Shhh…don’t tell State Rep. Marty Walz, but, apparently, someone does think the city of Boston needs more luxury housing.
One developer is projecting that the market can handle 500 – 600 new “luxury” units coming on the market, each year, for the next ten years, or so. And, I agree – The top-end market can easily support the creation of this type of new housing.
Notice, however, that I didn’t put a price on that. People will want “high-end” housing, but will they be willing to pay what the developers want? I dunno. $1,400 per square foot (such as at the Intercontinental) or higher might not seem worth it, should the economy go sour, interest rates go up, or to those retirees thinking about moving out of state to cheaper and warmer climates. By Scott Van Voorhis, Boston Herald
Think Boston’s condo market, with new luxury towers popping up all over the skyline, is getting a little overcrowded?
Well think again. An internal study by a major downtown developer sees a whole decade of growth ahead for the city’s booming condo market.
The Boston market could handle an additional 2,500 to 5,000 units over the next 10 years and still not go bust, an internal report by New Jersey-based Gale Co. recently concluded.
Led locally by Hub development veteran John Hynes, Gale may be best known for building, with a group of minority business partners, a new office tower near South Station. Armed with its study of the local condo market, Gale and Hynes are now scouting for residential development opportunities. That could include building another high-rise condo project in the city, Hynes said.
Such a project would add to the bevy of big condo towers already open or preparing to open, from Copley Square’s now well-established Trinity Place to the posh Intercontinental condo and hotel tower taking shape on Atlantic Avenue, nearRowes Wharf.