The Tightening Market = A Need for Condominium Developments (The Boston Globe)
Bostons Seaport District has come out with a great deal of news over the past year regarding Boston Real Estate. These positive headlines are all detailing the various development projects that are soon to reach completion and add to Bostons already gorgeous skyline. Joseph F. Fallon of The Fallon Co. is the man behind the masterpiece for what will be a 15-story Luxury Real Estate building with multi-use purposes as there will be condominium, retail and restaurant dedicated spaces all located near the John Joseph Moakley United States Courthouse.
CBT Architects have been hired for the job which will be the first of many residential projects Fallon plans to construct on this 21-acre property. Expected to break ground in the middle months of 2013, it may come as quite a shock to many individuals about why this and other projects have suddenly erupted of late. Well, as of 2009 there was literally a complete halt in the development of new residential or business buildings. This, which can be easily deduced, is largely because of financing issues due to the economic recession. However now, with rising rents and with a shortage of housing options yet an extremely pent-up demand for property, investors are seeing this as the ideal time to build.
A peak at a recent moment from the end of June of this summer shows that there were only 531 condominiums available within Bostons core neighborhoods of the city. This, it must be shared, was less than half of where that number stood a year ago to the same corresponding date. Furthermore, this has caused quite the battle for many buyers as one might imagine. Also when looking to one-bedroom units, the median sales price over this time period rose by 8.5% to where it stands at $410,000.
This establishment will be one of the first ownership buildings in the Seaport District for many years and will comprise of roughly 130 residential units. However, Fallon does not stop at this. He is also in the works with building two structures for Vertex Pharmaceuticals Inc. which will be completed by the end of 2013, one of which is being topped off at 50 Northern Avenue.
These and more Luxury Real Estate projects are slated for the Seaport or Innovation District as termed by Thomas M. Menino in the coming years. Just recently we blogged on a similar topic about Silicon Valley investors who are now flocking to the Seaport to develop there. In addition, even a blog from April informed readers of all of the plans destined for this ever-changing portion of the great city of Boston. All in all, it must be taken as an immense sense of accomplishment and pride for residents and the city as a whole that investors have that needed trust and dedication to Boston for the prolonged future. The attention we are garnering is almost unrivaled throughout the nation. It clearly shows a strong backing for the future economy and the Boston Real Estate industry and it is becoming more evident that we are on the right path because of the unshakeable demand for property that there is within our diverse neighborhoods.
