There was an interesting article written by Kim Blanton in the Globe about how current buyers in Boston are more likely to choose a condo in modern high rise building over a condo in a classic brownstone building (Bloom's off the brick row house by Kimberly Blanton). It’s the first time I've seen stats broken down between those two segments of the market like that in the newspaper:
The numbers certainly confirm something I have been seeing in the Boston market. More and more buyers are taking the plunge into high-rise, full service buildings. A big factor for that has been the number of condos in new buildings coming on market in the past few years. There are now many more opportunities for buyers to live in high rises than ever before, so it only makes sense that more are sold. Even though there has been a recent slowdown in new high rise construction, It's a trend I expect to continue as more new projects are designed and built.
The decision between a high rise or a brownstone may not be easy for everybody. I have a lot of clients who come in asking me what I think is a better investment, and better place to live, a better deal now…. My response is always: "better for who?" You need to consider your personal needs first to answer that question. A new building is going to have higher prices per square foot and higher condo fees on average than a brownstone. Are you willing to pay a bit more for the convenience and for "newness" (not always equal to better quality, by the way)? Or do you prefer the "charm" of a brownstone and potentially a more central location.
The other way I look at it is that the high-rise full service condo is more hip and trendy where the brownstone is a classic, enduring style. So that shiny new condo that is the "must-have" right now could just become "tired and boring" in a few years as newer, better projects come along while brownstones have stood the test of time. Not to say that there aren't any great new buildings out there right now that will endure, but most have not had the time to become enduring, yet. Plus they aren't building any more brownstones, but there is always potentially another new high rise building in the future.
Bottom line: If you're a lifestyle buyer looking for convenience and amenities, a high rise is probably for you. If you're an opportunity buyer looking to get more space at the same price or to build some "sweat-equity" into an older home, then a brownstone may be the way to go. Neither is right or wrong, and there is a lot of variation from brownstone to brownstone and hi-rise to hi-rise in terms of both appreciation potential and convenience, so I suggest being open minded and look at options in both styles in your price range. You could be surprised.