Changes are coming for the Boston condo market. A few months ago, the idea of shared community spaces, dorms for adults, was the newest trend within the Boston real estate community. Downtown Boston saw new apartments and condos going up that offered smaller footprints, large outdoor spaces, and shared entertainment, and workspaces. Developers were not just selling an apartment but claimed we’re selling a new lifestyle. That all changed with the pandemic —
How will Boston real estate developers innovate to a safer living space?
Now, we are seeing individuals moving to single-family housing and condominiums in areas close to — or accessible by public transportation — to major urban areas. The luster of raising kids in the city faded during the quarantine. Boston Real estate agents are reporting increased activity in locations like Arlington and Lexington, where properties previously sat for extended periods of time. And now houses in these Boston suburbs are selling in a matter of days.
Boston condo developers will need to engage their architects to get creative. They need to think about ways to decrease traffic through common areas. This may mean creating shorter hallways and other ways to access higher floors than a common elevator.
Boston real estate sales process
The Boston real estate sales transaction side is also innovating. We are already seeing real estate brokers leveraging video showings and relying on virtual floor plans like never before. Home appraisals are conducted by video and photos. In some cases, Fannie Mae and Freddie Mac are waiving appraisals and relying on big data to make mortgage decisions. And there is a shift toward virtual closings, as digital signatures have the same value as ink signatures. This is driving down costs, increasing efficiency, and improving the chain of custody of documents.
As the future of Boston real estate?
it is clear that innovation will play a key role in every aspect. The pandemic is an accelerant that is forcing us to think differently and adapt to change.
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