Boston’s urban condo market began 2020 robustly before the pandemic all but paused sales for several weeks as agents, buyers and sellers adjusted to new realities. Now, signs point to the beginnings of a recovery starting to emerge.
Is it possible this situation might at least temporarily create housing opportunities that would be accessible to moderate or middle-income families, who could now afford to save money on housing?
The stakes are high for developers who are wrestling with how to make high-density urban living attractive to potential buyers and tenants, amid lingering questions about the length of the pandemic and its effects on the housing market.
Owners of new apartment buildings in the Boston area are facing unprecedented times trying to fill units amid the coronavirus outbreak and economic downturn that’s left many would-be tenants wary of moving into unfamiliar and oftentimes more expensive living quarters.
With Massachusetts’ ongoing supply-demand imbalance expected to continue as the COVID-19 pandemic abates, agents face a difficult environment as they try to adapt to a new normal.
With the economy reeling and “social distancing” now the norm, real estate agents are becoming increasingly convinced that the once-promising spring market may have to wait.
Sales activity at EchelonSeaport could be a good barometer of what to expect in the Boston luxury condo market for 2020: healthy demand for smaller, more efficient units that appeal to buyers in the sub-$1 million range.
Developers of two new condo projects in South End and Jamaica Plain have announced prices and begun presales in preparation for their completion in 2020.
Outdoor decks with skyline views and dog play areas are popular amenities in new luxury apartment and condominium developments. A 440-unit tower scheduled to open this fall in Boston puts the two together.
The market remains firmly tilted in sellers’ favor, but is beginning to show signs of a correction while two record-setting ultra-high-end condominium developments scheduled to open this spring in Back Bay and asking prices for Boston condos continue to rise.
With steel framing work kicking off early this month, developer Cottonwood Management has begun marketing 447 luxury condominiums at the $950 million EchelonSeaport complex.
Presales have begun for the 80-unit Slip65, the first condominium development in the multifamily construction boom on the East Boston waterfront.
After a fourth-quarter post-election stumble, condominium prices in Boston resumed their upward trajectory late in the first quarter.
A topping-off ceremony Thursday marked progress on construction of the 122-unit Alloy condominium tower at Somerville’s Assembly Row.
