East Boston has always been a pretty popular place for immigrants and lower-income people.

Over the past several years, as the national real estate market took off, the neighborhood began attracting developers looking to build and sell higher-priced condominiums and single-family homes.

To a certain extent, they found success.

Developers of Porter 156, a condominium project next to Logan Airport and near the entrance to the Callahan and Sumner tunnels, were able to sell their properties for unheard of prices, from the mid-$200,000’s into the mid-$400,000’s, and higher.

Alas, as the market cooled, small-time developers who bought too high (or too late) were stuck with properties they couldn’t fix-up and flip.

The story was covered in today’s Globe:

In 2006, the real estate market statewide softened. As extreme as it was during the boom, East Boston’s condo market was way out front during the bust: Sales here fell 30 percent in 2006, compared to a 10 percent decline citywide. And so far this year, condo sales in East Boston are down nearly 18 percent, but are flat citywide.

Meanwhile, big developers who once envisioned hundreds of luxury condo units on the East Boston waterfront either pulled-back or canceled their projects, outright.

Earlier this year, work on the massive East Pier, a 550-unit luxury condominium and apartment complex, stalled just months after it began. The developers now intend to begin building an apartment building this fall, rather than the condos that were initially planned to go first.

Meanwhile, another waterfront development, Clippership Wharf, where 400 condos were proposed, is also going to be built as an apartment complex.

Ouch.

What to make of it all?

“I don’t think it’s considered the up-and-coming neighborhood that it was anymore,” said John A. Keith, who runs the Boston Real Estate Blog …

… Keith, who runs the real estate blog, predicted the high-end condo market in East Boston is gone because people in Boston won’t relocate across the water. “They’re not willing to take a chance on a neighborhood if it doesn’t have momentum, if it’s not seen as up-and-coming, and they’re definitely not going to spend $500,000,” he said.

But he said that’s a positive for people who already live in the neighborhood, because it keeps the community affordable for first-time homebuyers and immigrants.

True, that.

Source: Me

Also: Eastie’s sizzle fizzles – By Kristen Green, The Boston Globe

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Updated:  1st Q 2018

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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