There is so much news to report. Actually, more like information, not news.
From The Boston Globe:
Boston building spree rivals ’80s boom – the Globe’s Kimberly Blanton reports on yesterday’s presentation by Jay Russo of the BRA regarding housing under construction in the city.
Nearly 14,000 residential units, primarily condominiums, are currently in the construction pipeline in Boston, the city’s planning agency said yesterday. Though exact comparisons don’t exist, officials believe the number of units under development equals or exceeds the building spree of the 1980s.
The value of these developments totals $5.5 billion to $6 billion, according to Jay Russo, deputy director for development review for the Boston Redevelopment Authority, which released the figures yesterday. South Boston is the neighborhood with the largest number of residential units slated for development — 2,607 — followed by East Boston, the South End, and the Fenway-Kenmore Square area.
On the surface, the level of construction may sound alarming, given that the market has slowed since the spring. However, prices are still ridiculously high for most properties, especially when you consider that interest rates have gone up steadily since last year. However, I’m a firm believer that increasing the supply will satiate the demand, lowering prices, in general, leading to a moderate leveling of prices and a steady stream of buyers over the coming months and years.
This is a great article, chock-full of information. Check it out.
From The Wall Street Journal:
Things to think about before buying that luxury condo – the Journal takes questions from readers, including one who is thinking about buying a seven-figure condo. The expert’s advice: think about it long and hard. Ten years from now, when you’re looking to cash out, will everyone else be thinking about leaving the city for the suburbs, too?
Question: I’m a baby boomer considering buying a luxury condo. But I wonder, with units costing over $1 million to start, who will buy this unit from me when I need assisted living later on?
From The Boston Herald:
Big money builds up for office plans – Scott Van Voorhis starts “writing the obituary” for Boston’s condo boom.
… (T)he money is shifting away from a residential market where each corner seems to have sprouted a luxury condo high-rise or brick-factory-turned-trendy loft project.
Where is it headed? Back toward the city
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