There’s a saying in the media that “If it bleeds it leads.” I bring this up because by now we’ve all seen the uprisings that occurred yesterday in downtown Boston. What started off as a peaceful demonstration, ended up being a free for all.
As a downtown Boston real estate broker, obviously, I was concerned about the safety of all involved, but I also began to wonder about how this will impact the downtown Boston neighborhood of Midtown, specifically Boston condo values.
There have been two major groups that have helped fuel the revitalization of the Boston Midtown neighborhood in the last decade or so. One being foreign buyers, many with sons or daughters attending colleges/Universities in the area. The second, empty nesters that sold their homes in the burbs to experience Boston city living.
The impact of the coronavirus and the social unrest due to the death of Mr. Floyd may take some time to gauge how it impacts the downtown Boston high rise condo sales market, But at this moment in time, I foresee both short-term impact and a long-term impact, both of which can drastically change with future events.
Until we come up with a vaccine for this deadly disease, I believe empty nesters will put a hold on selling their home in the burbs to live in the city. I also wonder if young families or couples thinking of having children will be thinking twice about raising kids in an urban environment. I know I would.
With that said, an effective vaccine could swing the pendulum back to high rise condo living, with all the benefits it comes with.
Someone once told me: Technology is anything that wasn’t around when you were born. Well, regardless of how old you are, most of us, if not all, spent our childhood in what I would call the traditional classroom setting. But with the advancement of technology, the class setting is much different now with ZOOM and the advancements of videoconferencing.
So this begs the question: Are the traditional college classrooms still viable? Will online studies be the new norm? If so, how will this impact the Boston high rise condo market? Will we see a major decline in the construction of the new high rise condo towers?
I know I’ve raised more questions than I’ve answered, so let me leave you with this one thought:
Progress is not in enhancing what is, but in advancing toward what will be.” Khalil Gibran