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‘The Factory at 46 Wareham’ will actually be housing

There’s now a proposal for 42 residential units (not clear if they’re apartments or condos – hopefully condos) and ground-floor retail at an old warehouse, not a factory, in the South End. From the BBJ:

The Holland Co. intends to convert a four-story warehouse at 46 Wareham St. into “The Factory at 46 Wareham,” a six-story, mixed-use development that would include 9,400 square feet of ground floor retail. Today, the underutilized four-story warehouse is partially occupied by a Samos Imex Corp. a food importer with two employees.

Read other posts about: South End

‘Boston’s faux housing boom’

Scott isn’t impressed with all the housing construction in Boston, largely because it’s almost exclusively luxury housing.

Well, he’s absolutely right. We need less expensive housing too. But we’ll still take the luxury housing. Something is better than nothing.

Read other posts about: Boston Real Estate

Happy Fourth of July!

To all our Boston Real Estate Blog readers, have a wonderful Fourth of July and holiday weekend in general.

Fyi: The above photo of the American flag was taken last year on Beacon Street, near the Statehouse in Boston, birthplace of the American Revolution.

Read other posts about: General Housing News

New Balance is adding housing to massive Brighton development

Construction of New Balance’s $500 million Boston Landing project is well under way.

But now it looks like they’re going to add a large 295,000-square-foot housing component to the project at 125 Guest Street, which is basically across the street from the main construction site and now a small light-industrial/trucking property that was purchased by NB earlier this year for $10 million.

Though no housing units numbers were given, the math basically breaks down like this: Take the 295,000 square feet and subtract from it ground-floor retail space (how much, we don’t know, assuming the city insists on some ground-floor retail space) and … well, it would still leave a lot for housing.

How’s that for math?

Read other posts about: Boston Real Estate

Photo: ‘Steel starts to rise at the old Filene’s site’

From Boston Real Estate Blog’s roving Downtown Crossing correspondent, who took the above photo and sent it in with the note: “One of the last concrete pours for the basement garage before steel starts to rise at the old Filene’s site.”

Fyi: This site is on the side of the old Filene’s complex that was torn down and where the new Millennium Tower will be built. The other side of the site has been largely preserved (or the exterior has been preserved, that is) and it’s where the new Roche Bros. supermarket will go.

The entire project will cost nearly $700 million.

Read other posts about: Downtown Crossing

Is Boston really one of the “riskiest” real estate markets in the US?

Scott has identified a cool survey by Bloomberg and Zillow that looked at the most historically volatile and risky real estate markets in the US.

And Boston comes in No. 4, ahead of even Las Vegas and other seemingly crazy housing markets, in terms of homeowners losing money if they held onto a house for five years and then sold.

But then you look at the criteria the survey uses – and you see they’re going way back in time to 1979.

For Massachusetts, we’re talking the go-go ‘80s and the crash of the Massachusetts Miracle. OK, yeah, if you count those years, the survey results make perfect sense.

But since the recovery from that crash, the local market has just steadily and relentlessly soared, until the 2008 recession. Even then, though, the recent crash here wasn’t nearly as bad as other areas of the country and our recovery came much earlier.

We suspect Hartford and Providence, the No. 1 and 2 riskiest housing markets on the list, respectively, also suffered from the same late ‘80s/early ’90s housing-boom hangover.

Read other posts about: Boston Real Estate

Beacon Hill’s famous $450K ‘hole in the ground’ will become a garden

One of the craziest stories from last decade’s housing boom – before it all came crashing down – was the purchase of a literal hole in the ground for $450,00 at the corner of David G. Mugar and Beaver Place on Beacon Hill.

If you recall, a former Delta Airlines pilot bought the state property — the site of a former MDC work shed that had been torn down, leaving only a sad cement foundation that was often filled with broken glass and trash, not to mention the occasional rat or two – and planned to build a residential building on the super-tiny plot. Some neighbors didn’t like the plan.

The Herald had an absolute field day with the controversy (“Hole Sweet Hole”).

But it turns out the house was never built (as anyone walking near there has noticed) and today its new owners plan to turn it into a small garden, eliminating one of the city’s truly oddest eyesores.

File under: Eden

Read other posts about: Beacon Hill Real Estate

‘Mega nightclub’ could be coming soon to Downtown Crossing

Get out your leisure suits!

