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Boston’s Record Breaking Development

Great post by Scott at Boston.com

The Numbers Behind Boston’s Record-Breaking Year in Development

March 31, 2015 2:53 PM

Boston’s building boom is poised to shift into overdrive over the next few months as two big new tower projects come up for approval at City Hall.

A revised proposal to replace a four-story garage next to the TD Garden with a 46-story residential tower is working its way through the Boston Redevelopment Authority’s vetting process, said Brian Golden, director of the Boston Redevelopment Authority.

And the first of four towers that will replace the Government Center garage eyesore is also moving towards a final approval vote by the BRA’s board, Golden noted.

The progress on the big projects is the latest sign that the handoff of Boston’s development boom to Mayor Marty Walsh has apparently come off without a hitch.

During Walsh’s first year in office in 2014, the Boston Redevelopment Authority gave a green light to 62 projects across the city totaling more than $3 billion.

So far in 2015, City Hall’s development arm has approved another 16 projects, totaling more than $677 million, according to numbers complied by the agency.

“It quite literally has been one of the most active periods for building in Boston’s history.”

All told, 20 million square feet of new development has been green-lit by City Hall over the last few years but have yet to break ground, representing dozens of projects that are coming soon, according to BRA officials.

“That presents a very promising picture about all the projects that are in the pipeline and that will bear fruit in the coming two or three years,” Golden said.

Meanwhile, the amount of new office, lab, residential, and retail space currently under construction has also grown dramatically.

That number has nearly quadrupled to 15.6 million square feet, up from 4.5 million in 2012, according to Nicholas Martin, the BRA’s spokesman.

Projects that have won the blessing of city officials this year include the $290 million Fenway condo and apartment tower, The Point, and an $85 million plan to transform the Chain Forge Building in the Charlestown Navy Yard into a hotel.

“It quite literally has been one of the most active periods for building in Boston’s history,” Martin said.

The numbers also include thousands of new homes, condos, and apartments, with Walsh, like the late Mayor Thomas M. Menino before him, having pledged to make new housing a top priority.

Overall, the Walsh Administration has racked up numbers during its first 15 months in office that appear to match up favorably with Menino’s record — no small matter given Boston’s longest serving mayor’s intense focus on development issues in the city.

Under Walsh, the BRA signed off on plans for 4,158 residential units in 2014, rising to a total of 5,100 if the first three months of 2015 are included.

By comparison, City Hall’s development arm approved 3,898 residential units in 2012 when Menino was mayor. The $3.4 billion in overall development OK’d by the agency that year was on par with the $3 billion under Walsh’s first year.

Behind Boston’s development boom is a diverse economy that is spinning off jobs in a range of sectors, including high-tech, life sciences, and financial services, real estate experts say.

The Hub’s residential, hotel, retail, and office markets are some of the most highly rated in the country when it comes to interest by real estate developers, a new survey by PwC and the Urban Land Institute finds.

There is also pent up demand for new housing amid steady growth in Boston’s population as an eclectic mix of millennials, young families, and empty nesters rediscover urban living.

The big numbers should put to rest early concerns expressed by some in the business community that Walsh might slow down the pace of development in Boston, notes David Begelfer, chief executive of NAIOP Massachusetts, a trade group that represents developers from across the state.

“Things have been moving along,” Begelfer said. “Boston is in boom time right now and it’s not a bubble but a real boom. It is very rational development.”

 

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Provincetown Listing Of The Week – 67 Bradford Street Ext.

 

Beautifully renovated West End home. Brand new to the market.

 

67 Bradford Street Extension is a completely renovated West End home with three bedrooms three and one half baths with 2,305 square feet. It has a large lot of 9,880 square feet and is being marketed for $1,449,000.

 

67 BSE 11

 

 

 

 

 

 

 

 

 

 

 

MLS COPY: This classic cape has 3 bedrooms and 3.5 bath and was totally renovated last year. The open plan living-entertaining area is perfect for large gatherings. The focal point is a raised dining table that seats 8-12. The living room is centered around a gas fireplace -oversized windows let the gorgeous cape light in. The brand new kitchen has jet black counter tops, white Carrera marble backsplash, Fisher Paykel fridge, Jennair Pro range and D/W. There is a powder room discretely positioned in the entry hallway. The master bedroom has a gas fireplace, raised ceilings, and a luxurious master bath.There are two other bedrooms (one being used as a den) and a full bath on the second floor. The brand new lower level contains a large media room/suite with a full bath. Central air, irrigation, multiple car parking, close to beache

 

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The surrounding lawns and hardscape were all redesigned and expanded last year.  The house is surrounded by lawn and lounging areas as well as perfect gardening spots, in fact there is a special irrigation  zone for a vegetable garden.

