Construction Boom in Boston Real EstateFebruary 28, 2015
Simply driving around Boston, you see enough construction cranes to know that a building boom is happening in every Boston luxury real estate neighborhood. There are countless, much-anticipated Boston luxury condo projects underway in the Back Bay, Midtown and the Seaport. These developments have been hyped in the news as having “luxury” price tags for condominiums in excess of several million dollars.
In addition to these Boston luxury condos, development projects have expanded and trickled down across the board to all other neighborhoods in the metro area. Lack of space in the Back Bay/Beacon Hill/Midtown, has pushed several local and NY based developers to evaluate ambitious air rights projects over the Mass Turnpike for commercial/residential projects. Boston transformation is also quite noticeable. The building boom in the Fenway is a testimony to this progress.
The largest number of Boston luxury condo projects, hands down, is in South Boston and Seaport (South Boston Waterfront). Over 60 projects are underway or in the planning or approval stages. The construction ranges from renovation of older structures to create luxury residential or brand new construction projects.
Exhausting all development possibilities with close proximity to the downtown financial and residential areas, developers are building from East Boston to Jamaica Plain, Roxbury and Dorchester with numerous projects under way everywhere.
With Boston luxury real estate prices soaring for super high-end projects in the Back Bay and Seaport, it is normal that buyers and developers gravitate towards newer, more affordable areas. So, unlike a few years ago, buyers are no longer limited to two or three neighborhoods. They have a broader selection, if they’re willing to explore and get familiar with different neighborhoods.