{This is a guest post.}
Boston is a city that has always identified with the word ‘strong’. Since the formative days, it had to be strong in fighting for its independence. Following last year’s marathon tragedy, the phrase ‘Boston Strong’ came into popular usage. As for the city’s real estate market – that’s currently in a strong position, too. And it looks to be growing stronger by the day. Here, we look into what’s making the market so strong, and how the market is responding to unprecedented demand.
Boston’s famous skyline continues to blossom. This is in no small measure due to the many businesses which have grown steadily over the decades, as well as new businesses moving into the area, to proffer from the healthy economy. Tech, bio-tech and life science industries in particular, are thriving in Boston right now.
It stands to reason that where there are successful businesses, there are successful professionals, who want to live in high-end residences. The demand for condominium residences in Boston is at an all-time high, and this demand has been met with some of the most luxurious and inspiring new builds the East Coast has ever witnessed.
Boston is becoming more of an international hub by the day, too, with foreign investment in properties rising by the year. Multifamily home sales are on the up, too; in 2013 almost 700 of these were sold in Boston, with an average price tag of around $650,000. All of the above has helped prompt a huge revival and growth story, in a very short space of time.
If you want an example of Boston’s inspirational approach to condominiums, look no further than Millennium Place. This sleek new complex of residences – based at 50 Washington Street – is the first property of its kind in the city. The 15 stories of Millennium Place consist of 256 residences, available in one, two and three-bedroom plans.
Rather than subscribe to a homogenous blueprint throughout, there are five different styles of Millennium Place residence. The Garden Residences overlook the building’s courtyard, with some also featuring walkout access to private, ground-level terraces. The Theatre Residences look out on Washington Street, and boast spacious master baths and double sinks. The Residences on the Avenue use large window walls to bring the life and light of Avenue de Lafayette into the rooms themselves. The Grand Residences feature living rooms surrounded by windows, and a sophisticated fireplace as its heart. 14 penthouses occupy Millennium Places’ higher floors, nine of which feature private rooftop terraces, providing sweeping vistas of the theater and financial district.
Here is just one example of a flexible, exciting new style of living that is contributing towards the strength of Boston’s real estate market.
Speaking of thriving real estate markets, New York City needs a mention, too. Again, one only has to take a look at the skyline to glimpse another success story. The Rafael Viñoly-designed 432 Park Avenue is one of the most poignant signs of NYC’s real estate market growth. When completed next year, the 1,398-feet-tall skyscraper will be the third tallest building in the USA, and its 89 floors will house 122 luxury apartments. Like 432 Park Avenue itself, NYC’s real estate market is on the up.