Downtown Boston living is what many urbanites dream of experiencing. The proximity to bars and restaurants, coffee shops, work and entertainment make it one of the most popular areas in which to live anywhere in Boston. Young professionals are looking for convenience, and that’s precisely what downtown Boston has to offer those who choose a high-rise apartment or condo. In a world where everything happens right now and no one has to wait, it’s a growing trend to see young people flock to the area to further avoid the inconvenience of waiting.
While many are waiting to have kids who will eventually require a more suburban lifestyle, it’s not the only reason more young professionals and couples without kids are looking to make the move to downtown Boston. Real estate trends here are hotter than ever, and buyers want to be part of what’s hot in downtown Boston right now.
Decline in Available Properties
When the real estate market began to stall a decade ago, people began to move to more affordable communities. Homes were foreclosed, people moved, and homes were available left and right for next to nothing. Those who weren’t suffering financially at the time were able to welcome the American dream of homeownership at a time when houses cost nothing. As the market began to look up and young people too young to have been affected by the economy’s collapse began working without debt and with brand new paychecks, home prices began to increase.
While prices were low, buyers began snapping up available properties in desirable communities such as downtown Boston. According to Century 21 Cityside, now that prices are rapidly increasing, more people are buying properties before the prices go up even more. That means there are fewer properties in downtown available to purchase, and the market is hot. The decline in available homes makes it even more desirable for buyers. It’s become exclusive, and everyone wants in.
Increased Desire for Luxury Apartments
No one wants a fixer upper anymore. Buyers looking for a home in downtown Boston are looking for apartments and condos without imperfections. It’s become more and more difficult to find luxury housing in the area for an affordable price, and buyers are becoming pickier than ever. The increase in luxury homes might indicate a change in sellers. With so many buyers looking for hardwood floors, marble baths, granite counters, and upscale kitchens and baths, sellers are starting to get the hint. Their home might sell faster if they put a little money into it.
As this trend becomes more prominent, sellers want to take advantage. They will benefit twice from upgrading their homes to meet the desires of potential buyers. If they have the only apartment in a lovely older building with upgraded kitchens and baths, they can ask more and sell faster. It’s a win-win situation for sellers. What this means for buyers is there could be an increase in construction in the near future, which could become an inconvenience.
Long Waiting Lists
As more buyers begin to look for luxury addresses in downtown Boston, waiting lists for buildings without availabilities is likely going to become the norm. Millennium Tower has not had many vacancies since fall 2015, which means people are waiting impatiently to receive a call that there is a unit available. With only 442 condos in the building, people aren’t so fast to put theirs on the market. It’s not easy to get back into the building, which means sellers want to be sure they’re not coming back.
The real estate trends in downtown Boston are similar to trends in other big cities. People want to live here. They want to walk to work and to their favorite restaurants. Traffic is a nightmare, and no one wants to deal. When that happens, people are willing to pay more for the convenience of living so close to all they love, and prices go up. This could also mean that suburban house prices level out or even fall as more people come into the city in favor of proximity. It might just be the best time to think outside the downtown Boston addresses and focus on the suburbs. Real estate trends change every day, though.