Rising Demand for New Construction in BostonFebruary 25, 2017
As the demand for new Boston luxury real estate construction condominiums / rental units rises, so do the number of development projects around the city. These projects range from entry-level luxury to ultra-high-end buildings, catering to buyers in all price ranges who want amenities and comfort.
Most Boston luxury homes buyers today want a one-stop shopping experience. They want their building to have parking, a fitness center, a community room and maybe a concierge/doorman. Price varies significantly from neighborhood to neighborhood and by the level of services the buildings provide. New buildings are becoming very “community-centric.” Some even provide extensive social events for the Boston luxury real estate residents which could appeal to certain buyers.
A few new projects under construction with the completion date of late 2017-2018:
HYM Investment Group and National RE Advisory marked the start of their redevelopment of the Government Center Garagespanning two city blocks 2.9 million square feet with a combination of hotel, office, 800 residential units and retail space.
Assembly Square in Somerville offers 1, 2 and 3 bedrooms (fitness center, pool roof deck and hotel amenities) with prices ranging from $500K-$1.3M.
ClipperShip Wharf in East Boston offers 1 or 2 bedrooms, clubroom, water taxi, fitness center with price ranges from $600-$1,250.
Several Boston luxury homes on West Broadway in South Boston with concierge, fitness center and valet parking, ranging from $800K-$2.5M.
The Pierce in the Fenway neighborhood has 109 luxury units from $600K-$4M+.
50 Liberty at the Seaport provides all the bells and whistles from $1.8M-$9M.
Another Seaport gem is Pier 4 with 100 super luxury units ranging from $1.8M-$10M.
The new Four Seasons will be a 60-story ultra-luxurious building with hotel amenities and top, confidential prices (i.e. not cheap).
Please note that most of these Boston luxury real estate projects, although still under construction, have been pre selling and are between 30-70% sold out. This underscores the extreme demand for anything new in the Boston area.