A Banker & Tradesman Blog
Home prices are already insane around here. And while it may be hard to imagine how they could get any crazier, it looks like we will be finding out soon enough.
Massachusetts is gaining new jobs and new residents at about three to four times the rate it is building new homes, condos and apartments.
I’m no climatologist, but it’s hardly a stretch to predict that someday Boston will get hit with a major hurricane. And given steadily rising sea levels and increasingly fierce, climate-change-driven storms, it’s not too hard to imagine it will be a Sandy or Harvey-sized monster.
The American Dream of homeownership is on life support, and who’s to blame? Certainly not the Greatest Generation, which beat the Depression, trounced the Nazis and built the suburbs.
It looks like Greater Boston’s red hot housing market still has some juice left, but just how much remains to be seen. After a fall-off last year raised some red flags, construction of badly needed new homes, condominiums and apartments across Massachusetts is on the rebound once again.
The dreary and stunningly mediocre Charles River Park apartment complex is all that remains of a big chunk of the old West End, torn down via eminent domain by Boston officials back in the 1950s.
It’s hard to imagine anyone actually cheering on layoffs and cost cutting at other firms in hopes of gaining a few additional floors of office space. But in Greater Boston’s super-tight office market, it may pay to be like a vulture when it comes to scouring the market for leads on soon-to-be-vacant blocks of office space.
Report after report from our region’s top housing experts have pointed to the indisputable connection between the dearth of new construction and Greater Boston’s ever higher home, condominium and apartment prices.
A lot of cities across the world would kill for the influx of tech and biotech giants and startups that have made Greater Boston one of the most affluent places on the planet.
Many of us have been living in a happy little bubble when it comes to General Electric and its headquarters move to Boston.
The Yankees looked poised to steam home in their crucial revenue race with the Red Sox when the Bronx Bombers opened up a new $1.3 billion stadium in 2009. But eight years later, it’s the Red Sox who are having the last laugh, with antique Fenway Park, buffed up by a couple hundred millions dollars in renovations over the past 15 years, outperforming the Yankees too-big-to-succeed new stadium.
An unlikely coalition of housing activists and business leaders fought tooth and nail to save the state’s controversial affordable housing law when it was challenged in a referendum a few years back.
Let’s face it, maybe Mitt Romney wasn’t so crazy after all when he proposed having casino-rich Connecticut effectively bribe Massachusetts to stay out of the gambling business. A straight-laced kind of guy, Romney was not a big casino fan when he was governor back in the mid-2000s.
Nantucket mansion prices used to grab headlines. Not so much over the last couple of years, though, as eye-popping sales have gone into hibernation on the resort island. To be sure, real estate prices on Nantucket – long known as a buttoned-down haven for the corporate elite – are on the rise. But they have yet to get back to the record highs reached a decade ago.
You know the saying that doing the same thing over and over again and expecting different results is the definition of insanity? Well, our state government’s long string of spectacular failures trying over and over again to cash in on potentially valuable Boston development sites also serves as a pretty good definition of sheer stupidity.
Mystery sleuths out there, here’s one for you: Just how does the Massachusetts real market continue to function when the already record low number of homes for sale keeps going even lower? Every time it looks like the number of listings couldn’t possibly drop again, it does
There’s a big reason why public construction projects so often wind up blowing budgets, and it’s one that is so obvious it’s amazing it never really gets debated: Really bad timing.
Pop psychology quiz: What words come to mind when I say the phrase, “new apartment construction in the suburbs?”
Pot smokers and budding weed entrepreneurs are clearly still high as a kite over their big victory last November when voters passed a statewide referendum legalizing marijuana.
The blame for Greater Boston’s never-ending housing crisis, which has jacked up sale prices and rents to obscene levels, can’t be blamed on any one city or town. Decades of onerous zoning policies and NIMBY attitudes have left buyers tearing out their hair a market starved for new homes and new listings.
Boston still has some of the highest, most crushing apartment rents in the nation. But there are signs that years of efforts by City Hall to boost construction of new housing may finally be paying off. While the cost of living in one of the city’s newest towers continues to soar, rents in older buildings across Boston fell 4 percent in 2016, according to a new report due out soon from the Department of Neighborhood Development.
- Developers Pay $284M For Boston Garages, Office Building
- Walsh Announces Fort Point Park Plan
- No Housing Planned For Flower Exchange Property
- Worcester Real Estate Agent Hit And Killed By Train In Connecticut
- 53 State St. Boosts Occupancy By 103K SF