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2019 Boston Housing Market: To Invest or Not?

Home in Boston Metro Area

 

Boston metro is home to over four million people and is considered one of the priciest housing markets in the country, following closely behind Washington D.C, San Francisco, and New York City.  With a vast number of universities, college students, and young graduate working adults, the rental market is a hot commodity to invest in.  With [...]

Encore Boston Harbor: Officially Open

ICYMI Encore Boston Harbor

 

Almost two years after breaking ground to construct downtown Boston’s very own casino, the ICYMI Encore Boston Harbor has officially opened this weekend on Sunday, June 23rd.  This project, costing $2.6 billion, features 671 guest rooms, 210k SF of casino space with 3158 slot machines and 231 table games, 15 restaurants, five shops, 50k SF [...]

Dorchester Residential Rental Units Coming Soon

Rental in Dorchester MA

40 residential rental units are being constructed in Dorchester’s Edward Everett Square at 1258-1272 Massachusetts Avenue.  Apartments range from 600 to 900 square feet and will be either studio, one-bedroom, or two-bedroom.  Five of these units will be designated affordable.

With two buildings in total being constructed, 20 units will be in each with 37 parking spaces total.  With a $12.5 million dollar volume, approximately 43,000 square feet, and 6 stories, these buildings will help provide higher property value to Dorchester.

Photo & article source: https://www.bldup.com/projects/1258-1272-massachusetts-avenue

Seaport World Trade Center being Revitalized

Seaport District

The BPDA has officially approved the revitalization of the Seaport World Trade Center located on Commonwealth Pier.  This project will greatly benefit the surrounding community – offering a 25,000 SF open-air public Harbor plaza suited specifically for outdoor and year-round events, improved public access to the waterfront including new seating, lighting, and signage, additional dock space for a future water shuttle, a new street of retail totaling $45,000 SF, a public terrace with outdoor dining on Headhouse’s upper level, greater sustainability measures, and much more. 

Source: bizjournals.com

The plan is to replace the existing Commonwealth Hall in order to be able to implement public waterfront amenities.  This project is also expected to add up to 1500 new construction jobs to the city.

Source: https://bostonrealestatetimes.com/bpda-approves-the-revitalization-of-the-seaport-world-trade-center-by-pembroke/

$87.5M Loan Secured for 170 Units on Langrange St

Construction Loan for 47-55 Langrange Street

 

The construction loan for 21-story, 170-unit residential tower at 47-55 Langrange Street has officially been secured reaching $87.5M.

Nearing 170,000 square feet, this project will have 22 units that are designated as affordable.  On the ground floor, 1364 square feet of retail will be implemented.  Other amenities included a residents’ [...]

Preserving History: Alexandra Hotel Redevelopment

Hotel Interior

The Alexandra Hotel, which opened in 1875, has sat vacant for the last 40 years and has proven itself time and time to be an eyesore for the surrounding community.  Even former Boston City Council President Larry DiCara does not ever recall it being occupied during his City Hall duration that began in 1972.  The last time is was commercially viable was in the 1940s, according to Forum Chair Steve Fox. 

After a series of fires from the elevated Orange Line made the upper floors inhabitable, decades of neglect followed.  Redevelopment of this project has not been easy.  Nobody can determine what exactly would fit in this property.  After several pitches over the last 30 years: turning it into a Church of Scientology HQ, a homeless shelter, affordable housing, and a 30-story apartment tower and luxury condos, all have failed due to the redevelopment being far too expensive. 

Retail stores & restaurants have failed in Roxbury as over 45% of the housing stock is income-restricted, meaning that Roxbury residents do not have the disposable income to “treat” themselves to these places.

The zoning and architecture board have a plan in mind for the historical hotel.  The Alexandra will stock to its root and be redeveloped into a boutique hotel.  While keeping its original structure, the Alexandra will be rehabilitated and preserved, while being added to. 

Neighbors, city representatives, and Roxbury residents are glad to being it restored and put to good use.

Article Source: https: //www.bisnow.com/boston/news/hotel/scientology-soaring-costs-and-blurred-neighborhood-lines-inside-the-alexandra-hotels-long-road-to-redevelopment-100057

Back Bay Condo: Topping 2019's Priciest Homes

Back Bay Condo: Living & Kitchen Area

After 161 days on the market, the most expensive sale in the last few months of 2019 was none-other than the Penthouse at 35 Commonwealth in Back Bay going for a whopping $14,000,000.  With a recent sale date of October 30th, it is no surprise than any condo in Back Bay area would be remarkably expensive, but what makes this condo worth SO much money? 

Well, to start, this home encompasses the top three levels of the renovated brownstone building and has private elevator access to each level.  With over 5,200 square feet, this magnificent condo comes with 4 bedrooms, 4 and a half bathrooms, a grandly scaled living, dining, and entertaining space with two walk-out roof decks.  And of course, with a 14 million dollar Back Bay home comes two on-site parking spots included. 

While the asking price was an incredible $15.5 million, I think $14 million isn’t too bad of an offer.  If you have the money to spend, I would highly recommend looking into the beautiful area of Back Bay.  The pictures speak for themselves.