The Boston Luxury Real Estate market is booming, and there are no signs it will slow down anytime soon. It seems that everywhere you look in Downtown Boston, there are cranes & construction sites with new luxury condo developments underway. Despite the everyday news headlines of record foreclosures, and bubbles bursting — sales of condos over $1,000,000 were up an astonishing 8% in 2007.
There are currently dozens of new construction projects underway in the city of Boston, including 45 Province, a 32-story 145 unit luxury high rise steps from the Boston Common; and 104-unit Battery Wharf on the North End Waterfront, with units starting at $1.15 million. Both of these buildings are expected to sell out quickly. There has been many changes in the Boston real estate market in the last few years.
The South End, for instance, was one of the least desirable neighborhoods to live in — and now, it is one of the most sought after, and expensive. The South Boston Waterfront (also known as The Seaport District), was mainly fish piers and abandoned warehouses — and now has become one of the hottest neighborhoods to live in. The Leather District, which is the area around South Station, is experiencing a huge boom in luxury condo & luxury loft developments. The Back Bay is seeing a multitude of luxury developments being built, including 285 Columbus Lofts, The Clarendon, and the Mandarin Oriental Residences next to the Prudential Center. Right over the bridge in Cambridge, the 45-acre Northpoint project is underway, an is slated to be a „city within a city“ with approximately 2,700 luxury condos, and over 2.2 million square feet of commercial space.