LATEST NEWS

Why Condos and Construction Are The New Booming Industry In Boston

While Boston has its ups and downs, its history hasn’t always been so pretty.

By Archana Aithal Rose October 13, 2016

While Boston has had more ups and downs than a Kim Kardashian bodysuit, its history hasn’t always been so pretty. Blue collar, tough and gritty, it seems corruption, gangs and baseball are Beantown’s favorite pastimes. But these days, construction is the new obsession. Glass and steel are going up faster than excuses after a presidential debate. And Boston’s getting high on its own supply of skyscrapers, with five towers over 60 stories and 600 feet currently in construction.

Investors buying from around the world are fueling the boom and Boston’s selling more condos than clams. The Boston Globe reported: “Many neighborhoods are barely recognizable from just a few years ago. Boylston Street in the Fenway, once dominated by fast-food joints and gas stations, is lined with luxury apartment buildings and new restaurants, and the tallest of them, a new tower planned for the triangular tip between Boylston and Brookline Avenue, is soon to break ground. The Seaport District is one of the fastest-growing neighborhoods in the country. And long-struggling places like Dudley Square and the East Boston waterfront are on the cusp of major transformations.”

“It’s absolutely extraordinary,” said Bob Richards, a partner at Transwestern RBJ to the Globe. “What’s driving it is the top-tier labor talent in industries like technology and life sciences. The young people who work for those companies want to live in an urban environment.”

Build it and they will come. Boston’s population is soaring along with its construction—646,000 more people between 2010 and 2013, according to the US Census Bureau. That’s more population growth in three years than Boston experienced in the 1980s and ’90s combined.

That means the entire city is booming. Of course, real estate around the hallowed grounds of Harvard and M

rp_img.jpg NYPD Courtesy

IT will always be a premium, but if you’re looking to hijack some of Boston’s rising equity, is there anywhere that’s still affordable? Well, yes—if you don’t mind some sweat equity.

“The city is very well managed,” Manish Kumar, president of Maven Realty, told the Globe. “There are people who’ve been here two years and people who’ve been here 50 years,” he says, “and they all really care about the place.” Bargains are still out there, but only on properties that need work. “If you want a deal,” says Kumar, “pull up your sleeves.” Kumar recommends the area of Medford which is in close proximity to Boston and Cambridge. It has good government, diversity, and lively city centers which have helped raise Medford’s median single-family price by eight percent from 2014 to 2015, to $463,500. Kumar expects the gains to continue. “Whether the Green Line [extension] comes or not, I think Medford is still the next big place.”

Silvia Sandoval Guerini, broker/owner of Stonehurst Real Estate Group, points would-be home buyers looking for affordability (under, $400,000) to the towns of Revere, Everett and Lynn. Here are the Revere stats:

  • Median single-family price $330,000
  • Change since 2010 +42%
  • Median condo price $289,000
  • Change since 2010 +70%

A revamped downtown and development along its 3.5-mile beach has resulted in bidding wars. It’s “very nice and not so far away,” says Guerini. Three subway stops, four miles to Boston, a straight shot to the North Shore, and being close to Logan Airport are attractions. But young families are drawn by Revere’s increasing abundance of kids’ programs—five new schools in the past 12 years—and educational initiatives. “For people looking to move to Revere,” says Guerini, “the next alternative is Everett and the next after that is Lynn. In Lynn, you can get a bigger house and more land.” And, while Lynn may not have the school stats of Revere, it has a lower median house price of $266,000.

And, that, Millennials are finding, is a whole lot more bang for your buck than you can get in Brooklyn or the rest of Boston, for that matter. Wonder how long it’ll last?

 

Archana Aithal Rose

ABOUT THE AUTHOR Archana Aithal Rose

ABOUT THE AUTHOR Archana Aithal Rose

Archana Aithal Rose’s articles have appeared in The Times of India, CNNGo, Condé Nast Traveler and Vogue, covering such broad range of topics as fashion, art, travel, culture, celebrities, architecture and technology. In addition to writing, Archana's also known for her mad photography and cooking skills.

  • AGORAFY
    Stefano Boeri, the architect mastermind behind the famous plant-covered skyscrapers, is now designing Forest Cities in Liuzhou, China. #ForestCity #China https://goo.gl/PsTUwv
  • AGORAFY
    Auction is the second scheduled in a month for a One57 unit and it could set a NYC foreclosure record. #BillionairesRow #Foreclosures https://goo.gl/NZ3zqD
  • AGORAFY
    Once a couch-surfing website, Airbnb moves on to luxury properties, further disrupting hospitality industry. #Airbnb #Luxury https://goo.gl/7TpLk6
Four Countries To Retire In With $200K In Savings—And How Much Real Estate Costs There
Ever dreamed of retiring abroad? You know, affordable healthcare, better climate, more positive news—becoming an expat seems like an enticing option, especially one you no…
While Other Real Estate Platforms Start Charging Agents $3-Per-Day Exposure Fee, Agorafy Remains Accessible To All
Real Estate searching platform are always finding news ways to diversify their revenues models. Case in point—on Tuesday July 18, Streeteasy, one of New York…
Is Real Estate Crowdfunding The Fix That Urban Housing In America Really Needs?
Saving money for a down payment? One can only hope. Most millennial in their twenties or thirties are mortified that they might never be able…
Brooklyn And Queens’ Real Estate Sub-Markets Continue Their Ascent To The New Heights
So, the sales prices in Brooklyn and Queens hit record highs. Again. Just like they did in December 2016 and at the end of this…
The Economy Of Car Services And Delivery Apps Might Be Making NYC Less Eco-Friendly
Living in an eco-friendly neighborhood is a good thing. And, as it always the case with the good things, it also costs more. High rents…
Building Communities: What The U.S. Developers Should Learn From Soho China
As our world emerges into the new period of globalization and technology, some of the most important by-products of this process are buildings that have…
Five Reasons Why All Entrepreneurs Must Keep Their Eyes On China
It is hard to overestimate the importance of Chinese influence on the modern global economy. Carving out a place in Chinese market and winning over…
Airbnb Up Their Game With A New Luxury Tier Featuring Mansions And Villas
Airbnb is about to seriously up their game. First, the company started testing a new service called Select in an attempt to push accommodation listings…