My featured column in Curbed this week concerned the incredible increases in the median list price of “For Sale” condominiums in different Greater Boston locations. This past Tuesday, only the minority of active listings in Brookline were asking less than a $1 million. That same day the majority of active listings in the Back Bay were priced over $2 million. No wonder armies of buyers converge on reasonably priced Hub condos. Compared to a year ago, which Hub real estate hot spots have seen the median list price go up $250,000, $500,000, and $688,000? Check out my column and find out.
Photo by JAXA.
How many times have you heard that there’s nowhere to build in Boston? Well, don’t tell that to Tom O’Brien. Where you see a brutally ugly garage, his development team at HYM Investment Group, LLC sees six beautiful new buildings standing 60 to nearly 600 feet high; housing 755 apartments, 196 hotel rooms, 57 condominiums, 1.15 million square feet of office space, 82,500 square feet of retail and hiding approximately half of the existing ugly garage. The project will also create an attractive plaza-style public space.
Phase 1 of the project, a 480 foot high apartment building, is planned to begin construction by the end of the year.
In January 2013, the $24 billion subsidiary of Nike, Converse, announced that it was planning to move its corporate headquarters from Andover, MA, to a building being developed by Related Beal on Lovejoy Wharf in Boston, just a stone’s throw from TD Garden and North Station.
The 187,000 square foot structure is symbolic of the trends of a new Boston, a Boston in which entire neighborhoods are in the midst of being redefined by new buildings and developments that attract folks near and far with opportunities to live, work and play in the same area.
The Converse sign, which adorned the top of 160 North Washington last December, is one of the tangible beginnings of that new Boston.
To see how the development will look when it’s done, go to the next page.
Around 11 AM, Tuesday, I pitched the Boston Herald to do a story based on my post “Good-Bye Modestly Priced Hub Condos.” It took them only three hours to tell me they were going with it. The story ran yesterday.
The Herald had some interesting numbers from the Greater Boston Real Estate Board which showed that on March 10, 2010, 62.4% of Boston’s listings were listed under $500K, but on that date in 2014 only 42% were priced less than $500K.
The market background information I provided to Marie Szaniszlo, about how the lack of inventory everywhere was fueling bidding wars, led to a second Herald story.
Massachusetts has become one of the most popular states for buyers from China, so charted the National Association of Realtors (left) in their report: 2013 Profile of International Home Buying Activity.
My column in Banker and Tradesman discussed the increasing amount of Boston condos being purchased by Chinese investors as well as the organizations, Realtors and brokerages who are positioning themselves to profit from this trend.
Where are Chinese investors buying real estate in Boston? How big is that market? Why do they buy in the U.S.? For a copy of the column, subscribe to Banker and Tradesman or email me your request.
My featured column in Curbed was once again devoted to the Hub’s current condo inventory, or lack thereof.
The chart (exclusive to the BRER) tracks the cumulative on-market inventory for the nine markets I cover most (Back Bay, Beacon Hill, Brookline, Cambridge, Charlestown, Jamaica Plain, Somerville, South End, South Boston). Since October 2011, on-market inventory has gone from 1,204 to just 292.
Find out how today’s inventory compares in some of these key markets: Read my featured column!
If you could ask The Greater Boston Real Estate Market a few questions, what would they be?
Well, I called several times this summer and nobody picked up!
My monthly column in Banker and Tradesman details my efforts to reach said market and the things that I wanted to bring to its attention for insights and feedback.
No matter how hard I treid, I never reached the market and you might be surprised at why it was impossible for me to get a hold of the market.
For a copy of this light take on what’s happening in our current real estate world, email me.
My featured post in Boston.Curbed this week celebrated the one year anniversary of my column, “Bates By the Numbers.”
I reflected on the posts I wrote over the year, their topics and focus, and revealed a couple of stories behind the story, like the post that was based on a joke I used to like to tell and how another post was themed after a famous song. Hopefully, folks had a few laughs at my light-hearted posts. I like to think that I am funnier than the average real estate writer. LOL.
Check it out! You’ll have a chance to see a couple of columns you might have missed. You’ll find out why I wrote more than a fair share of columns about the Back Bay and you might be surprised at the most unusual place that I have ever written from. Thank you Curbed for the opportunity to reach some of Boston’s most enthusiastic real estate folks!
Looking for a Boston condo but, can’t find anything you like at a price you like?
Is the challenge the price or the neighborhood?
To get an insight into that age old question, I broke Boston’s first half condominium sales into ten different price ranges. Then, I totaled up the transactions by Boston neighborhood.
And then, I made charts, 13 of them. They visually communicate the amount transactions as the price goes up, so they tend to take the shape of ski slopes, mountain climbs and Bell Curves. Check them out in the gallery below! In it, you’ll find distribution for 13 different Boston neighborhoods, including Back Bay, Beacon Hill, Brighton, Charlestown, Dorchester, Jamaica Plain, Midtown, the North End, the South End, South Boston, the Fenway, the Waterfront and Roslindale.
Or if you want to know the most prolific Boston neighborhoods in certain price ranges, check out my featured post in Curbed.
Sure, you could go up in price, but if you check out the charts, you just might find there’s more opportunity to buy the condo you wanted in a neighborhood you didn’t know you wanted, LOL.
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About David Bates
The Bates Real Estate Report is an original content blog about the Greater Boston real estate market, written by a real estate agent who works the condo market and who has a passion for Boston real estate.
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