 

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67 BSE Front walk w fountain

lawn chairs

67 BSE Classic front

 

 

 

 

 

 

View all properties for sale at Beachfront-realty.com.

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Provincetown Listing Of The Week – 7 Meadow Road #2

West End one bedroom townhouse condo with den and separate work studio/office.

7 Meadow Road #2 is a one bedroom one and a half bath 3 level condo in the Meadows complex.  It has 1,188 square feet and an asking price of $499K.

 

7 meadow 4

 

 

 

 

 

 

 

 

MLS COPY: West End Townhouse in The Meadows condominiums, a thoughtfully designed community surrounded by Conservation land located on the way to Herring Cove Beach, yet a short stroll into town center. The residence is an end unit on 3 levels providing lots of natural light and sunset views. The main floor has an open living/dining/kitchen layout with bamboo floors, lots of windows and direct access to the parking and exclusive oversized garden. The kitchen has granite counters, stainless appliances and natural wood cabinets. The second floor master bedroom has windows with plantation shutters and a full bath with washer/dryer. The top floor den has sliding full glass doors opening onto a sunny roof top deck. There is also a finished studio/home office with a half bath on the lower level with a private outside entrance.

 

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7 meadow 3

7 Meadow 2

 

 

 

 

 

 

View all properties for sale at Beachfront-Realty.com

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Vacation Home Sales Set Records

Good Boston Globe article –

Vacation home sales set record

 

Home by the sea in Falmouth.

DAVID L RYAN/GLOBE STAFF

Home by the sea in Falmouth.

 

 

 

Even before the remnants of Eastern Massachusetts’ snowiest winter have melted, second-home buyers flocking to Cape Cod’s beach towns have helped agent Steve Clay’s team break their sales record.

Clay, of Keller Williams Realty, said he and his four agents have 17 properties under contract, more than at any one time since the team formed in 2009

“Buyers know they missed the bottom of the market, and now they don’t want to miss the bottom of interest rates,” he said.

Second-home buyers from Cape Cod and New York’s Hamptons to Miami and Lake Tahoe, Calif., are returning to the housing market as surging stock prices, job growth, and low interest rates boost purchasing power and consumer confidence. US vacation-property sales jumped 57 percent last year to an estimated 1.13 million, a record in data going back to 2003, the National Association of Realtors said in a report Wednesday.

The increase in sales of new and existing vacation homes coincides with a 7.4 percent drop in deals for investment properties, to 1.02 million, as rising prices cut into potential profits. Purchases of owner-occupied homes fell almost 13 percent to 3.23 million, the realtors group said.

Vacation-home buyers had a median household income of $94,380, up from $85,600 in 2013, and the typical property was 200 miles away from a buyer’s primary residence. About 40 percent of purchases were in beach areas, 19 percent were in the country, and 17 percent were in the mountains.

Vacation homes accounted for 21 percent of all transactions last year, the most since the National Association of Realtors survey was first conducted 12 years ago.

‘Greatly Improving’

“We knew the fundamentals for vacation-home sales were greatly improving in 2014,” Lawrence Yun, the group’s chief economist, said in a telephone interview. “I did not expect it would be this big of an increase. It shows the buyers perceive that economic conditions will be solid for upcoming years.”

The realtors’ vacation-sales figures were based on survey responses from nearly 2,000 people who bought a residential property last year. Transactions involving institutional investors were excluded from the report.

In the Hamptons, the Long Island resort area favored by Manhattan’s elite, many people who might have rented in previous years are choosing to buy instead, said Ernest Cervi, the executive managing director who oversees Hamptons home sales for brokerage Corcoran Group. Buyers are riding high because of stock gains and average Wall Street bonuses of $172,860, up 2 percent as the industry added 2,300 jobs in New York City.

“Rates are low, so why not jump in?” Cervi said.

