Boston Seaport District condo update 2019
Boston Seaport Condos continue to be in great demand. For high rise condo buildings that are newer, most all of them are hitting new all-time highs. Seaport condo buildings built prior to 2017 are hitting new highs, Continued, historically low interest rates, an ongoing lack of new Boston condos for sale supply and an improving labor market that is finally surpassing an inflection point, coupled with continued, rapidly advancing downtown Boston rental pricing has pushed more and more people to home ownership. The field is so crowded now that most properties are going under contract at or above list price. Discounts to list price over 3% are increasingly rare and hard to find unless a property has been on the market more than 8 weeks.
Boston Seaport Growth
Boston continues to make the transition to a larger regional hub with the industry, fortune 500 companies, and educational institutions to support the growth. Unfortunately, transportation and mass-transit options continue to lack and lag, in the Seaport Condo area but future plans and referendums should help dispel these concerns.
As the year progresses, I will be watching the Boston Seaport condo market closely. That said, those who sit on the sidelines and continue to spend more more of their income on rent will wait for the next “crash” and may be severely disappointed. Mortgages today are backed by people with real verifiable income. The instruments are not the smoke and mirrors of 10 years ago. The market, population growth, job growth, Movie Industry growth, end slow-but-steady transit growth will likely lead to high prices moving forward. As always myself and my team are here to help those seeking the best options to capitalize on these catalysts.