Boston Condo Prices Hit Record High - NECN
NECN Business

NECN Business

Boston Condo Prices Hit Record High



    Condominium prices in Boston are up more than 40 percent this year. (Published Friday, Oct. 28, 2016)

    The Boston real estate market continues to be white hot.

    A new report found condominium prices in Boston soared more than 40 percent this year.

    "It has happened overnight," Deb Blair, of LINK Listing Information Network, who authored the report.

    One big reason for the 43 percent increase, Millennium Tower, the Downtown Crossing high-rise with more than 440 high-priced units.

    "This home is certainly the premier residence," Patrick Cutter, with Millennium Partners, said Thursday. "We have sold over 420 condo units."

    Units here started at around $1 million. The penthouse sold for more than $30 million.

    "This certainly exceeded our expectations," Cutter said. "Gone are the days that people would just come into Boston, go to school here, and then leave 1933 they are staying."

    Even when removing Millennium Tower from the equation, LINK found the condo market grew 12 percent.

    "You are really starting to see all these market forces and market demographics coming together," Cutter said.

    At the Metropolitan Boston Housing Partnership there is a different kind of demand.

    MBHP works with approximately 25,000 lower income residents looking for affordable housing in the city.

    "There is more production, but we need more production for specifically families on the lowest income levels," Steve Farrell with MBHP said.

    "It is very good for the economy overall, but it is leaving folks behind, it is leaving folks who have tower two or three jobs to make rent, it is leaving them without any housing options at all."

    Back at Millennium Tower, proof the demand to live in Boston comes at all price points.

    "We are going to sell this whole building out without running one print ad," Cutter said.

    Get the latest from necn anywhere, anytime

    • Download the App

      Available for IOS and Android