Buzz in the Boston Real Estate MarketNovember 8, 2014
There are so many new, exciting projects in the development pipeline shaping a variety of Boston neighborhoods. New luxury, full service towers are slated to be built everywhere and are at different stages of planning / design, permitting, zoning, financing, etc. The most recent project that is stirring a great deal of excitement is the Millennium Towers in downtown Boston.
The Boston real estate building is currently under construction and due for completion in the fall of 2016. At present, the $680M building is pulling the highest price per square foot in the financial district. The penthouse is listed at $37.5M, an unprecedented price tag for Boston luxury homes.
It is natural that any new project creates a buzz and everyone’s attention gravitates to that project. In this case, Millennium Tower came to the market with little competition and good marketing resources. Many units in the preliminary stages of marketing of these projects, large or small, are bought by buyers who may or may not necessarily live there, but they know the prices will increase closer to the completion date.
Some units in this project were already marketed to previous Millennium Partners clients based on other residential projects they’ve completed in the past. When the sales office opened to the public last week, there was an outpour of interest and prices were raised for these Boston luxury homes.
As the units are sold, you can most certainly expect price increases across the board in any new construction project. Or I should qualify that with the ‘successful’ construction projects will see price increases. Boston real estate is all about timing, supply and demand.