Owners of new apartment buildings in the Boston area are facing unprecedented times trying to fill units amid the coronavirus outbreak and economic downturn that’s left many would-be tenants wary of moving into unfamiliar and oftentimes more expensive living quarters.
With more than 2,000 new luxury high-rise units scheduled for completion in downtown Boston by next spring, the stakes are high to deliver the latest eye-catching amenity packages to boost preleasing.
A luxury apartment complex in Marlborough has been sold for $44.25 million.
Leasing at downtown Worcester’s first luxury apartment complex has stabilized and the large project has filled up.
Lawrence isn’t exactly known for generating positive headlines. But Arthur Sullivan, co-founder of Brady Sullivan Properties, and Sal Lupoli, head of the Lupoli Cos., are doubling down on the hardscrabble gateway city along the Merrimack River.
Nest thermostats, keyless entry locks and electric outlets compatible with Google Home and Alexa platforms have become standard bragging points for developers marketing units in new apartment complexes.
With a glut of luxury apartments coming online, expect some unique sweeteners in leases this year.
Boston’s high-flying luxury apartment market is surely headed for a landing of some sort. The only question now is what just exactly what kind of landing it will be.
Commercial real estate valuations have hit all-time highs nationally and Greater Boston is in the midst of a massive multifamily building boom skewed toward high-end properties, raising concerns about future risks. Nearly a third of banks have tightened standards on development and construction loans, according to a recent Federal Reserve survey
The real estate market in Greater Boston may be on a record roll when it comes to home and condominium prices, but there’s trouble brewing on the horizon.
