Boston Real Estate

A New Age for an Old Town

a new age for an old town

Big Changes Coming to Boston's Skyline

There are currently about 70 projects under construction throughout the city, according to the Boston Redevelopment Authority. About 68% of those projects are residential. As BRA Director Brian Golden said: “We’re going through what is arguably the biggest building boom in the history of the city of Boston.”

Amongst this boom, we are seeing the number of high rise towers increase. They’ll be rising downtown, on the waterfront and at the edge of the Back Bay. Several could rival the height of the John Hancock or Prudential building. They’ll contain plenty of office space, but also residences, hotels, retail shops, and research labs. This once quaint little city is starting to catch up to the big boys.

If you are looking to buy a luxury condo in Boston, now is the time. Three years ago, the Millennium Place development was considered a litmus test for luxury condo construction. Would buyer's actually pay upwards of $1,500 per square foot to live downtown? Well the answer is, yes. Millennium Place sold out last March and their newest development, Millennium Tower,  arguably the most anticipated project in Boston, is already 80% sold, with a year to go before it's official opening.

This trend has no signs of stopping as international money continues to flood Boston. Total foreign investment in Boston’s commercial properties more than doubled to $10.4 billion through last September, up from $4.7 billion during the same period in 2013. The surge put Boston sixth in the world in the amount of money it attracted from foreign sources, behind only London, New York, Tokyo, Paris, and Los Angeles, according to Jones Lang LaSalle Inc., a real estate services firm. 

The Boston skyline as we know it, will continue to be redefined as these projects, and new ones, break ground.


Take a peek at some of the newest projects in the works:

Millennium Tower
Downtown

Millennium Tower Boston, at 685 feet, is the tallest residential building in downtown Boston. A shimmering glass sculpture in the sky, it boasts unrivaled views never before seen from a private residence. It is the most anticipated residential project in modern Boston history. The city’s first "neighborhood in the clouds."

Millennium Tower will consist of 450 luxury residences, ranging from 1 to 4-bedroom, and 95,000 square feet of additional retail space on its lower floors. The 56-story glass tower will also include an underground parking garage. Millennium Tower has already sold 80% so now is the time to buy!


Tallest residential building in Boston, the Millennium Tower


Pier 4 Residences
Seaport

Surrounded by water on three sides, the collection of boutique residences at PIER 4 will have lush public spaces, convenient retails and dining options, luxury amenities and sustainably designed living spaces. Find your perfect retreat in Boston Harbor’s most aspirational new community. The building will be nine stories and 118 feet high; there will be 16,800 square feet of ground-floor retail and a two-level underground parking garage.

Pier 4 Condos located in Boston's Seaport


The Lucas
South End

The Lucas at 136 Shawmut Ave, is an exciting, new construction condo building in Boston's South End. The project will transform the former 1874 German Trinity Catholic Church into a boutique, eight story condo building with 33 luxury residences and 30 parking spaces. Condos will feature contemporary, modern, luxury custom kitchens, high-end finishes, gas fireplaces, and high-tech smart home systems. Building amenities include a concierge, gym, lounge, garage parking and common courtyard.

South End Condo Development 136 Shawmut Ave


Forecaster 121

Faneuil Hall

Forecaster 121 is a boutique style condominium building combining modern finishes and amenities with the historic architecture of the original Forecaster Raincoat of Boston warehouse. Each of the 80 distinct condos will delight you with their understated elegance, high-style finishes, and unique character details.  Intriguing design features such as exposed brick walls, tall ceilings, Juliette balconies, private terraces, sun atria, and loft-style elements will satisfy your desire to live in a home that’s truly unique. These new residences feature 24-hour concierge and 24-hour valet services, a fitness room, a meeting room, and best of all; a location at the intersection of everything.

Forecaster 121 Condos in Boston's Faneuil Hall

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View All of Boston's Newest Developments

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    Behold Buyers! There's a light at the end of the tunnel.

    things are looking up for first time homebuyers

    It's been a seller's market for over a year now. While great for homeowners and the US economy, one must ask; what about the first-time home buyers?

    Well, it definitely has not been an easy year for them. With more home buyers and a limited inventory, we have seen bidding wars and ultimately, higher prices. Americans owning homes has fallen this year to 63.8%, the lowest level since 1989.

    Oddly enough, higher prices might actually be the answer to our problems. Higher prices encourage more owners to put their homes up for sale, shifting the market to a more balanced state. This, combined with lower mortgage rates and easier access to credit, buyers should feel some relief in the months to come. 

    Don't get too excited, demand is still high and supply is still tight, but at least we are moving in the right direction! 

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      WHY BUY NEW? BENEFITS OF BUYING NEW CONSTRUCTION

      Boston is in the midst of a high-rise condo development boom, and everyone wants a piece of the action. Buildings such as Millennium Tower and Twenty Two Liberty are selling completely off-market, prior to opening, at staggering rates. Boston’s high-end housing market is so hot these days even brand new condos that haven’t been lived in yet are being flipped for big profits.

      That’s what happened at Twenty Two Liberty, a new glass-walled condo building on Fan Pier with views of the Boston harbor and the downtown skyline. Six of the 118 units were sold by their original buyers before the building even opened at the start of this year — each one for at least $500,000 above the original price. Five more units are currently listed for sale. 22 Liberty hit the market just as demand for the upper end of the luxury market was surging, and there was little competition. Millennium Tower Boston is already 95% pre-sold out in less than 18 months, including the penthouse, which is currently under agreement, and the tower is still six months from final completion.

      The median price for condos in nine downtown neighborhoods, South Boston, and Charlestown jumped nearly 10 percent from 2014 levels, to $680,000. Prices for luxury condos — buildings with concierge service and parking — climbed at double that rate, to a median of $1.75 million. That translates into nearly $1,200 per square foot. And four in 10 condos sold above asking price.

      Developers are gradually shifting to meet that market, planning more condos after a several-year run of building apartments all over town. In the first nine months of 2015, according to city figures, 28 percent of new housing permitted in Boston was for-sale condos, up from 26 percent in 2014 and 17 percent in 2013. In the three months ending Sept. 31, more than 40 percent of permitted units were condos.

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        Downtown Crossing's Newest Tower: One Bromfield

        One Bromfield Downtown Boston

        Developer's proposed One Bromfield, a 59-story tower in Boston's Downtown Crossing would exceed the height of Millennium Tower Boston, which set a record in the district. 

        New York-based developer Midwood Investment & Development bought the parcels in the mid-2000s and set about with plans to construct a 28-story building with around 260 apartments and several floors of retail. The project was originially proposed in 2008 but the recession made quick work of the those plans. Midwood held on to the parcels and has resurrected plans for a mixed-use high-rise. It's new proposal calls for a building much greater in scale than original plans with about 30,000 square feet of ground-floor retail space, with 300 rental units above and 119 condominium units. Of the 300 rental units, 54 would be designated affordable. The tower is slated to include 235 parking spaces and 420 bike parking spaces.

        If approved, this would make One Bromfield one of the five tallest buildings in Boston. Stay tuned!

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