It's no secret that Boston has been enjoying the recent real estate boom. Just this past summer buying and selling season, the city has hit highs it hasn't seen since 2005. In fact, you might say it's been a crazy roller coaster ride ever since the market picked back up at the tail end - particularly the last half of 2012; and with that went the city's inventory of available units.
Looking at the latest condo prices of those still available in the market, you can see that sellers really do have the upper hand nowadays with the median price for a one-bedroom fetching a cool $320,000 for the entire state. Compared to last year's $290,500 mark, this figure reflects a significantly sharp climb of 10.5%. And in Boston's central neighborhoods, this figure is almost doubled at $537,950, while for the Greater Boston area is pegged at $422,000.
In terms of inventory, a quick look at the figures updated October 1st will give you a snapshot of what's been happening and what's forecasted to continue until middle of next year: low availability of properties.
These facts and figures - both inventory and median price - are of course helped by the rising number of luxury condo developments recently completed in the city. Mostly consisting of newly-constructed high- and mid-rise buildings, these newer living spaces are mostly located in the central neighborhoods of the city, although daintier ones are uncommon on the outskirts of the metro.
Here are some of the newly-developed properties that are now taking offers from the public:
Ink Block, South End Located at the edge of the South End, at the corner of West Broadway and Washington is this ambitious project to extend the comforts and lifestyle than the neighborhood is so well-known for. Sepia, the first of the project's six buildings, is in the final works and is now offering 83 Luxury apartments to the lucky few who are first to snag its well-designed and well-appointed interiors.
Just off the corner of Arlington in the prestigious Back Bay / Beacon Hill border is luxury mid-rise 100 Beacon Street residences. Aimed at the posh who value keen attention to detail in finishing, all high-end appliances, and round the clock security, these residences exudes an address that is fit of Beacon Hill, yet cozy enough to be called Back Bay. In addition, this elegant building was masterfully built way back in the day, and was the last to see a mid-rise plan approved for that part of the city, and has been gutted to fit the modern lifestyle.
1330 Boylston, Fenway Completed just last June, this Fenway mega-development is part of the Fenway triangle redevelopment. Developed by Samuel & Associates, this fine apartment complex features 1-, 2-, and 3-bedroom units with spacious floor plans complete with floor-to-cieling windows, offering residents views of the Back Bay and not to mention Fenway Park! Buying something in the Fenway area at the moment is also a great investment, hopping in before everyone else. Once Fenway triangle is completely redone, real estate professionals are projecting values to increase by at least 10% from current prices - and that's including the recent price hikes!
Warren Green Townhouses, Charlestown Off the beaten path of the hustle and bustle of Boston is this quite "township" of Warren Green in Charlestown. Recently completed in the Spring, this 17-condominium horizontal development is a great addition to the quiet and serene neighborhood of Charlestown. A common greenery park in the center of the square is the crown jewel for residents, as it offers a unique layout of homes mixed with modernity.
Lofts at 27 Wareham, South End This gutted, well-appointed, and modernized building marks the continuing gentrification of the South End. This SoWa building features 30 contemporary loft spaces, most with expansive windows, spacious baths, granite counters, topped off with stainless steel appliances. Owners also have the option to either go bare with concrete floors or bamboo treated slabs.If you've got the money, go with their upper floors, as they boast sweeping skyline views of the city. All units have access to a common deck, as well as a well-appointed fitness center.