From the Boston Real Estate Blog: Nearly one quarter of U.S. home sales last … [Read More...]
Boston is considered to be the third-densest big city in the country and with Boston’s record-breaking building boom and rise as a bigger more international city, it has become accepting of its destiny and designation as a place where a lot of its residents live hundreds of feet above the ground. There is a strong demand for living in the middle of everything and the lofty prices that Boston luxury condos or Boston Luxury apartments command suggest not only a continued but escalating demand. And to keep up, there’s pretty much only one direction for the Boston streetscape to go – Up!
In the last decade, the city has witnessed the development of a large number of full-service Boston luxury condos and Boston Luxury apartments. Prior to that, most luxury condos were located in high-end, renovated brownstone homes. The construction of several high-rise luxury condos in recent years such as Millennium Towers, definitely suggests that demand for high-end residential property in Greater Boston is growing. And most observers will agree that there is still not enough inventories of Boston luxury condos or Boston luxury apartments to satisfy the hungry demand.
According to Boston.com, “price per square foot is the golden standard brokers use when assessing the value of luxury condos, which enables them to make apple to apple value comparisons between condos of different sizes.” Condos that sell for $2,000 a square foot or more also typically run into the multi-millions. Sales of downtown luxury condos passed the $3.8 billion in 2016, which is more than a 20% increase over 2015.
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