment can prevent a small mishap from becoming a major disaster. Fire escapes need to be certified every 5 years per the Commonwealth of Massachusetts. Elevators need state inspections on a scheduled basis.

Sealants

Reapply all sealants before a problem occurs. Sealants on steps, decks, bricks, exterior paint and window caulking can corrode over time, exposing your property to the risk of internal damage. Keeping on top of these items not only helps to keep your structure strong, it can also cut down on energy, assessments, and repair bills in the future.

Back Bay Neighborhood Market Trends

Back Bay Neighborhood Statistics

From the rich history of the homes and buildings to the trendy vibe of the shops and restaurants, Back Bay is a place many people wish to call their home. Our own office is located in the heart of Back Bay, and we are certainly happy to call it home! The number of condos sold increased 129% year-over-year for the second quarter. The average sales price increased 25%. The real estate market is thriving in our neighborhood. The current average list price for a condo in Back Bay is $3,274,158.

Beacon Hill Neighborhood Market Trends

Beacon Hill Neighborhood Statistics

Brick rowhouses and sidewalks, beautiful doors and window boxes all add to the charm that can only be found in Beacon Hill. The number of condos sold increased 109% yearover-year for the second quarter. The average sale price has increased 30%. Days on market has gone up due to an increase in inventory and overall market activity. The current average list price for a condo in Beacon Hill is $2,705,239

Brookline Neighborhood Market Trends

Brookline overs a charming mix of vibrant urban life and attractive suburban amenities. Brookline is home to a variety of shops, restaurants and cultural institutions making it attractive to many home buyers. The number of condos sold increased 120% year-overyear for the second quarter. The average sales price and days on market remained steady. The current average list price for a condo in Brookline is $1,094,693.

Brookline Featured Listing

366 Kent Street

Set in the esteemed Longwood neighborhood of Boston’s finest suburb, this architectural treasure is a true urban oasis! The spacious foyer welcomes you to this home that is perfect for gracious entertaining or for casual family living. There is a large formal living room with a fireplace that opens onto a wonderful den overlooking an architecturally designed deck and pergola and carefully planned perennial garden. The eat-in-kitchen, from which you can walk out to the patio and garden is ideal for the at home chef and opens to a formal dining room for gatherings of family and friends. Up the elegant staircase is a grand sized bedroom with two walk-in closets and en-suite bath. An additional 3 other bedrooms, storage galore and one full bath complete this level. Highly soughtafter potential to build a third level. The lower-level features a separate entrance leading to a sitting area, au-pair/bedroom/office area, and a full bath all in the exclusive Lawrence School district.

Cambridge Neighborhood Market Trends

Cambridge Neighborhood Statistics

Cambridge is located directly across the Charles River from Boston. It is home to famous univeristies and highly-rated public schools. The number of condos sold increased 86% year-over-year for the second quarter. The average sales price and days on market remained steady. With students and professionals alike heading back to the Cambridge market, we are sure to see a strong Fall in your neighborhood as we are already heading in that direction.

Charlestown Neighborhood Statistics

Charlestown is steeped in history with brick townhouses in a waterfront neighborhood that is home to the Bunker Hill Monument. This quarter, the number of condos, days on market, and average sale price were all up. The number of condos sold increased 150% year-over-year for the second quarter. Over the past four years the “price per square foot” has remained steady.

Jamaica Plain Neighborhood Market Trends

Jamaica Plain is a tight-knit neighborhood with serene green spaces with trails around the Jamaica Pond and through the vast Arnold Arboretum. The number of condos sold increased 63% year-over-year for the second quarter. Days on market has gone down, and the average sales price has increased- all signs of a strong market!

Medford Neighborhood Statistics

Medford is one of Boston’s best kept secrets. Minutes from downtown plus easy access to public transportation and filles with fabulous restaurants, shops and bars. The number of condos sold increased 102% yearover-year for the second quarter. Over the past four years the “price per square foot” has remained steady.

Middleton Neighborhood Statistics

New construction. Modern Colonial featuring 6,000+ sq ft of luxury, high end finishes throughout. This stunning property featured a 2-story foyer with modern amenities suited for today’s busy lifestyle. Magnificent chef’s kitchen with Quartz countertops, Sub-Zero and Wolf appliances. Oversized kitchen island ideal for entertaining and family gatherings. The Main Bedroom has vaulted ceilings, a walk-in closet and spa like bath - the perfect private retreat. Gorgeous acre plus lot with extensive patio features a built-in fire pit. A flexible floor plan, high ceilings and 3 car garage complete this breathtaking home.

Midtown Neighborhood Statistics

Boston’s Midtown is centrally located and home to many full-service buildings near the Boston Common. The average sales price dropped due to the pandemic but is inching its way back up with an average list price currently at $3,659,974. Number of listings increased. The full service market in the Midtown neighborhood is certainly coming back.