A new “mega nightclub” could be opening soon in Downtown Crossing in the Lafayette Center.

We’re talking 68,000 square feet with a dance floor, “luxury bowling,” dine-in movie theater, restaurant, bar, etc., etc, via Latitude 360.

Actually, Boston needs more nightclubs – so this one is welcome. Although there’s already – you guessed it, this being Boston – “concerns” being raised

File under: You should be dancing, yeah

Read other posts about: Downtown Crossing

The proposed Harbor Garage towers are getting support from surprising places

It’s not just Mayor Walsh who is now expressing support for tearing down the Harbor Garage along Atlantic Ave. to make way for two new towers, an idea long opposed by Walsh’s predecessor, Mayor Menino.

Other groups are expressing support too, though it’s guarded support that seems to be more for diplomacy’s sake than general enthusiasm.

Read other posts about: Boston Real Estate

Lack of housing inventory is getting ridiculous in Boston

The Massachusetts Association of Realtors has released its May housing numbers.

And you guessed it: Sales down again last month in Massachusetts (by 9 percent for single-family homes and 1.1 percent for condos) while prices continue to soar ($347,900 median price for single families, up 7 percent; $316,000 for condos, up 9 percent).

The main culprit: Lack of supply.

Total inventory of homes for sale was down by about 8 percent last month while the average days on the market fell to 99 days, down nearly 11 percent. There was a bump up in new listings. MAR president Peter Ruffini says that possibly bodes well for the inventory problems.

But it’s still not nearly enough to meet demand. It’s ridiculous.

When is it going to change?

Update – Scott seems to agree with Peter that the listings increase could be good news if it’s sustained. … We’ll see. The increase, however, merely takes us back to a level that was already too low. We need a bunch of months of increased listings to put a dent in the inventory problem. Again, we’ll see.

File under: Inventory blues

Read other posts about: Massachusetts real estate

Let's talk Boston real estate. The most recent real estate comments

  • Tyler Mills, Lenders go into overdrive to clear out backlog of delinquent mortgages: Instead of forcing out the...
  • warren currier, ‘Boston’s faux housing boom’: Scott, Do you own any units in Boston? Supply /...
  • Nishant, Major Developers: Affordable homes can only be built outside downtown Boston: Yes, this is correct that...
  • warren currier, Done deal: Dr. Dre buys Tom and Gisele’s mansion for $40M: The property is located in LosAngeles,...
  • JS, Despite predictions, inventory of homes for sale continues to fall in Mass.: One thing that could be holding...
  • dcmhomebuyers, For 74 Beacon Street, it was the kitchen, stupid: Nice house. I think front section to location of...
  • Johnd478, Five signs you’re a ‘renter for life’: I just couldnt depart your site prior to...
  • Dionis Padron, Downtown condo prices now averaging near $1 million each: great article but prices for standalone...
  • John Ford, Charles Ponzi’s old Lexington home for sale at $3.3M: That’s a great idea. Anyone have an idea how...
  • Rich, Charles Ponzi’s old Lexington home for sale at $3.3M: Speaking of Mr. Ponzi, he ran his Ponzi scheme out of an...
  • amparo bracero, Big changes in store for Tremont Street?: I will love to comunicated my self with aida I was one of...
  • warren currier, Low mortgage rates may partly explain low inventory: The banks are making it very hard to get a loan....
  • Kiki, ‘Our biggest impediment’: Inventory: A quick maybe unrelated question. What’s a typical or...
  • JS, Hey, let’s tear down most of downtown Boston for the Olympics: I agree, and I resent the commission describing us...
  • PROPERTY MANAGEMENT COMPANIES in Carlsbad CA, ‘Our biggest impediment’: Inventory: good blog
  • Phoenix property management, Blog: As you may have noticed I am having problems with the comment section of the blog....
  • Phoenix property management, Get your very own ‘mushroom house’: Good post. i like it so much.
  • Phoenix property management, Get your very own ‘mushroom house’: Good post. I like it
  • PROPERTY MANAGEMENT COMPANIES in Carlsbad CA, California dreamin’ on such a winter’s day …: Good post...
  • Borris C., ‘Friendly competition’ keeps Seaport rents as high as possible: Sounds like good old-fashioned collusion...

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