The BBJ has a good article asking why Simon Properties decided to go with more apartments, rather than condos, in its recent revision of the Copley Place Tower plan. From the BBJ’s Tom Grillo:
Simon’s decision left some brokers scratching their heads. Agents say many urban buyers want all the bells and whistles: concierge service, underground parking, restaurants and shops in the building where they are investing. They say high-end condos in the Back Bay would be an easy sell at a time when very few are available in the city’s priciest neighborhood, and complain the inventory of downtown condominiums is at its lowest level in years.
Granted, we understand why developers are still nervous about condos. Many were left high and dry when the market went belly up in 2008. Banks are even more cautious today about making loans for condo projects.
But take a look around. There are bidding wars breaking out for homes and condos. Maybe sellers will soon start putting more of their properties on the market. That would solve some of the current inventory problems.
Still, it sure looks like it’s time to start building more condos in Boston.
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Updated: January 2018