Midtown Featured Property

SOLD! Millennium Tower

Spectacular corner three bedroom, three bathroom “Grand Residence” boasting breathtaking views from the forty third floor of Millennium Tower. Floor-to-ceiling glass windows showcase panoramic views of Back Bay, Beacon Hill, the Charles River, Boston Harbor, and beyond. Enjoy cooking in the open gourmet chef’s kitchen and dining while overlooking the city. Upgraded hardwood floors throughout, gas fireplace, automatic window treatments, and two valet parking spaces complete this truly one-of-a-kind residence. Tower residents enjoy unparalleled 5-star amenities including concierge, private dining, seventy five foot lap pool, and fitness center. SOLD: $3,950,000.

Gloucester Street • Boston, MA • 02115

Newton Neighborhood Statistics

Newton is located just seven miles west of downtown Boston and houses one of our shops locations at 77 Union St in Newton Centre- stop by and visit us anytime! With a strong push to move to the suburbs, the number of single family homes sold increased 73% year over year for the second quarter. In addition, the average sales price of a home increased 27%. If you have ever considered selling your home in Newton, now is the time!

North End Neighborhood Market Trends

North End Neighborhood Statistics

The North End is one of Boston’s most historic neighborhoods, famous for its narrow streets and amazing restaurants. The number of listings sold and average sale price both increased while the average days on market went down. All good signs of a solid market. We are excited to be opening our 5th location in your neighborhood on Hanover St- keep your eyes out for our grand opening.

Seaport District Neighborhood Statistics

The Seaport District is Boston’s newest neighborhood with an influx of new luxury buildings. The number of condos sold, average sale price, and days on market all increases. And the ratio of sale to list price remained the same. Many units in these luxury buildings are selling, continuing to drive the average sale price up. Thanks to luxury buildings, the “price per square foot” has gone up quite drastically over the past years.

Somerville Neighborhood Market Trends

Somerville Neighborhood Statistics

Somerville offers residents an urbansuburban feel with its close proximity to downtown Boston and many bars, restaurants, coffee shops and parks. The number of condos sold increased 112% year-over-year for the second quarter. Days on market and the average sale price both increased, as well. Somerville continues to be a highly sought after neighborhood.

Somerville Coming Soon! 12 Dimick Street, Unit 3

Top floor! Nestled on a coveted side street near Inman Square, functionality and warmth define this 3+ bedroom, 2 bathroom penthouse condominium. Natural light pours through the bay windows of the open living/dining/kitchen floor plan. Chef’s kitchen comes equipped with stainless steel appliances, granite countertop, and cherry cabinets. Sizeable living/ dining room perfect for entertaining that leads to a large, sun drenched back porch with sweeping views. Three spacious light-filled bedrooms plus an office, two pristine bathrooms, hardwood floors throughout, central AC and 2 tandem parking spaces complete this unit-- making for a perfect home or rental investment property. Large storage area in basement. Whole Foods is around the corner, and Inman Square and Kirkland Village a minutes away. Harvard Sq, Central Sq, Porter Sq, the Red Line, fabulous local shops and restaurants are all nearby. Don’t miss out on this fabulous property!

South End Neighborhood Market Trends

South End Neighborhood Statistics

The South End is one of the most beloved and popular neighborhoods. The number of condos sold increased 130% year over year for the second quarter. The average sales price has dipped a bit. The ratio of sale to list price, this is the amount buyers can expect to pay, increased 1%. Over the past four years the sale price per square foot has remained steady. There are currently 116 condos on the market with an average list price of $1,441,578.

South End Featured Property

8 Rutland Square, Unit 2

Show stopping upper triplex set on iconic Rutland Square in the heart of the South End. Extensively upgraded & better than new, this gut renovated home introduces European modernism to classic Boston design. Sun-filled & spacious PH boasts 3+ bedrooms, 3 ½ baths, 2 living spaces, outdoor terrace, a rooftop oasis, & heated parking space. Expansive open living area level is a showcase. Oversized Wolf/Sub Zero chef’s kitchen w/ walkout terrace features floor to ceiling custom cabinetry, entertainment designed center island, & storage galore. Artistic dining area and bow-fronted living room adorned with stylized built ins and timeless marble gas fireplace. Grand master suite w/ walk-in closet and en-suite spa-like bathroom. Top floor, thoughtfully designed family room sanctuary highlighted by millwork, wet bar, and king-sized bedroom. High ceilings, oversized windows, hardwood floors, impeccable mill work, “Smart Home Technology”, electric blinds and built-out closets throughout.

South Boston Neighborhood Market Trends

South Boston Neighborhood Statistics

South Boston is home to many young professionals and families who are drawn to the vibrant community and convenient location. The number of condos sold increased 88% year over year for the second quarter. Meanwhile, the average sale price decreased. With the increase of inventory, the days on market had decreased pointing to a fluid, fast paced market. Come visit us at our South Boston location anytime- 493 E Broadway!

