Living in the Seaport District of Boston is becoming more and more prestigious. Killer views, quick access to the T and highways, and immersion in the culture and entertainment that makes the city so great...these are all wonderful reasons to invest in Seaport real estate. And with so many condos slated for construction over the next two years (22 Liberty, 50 Liberty, Pier 4 and 150 Seaport Boulevard), it's easier than ever to call Boston home. However, if you think you have all the time in the world to decide and wait it out, you're wrong. Getting in early on Seaport new construction is crucial to securing your spot and saving money.
Let's explore those reasons in more detail.
Saving money is always a good thing, especially when you're already considering the high costs of city living. Of course, the money is well spent due to the conveniences, views and prestige that comes along with these addresses; but, it would be nice to save cash where you can. It's possible to get in under $2,000 per square foot before construction, whereas if you buy after construction is complete, prices can jump from $1,800 to $1,900 PSF to as high as $2,400 to $2,500. Limited inventory for the foreseeable future with regard to condos is driving prices up, so reserving a unit early is essential for buyers.
In addition to the outright cost savings, you can also take advantage of any promotions and specials the developer may be offering at that early juncture, such as free upgrades, rebates, closing cost assistance, the right to lease your suite, and more. These perks give you flexibility as an investor and boost your ROI. Buying in the first phase of pre-construction, you get access to the most affordable wave of pricing, also known as “Schedule A” pricing, which can be between five and 10 percent off the list price. If you're looking for the absolute best condos in the entire building, though, you may have to forego that notion because those units typically are saved for last to command the highest prices.
Another benefit? As the owner of a pre-construction condo, you're banking on the appreciation of the property once the land has been subdivided and all infrastructures and amenities are realized. According to LinkedIn, there is high investment potential for pre-construction in terms of price growth from purchase through development and completion, plus you can benefit from the market appreciation available should you hold the investment after completion.
There are many more benefits of getting in on the ground floor of Seaport new construction, including:
- Instant equity, by the time your unit is complete, it will be worth more than you paid for it
- Leverage power to control 100% of the value
- Possibility of renting the unit to defer carrying costs and give you an additional source of income
- Access to new details about the property
- Ability to be part of the process and observe your unit come to fruition
- Potential to customize finishes in your unit
- Maximized incentives
- Peace of mind knowing you've secured a valuable piece of real estate in a tumultuous market before units are available to the “general public”
- Diversified investment strategy
- Tiered deposit structure
- Several price points available
There's something to be said about the excitement of getting in early on pre-construction, of watching your "baby" come to life, nurturing it from infancy to adulthood, all as you rest easy knowing you've secured your spot and can have confidence in knowing where you'll be living come construction completion. If these benefits seem like a no-brainer to you, it's time to start looking into the condo of your dreams.
Contact Elevated Realty
If you're interested in getting in on the pre-construction phase of Pier 4, 50 Liberty, 22 Liberty or 150 Seaport Boulevard, call Elevated Realty for more information and availability of units at 617-701-6300 or email firstname.lastname@example.org. To learn more about free Buyer Representation and why you should use a Buyer Broker on every real estate transaction, please click here. We would be happy to help you explore your options!