You might still be in pumpkin season denial given the deceivingly scorching weather outside, but sadly it's true: summer has come and gone and yesterday was first full official day of Fall season. However, not just because summer - the busiest season for the real estate market - is over doesn't mean there's nothing to look forward to, especially in a town that's full of upcoming developments for the fall.
In fact, there isn't only developments in the industry to look forward to, but also a lot of things are on the table for discussion in the coming months ahead. For starters, given condo prices are sky-high right now, will we see this listing come off the market? Or better yet, will rent prices come down as the months get farther and farther away from peak the move-in months? Well, we don't exactly have the answers for you, but we will do our best to get you chimed in on the conversation. Let's start with all that's a buzz:
More Luxury Apartments "Conversions" More and more planned luxury rental apartment developments are converting into luxury condos for sale instead. This is primarily due to three very important factors: (1) the dwindling inventory of available Downtown Boston condo units to buyers, (2) the exceedingly high number of available luxury apartment rentals, and lastly, (3) the extremely high demand in luxury condo units right now.
Rents Are About To Dip It's not a secret that real estate practitioners and experts these past couple of months have been speculating an inevitable (but still comfortable) downward trend to the recent high rental rates have been experiencing. Well, it seems like it's finally here. Ever since the real estate market showed to have bounced back from the recession, developers picked up their pace to deliver new luxury apartments to the market. This has caused an abundance of available apartments to the market, and is currently making an impact on the rental rates city-wide. Let's stay tuned how low the rents could actually go though - our bet is that not too low, probably three to five percent, at most.
In fact, there's already signs of the luxury rental apartment market cooling down. 315 on A is already offering two free months in exchange for signing a 12-month lease with them. They're also waiving the application fee on top of that!
Debut and Delivery of Massive Condos Begin Construction on the gigantic pair of towers at the Christian Science Plaza is scheduled to start this fall. The taller of the two towers will be quite uppity, with condos and hotel rooms managed by the Four Seasons brand. Speculation is that there will be a unit in the building that's poised to be Boston's first $20,0000,000 listing. It is after all, going to be the tallest residential building in the city, after all, so high equates to price tag, I'm only guessing.