Waterfront Neighborhood Statistics

Boston’s Waterfront has a rich history and is home to many full service buildings, Harborwalk, and the Aquarium. The number of condos sold increased 100% year over year for the second quarter. The ratio of sale to list price and average sales price remained steady. There are currently 25 units under agreement in the Waterfront, the market is in full swing here and prices are going up.

Watertown Neighborhood Market Trends

Come visit our newest shop located in the heart of Watertown- 63 Mount Auburn Street. Number of listings sold and average sale price both increased. Days on market decreased, with more inventory the market is moving swiftly. There are currently 52 condos under agreement with an average list price of $639,286. Over the past four years the “price per square foot” has remained steady.

West End Neighborhood Statistics

The West End has many luxury high- high rises and is conveniently located near Mass Gerneral Hospital, TD Garden, Museum of Science and The Charles River. Number of listings sold and average sale price both increased. There are currently 5 condos under agreement with an average list price of $565,480. Over the past four years the “price per square foot” has remained steady.

Support our Local Restaurants and Businesses

Bin 26 Enoteca

26 Charles Street, Boston 02114

Bin 26 Enoteca is a Beacon Hill neighborhood restaurant with a seasonally driven menu and wine list. Bin 26 Enoteca boasts an international wine list with over sixty wines by glass and over two hundred wines by bottles. Guests can simply drop in for an informal dish of pasta or more formal, multi-course, haute cuisine

Committee Boston

50 Northern Ave, Boston 02210

Inspired by the modern day “ouzeri” found throughout Greece, Committee is the kind of vibrant, welcoming place where the conversation flows, the sharable plates delight and satisfy, and the creative cocktails keep the mood light and fun. Step in and kick back in a gathering place that brings a new spark–and a true taste of Greece–to the Boston waterfront.

Saltie Girl

279 Dartmouth St, Boston 02116

Beyond curating one of the largest tinned seafood collection in New England, Sidell and McClelland prepare such dishes as fried lobster and waffles with sweet corn butter and spicy maple syrup and French burgundy snails with black garlic butter to name a few. Chowder, bisque, an amazing raw bar, fried whole belly Ipswich clams and lobster rolls by the ounce are on the menu.

December Thieves

51 Charles Street, Boston 02114

We’re a two-shop curation of limited stock + thoughtfully made fashion, jewelry and lifestyle brands for the curious at heart! Emerging brands from independent global designers fill our shopseach item hand selected by our owner and founder, Lana Barakat. Every item we carry has its own story; the inspiration behind its creation, the materials, and the love and attention to the detail are all things that are part of her selection process.

Engel & Völkers Cares

Special Olympics

Engel & Völkers is a proud champion of Special Olympics, specifically focused on creating more inclusive communities through its Athlete Leadership and Play Unified programs. We are committed to giving back to and investing in the neighborhoods our clients desire because these too are the places in which we live, we play and we raise our families.

Engel & Völkers Cares

brokerages and together across time zones and borders—it’s a common good that unites us. Every hour given, every dollar donated, every kind word spoken and every door opened creates opportunities for those who need it most. We believe that in order to lead, we must empower others to do the same.

Special Olympics athletes contribute to our story.

Engel & Völkers is a proud champion of Special Olympics, specifically focused on creating more inclusive communities through its Athlete Leadership and Play Unified programs. We are committed to giving back to and investing in the neighborhoods our clients desire because these too are the places in which we live, we play and we raise our families.

From them we learn, we think differently and realize what we can accomplish as individuals, as local

Special Olympics athletes contribute to our story. From them we learn, we think differently and realize what we can accomplish as individuals, as local

brokerages and together across time zones and borders—it’s a common good that unites us. Every hour given, every dollar donated, every kind word spoken and every door opened creates opportunities for those who need it most. We believe that in order to lead, we must empower others to do the same.

Ask how our shop specifically contributes to this amazing cause.

Ask how our shop specifically contributes to this amazing cause.

Clients of Molly Schoeck receive exceptional customer service from a long-time Boston resident. Originally from Germany, Molly was formerly a Vice President at Commerzbank AG in Frankfurt, one of Europe’s most prominent financial services institutions. She now lives with her family in Cambridge where she moved to in 2015 from the Boston’s South End.

She is very active with many neighborhood and business associations in both places. Her knowledge of Boston and the surrounding neighborhoods is extensive due to her deep involvement in the different communities and her consistent research and evaluation of the region’s real estate assets.

Molly brings her global experience managing high net-worth individuals along with her exceptional marketing and negotiating skills to her real estate practice. She enjoys working with international parties in a variety of languages such as English, German and French.

Her business affiliations are with the National Association for Realtors and the German-American Business Council of Boston – GABC.

She is also an active volunteer and fundraiser for multiple philanthropic organizations. Molly is passionate about her work with the Leukemia & Lymphoma Society and actively volunteering for the Boston Medical Center’s “Grow Clinic” and working on their fundraising Committee. Since 2017 she is also a member on the Advisory Board for the American Repertory Theater in Cambridge.

Personal interests include the arts, cooking, golf, skiing and very much so spending time with family and friends.