Hello again,
The spring real estate market in Boston is in full swing! March, April, and May historically experience the highest influx of inventory for the year. Why? It’s mainly due to the heavy influence of the academic calendar. Since the resurgence of the real estate market in 2012, Boston now sees inventory listed in all price points, year-round.
Today, Boston is experiencing more redevelopment than at any other time since the Industrial Revolution. The city is currently embracing an unprecedented level of development across all sectors: office, retail, industrial, and residential.
As a resident of Boston's Seaport, I meet at least one person a day who is visiting the neighborhood again and they are always amazed at the rapid transformation from surface parking lots to towering skyscrapers. As recently as five years ago, the Seaport was small seafood stops and the infamous Anthony's Pier 4, which drew Bostonians to venture "all the way out to the Seaport."
In the spirit of growth and mixed-use development, coupled with my mantra of "knowledge is power," I've devoted my March edition of Lara's Look to Boston's rapidly changing landscape with featured developments.
Please don't hesitate to reach out with any questions regarding these new projects or other real estate options. I’d love to discuss the state of our ever-growing real estate market with you. It all starts with a conversation.
All My Best,
Off-Market in Seaport
Beautifully renovated in 2016, this modern yet traditional loft-style condo is in the heart of the booming Seaport. With unobstructed views of the water, city, and green space, this bright and airy home gives buyers multiple options for open-concept living. Minutes away from the T, Financial District, and major highways.2 BD - 1.5 BA - Price Upon Request
Off-Market in the South End
Coveted 8 Streets Location! Elegant and bright one-bedroom home with large private brick-paved patio and garden. An open living concept with eat-in-kitchen including granite counters and stainless appliances. Pet-friendly and prime location with Peter's Park, Formaggio, and the Buttery outside your door. Pet-friendly and extra storage.1 BD - 1 BA - $599,000
Echelon
Seaport District1.33 million square feet of mixed-use development unfolding over 3.5 acres (an entire city block)
Architects: Kohn Pederson Fox of NYC's Hudson Yards
3 buildings: 2 towers of condos and 1 tower of apartments totaling 733 residences
50,000 square feet of amenity space including 3 pools, basketball court, golf simulator, resident lounges, pet amenities, and exclusive MIT innovation workspace
19,000 square feet of landscaped plaza accessible by the public with retail spread across two levels
Delivery projected in 2019 for Tower 1 completion
BDPA STATUS: UNDER CONSTRUCTION
Pier 4
Seaport District561,000 square feet of development including a 13-story office building with anchor tenant Boston Consulting Group and separate condominium building along Boston Harbor
Residences include 106 luxurious condominiums and each will feature a private outdoor space
The only Seaport property surrounded by water on three sides
Amenities include residents' club, outdoor terrace, dining area with fire pit, luxury fitness center with virtual golf, pet services, and on-site parking and valet
Delivery projected in fall of 2018
BDPA STATUS: UNDER CONSTRUCTION
The Lovejoy
Lovejoy Wharf434,000 square foot, 15-story building housing 157 residences
Designed by Robert A.M. Stern and developed by Related Beal, located between the Zakim and Charlestown Bridges
Amenities include 24-hour concierge, doorman, fitness center, resident lounge, and luxury attache (your personal concierge for absolutely everything)
The best part? Developers extended the Harbor Walk connecting the city to the Wharf and Charlestown
Project is complete and 30% sold
Designed by Robert A.M. Stern and developed by Related Beal, located between the Zakim and Charlestown Bridges
Amenities include 24-hour concierge, doorman, fitness center, resident lounge, and luxury attache (your personal concierge for absolutely everything)
The best part? Developers extended the Harbor Walk connecting the city to the Wharf and Charlestown
Project is complete and 30% sold
BDPA STATUS: COMPLETE
One Dalton - The Four Seasons
Back Bay712,000 square foot, 61-story tower will soon be New England's tallest residential building(742 feet at its highest point)
Consisting of 160 ultra-luxury condos on floors 26 through 61 and 215 Four Seasons hotel rooms
Amenities include a lap pool, fitness center, private yoga and pilates studios, golf simulator room with wet bar, private theater room, plus salon featuring manicure, pedicure, and hair-styling services
Delivery projected in 2019
BDPA STATUS: UNDER CONSTRUCTION
Exchange South End
Former Boston Flower Exchange1.6 million square feet of mixed-use development across 5.6 acres
4 new buildings featuring commercial, technology, and life science research space.
42,500 square feet of ground-floor retail and 30,000 square feet of incubator space
1,159 parking spaces, both surface and garage spots, designed around a 30,000-square-foot, publicly accessible park
Delivery projected in 2020
BDPA STATUS: UNDER REVIEW
Fenway Center
Fenway/Kenmore Square1.1 million square feet utilizing air rights above Fenway and Kenmore Square
5 new buildings including a 27-story tower above the MA Turnpike
550 residential units in total 160,000 square feet of office space and more than 50,000 square feet of retail space
30,000 square feet of park and green space
Delivery projected in 2020 for Phase 1 completion
BDPA STATUS: UNDER CONSTRUCTION
What Does This Mean for Buyers?
Mortgage rates are at their highest level in more than four years. The 30-year, fixed-rate mortgage averaged 4.46 percent last week, according to Freddie Mac, and that’s largely expected to increase since the Federal Reserve said it is likely to raise short-term interest rates this year. That could prompt mortgage rates to move higher at least three different times this year, starting this month.Please know the initial pre-approval process is not difficult or time-consuming. This is crucial to understanding your purchasing power in this mortgage rate climate. Following pre-approval, if you decide to purchase within the next year, you will understand how each incremental rate increase will affect your pre-approval amount. If you'd like to speak to someone to get a ballpark idea, email me and I will connect you with the right mortgage professional based on your goals.
Also, if you are curious about the Buying Process, download my Buyer's Guide outlining the terms and timeline for purchasing a property.
The Compass Markets App is a game-changer in the real estate industry. In one click, you can search a neighborhood and access real-time data on the go. This is especially helpful during a jam-packed day of open houses from Beacon Hill to Somerville, where you can compare the median price per square foot in each neighborhood within seconds. I highly suggest downloading it to keep this information in your back pocket.
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