The number of condominium units coming on to the market over the next several years keeps getting smaller and smaller.
According to Banker & Tradesman:
… One Kenmore, the long-delayed $450 million urban village in Kenmore Square that would connect Bostonâ€™s Fenway and Audubon Circle neighborhoods, has shrunk to accommodate the new reality [of a slower real estate market].
Under the latest version, 264 apartment or condominium units will be built as part of a 1.29 million-square-foot mini-city over the Massachusetts Turnpike between Beacon Street and Brookline Avenue.
This is not the first time the projectâ€™s housing units has been trimmed. In January, the plan included 688 residential units. But by August, as home sales in the Bay State continued to plummet, the number was trimmed to 353.
Seeing as this project couldn’t logically be completed until, what, 2010, it makes you wonder why Rosenthal would reduce the number of residences.
There will certainly be enough demand to fill 350-500 units of housing in three years.
Hmmm. Was a bunch of commercial / office buildings his plan, all along?
Fenway Developer Decides To “Air” on Side of Caution – By Thomas Grillo, Banker & Tradesman (subscription req’d)
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Updated: 1st Q 2018
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.
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.
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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.
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