‘Backed Up’

Clay, who is based in Falmouth, where ferries bound for Martha’s Vineyard depart, said the snow kept many buyers away earlier in the year. In the past few weeks, the market has exploded, he said.

Single-family home sales in Barnstable County, which covers Cape Cod, rose 11 percent in February from a year earlier, according to The Warren Group, a property-data provider based in Boston.

“Mortgage people are flooded and appraisers are backed up,” Clay said. “It’s an indication that the pent-up demand is coming to fruition.”

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Sales Rise In Suburbs – Slow Down In Boston

Interesting dynamics in the Boston and metro Boston markets – from Scott at Boston.com.

Sales rise in suburbs, slow down in Boston.

The suburbs led the way. Several communities are actually ahead of last year’s pace when it comes to home sales, according to numbers released by The Warren Group, publisher of Banker & Tradesman.

Cambridge proved as desirable as ever, with both condo and home sales rising markedly, as the median price of a house in the city hit $1.3 million.

Boston was more of a mixed bag; some neighborhoods posted strong numbers, but others all but fell off the map.

Overall, home sales across Massachusetts rose 4 percent in February, with the median single-family home price for the first two months of the year increasing 5 percent to $316,000, according to The Warren Group.

Condo prices rose 1.5 percent to $294,250, even as sales fell by 6 percent.

The Warren numbers, of course, only tell part of the picture, as some represent sales that were initially inked late last year, or in January of this year (before the storms) but which finally closed in February.

“The continued, sustained snowfall has been an incredible challenge for the region’s housing market,” said Dan Breault, EVP/regional director of RE/MAX of New England in a press statement. “Fortunately, spring is just around the corner and with low inventory and rising prices, we anticipate a busy spring season.”

Still, Greater Boston homebuyers proved to be a hardy bunch.

The western suburbs held up especially well, according to The Warren Group’s February housing report.

Framingham, Marlborough, Natick, Franklin, Medfield, Wayland, Lexington, Concord, Wellesley, and Weston all put in strong showings in February.

Sales so far this year are up by double digits in Framingham (20 percent), Franklin (118 percent), Concord (54 percent), Lexington (14 percent), Natick (15 percent), Wellesley (26 percent), and Needham (18 percent).

The dire cold may have made buyers stingier, as selling prices were down in a number of towns. Notable exceptions included Needham, whose median home price soared past $1 million after a 33 percent jump; Lexington, where the median price hit $875,000 after a 7.4 percent increase; and Natick and Framingham, which saw prices go up by 6 percent.

Quincy and Braintree were the stars on the South Shore, with sales for the first two months of the year rising 28 percent and 15 percent respectively. Median prices in both cities stayed just about even, at $360,000 for Quincy and $356,000 for Braintree.

North of Boston, Medford is off to a particularly fast start in 2015, with sales up 6 percent and median price up more than 10 percent, to $440,000. Sales in Reading are up 80 percent, though the median price fell 9 percent to $438,000.

But for Boston and Somerville, the latest home sales numbers for the first two months of the year had more downs than ups.

Somerville home sales plunged 36 percent, with just seven properties changing hands so far this year, while condo sales were down 14 percent. The median price of a condo dropped 6 percent, to $422,000.

In Boston, both condo and home sales were down in several neighborhoods.

South Boston saw home sales rise by a quarter, even as condo sales fell by 10 percent, while Jamaica Plain saw condo sales plunge by 25 percent, even as the median price rose nearly 20 percent to $426,500.

East Boston put in one of the strongest showings in the city, with condo sales up 46 percent for the year and the median price rising 10 percent to $385,000.

Downtown Boston saw condo sales drop by a quarter through the end of February, while the median price edged down 14 percent to $757,500.

Neda Vander Stoep, a broker in the Back Bay office of Coldwell Banker Residential Brokerage. “However, with inventory remaining low and plenty of buyers on the sidelines, properties that came on during the February storms were nonetheless quick to sell.”

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Listing Of The Week 154 Commercial Street

West End two bedroom one bath condo at 154 Commercial Street #3,  975 square feet with an asking price of $629K. This condo has a great location on the corner of Atlantic Avenue and Commercial Street.

 

154 Com

 

 

 

 

 

 

 

 

 

MLS COPY: Top floor 2 bedroom home with water views and access to Cape Cod Bay across the street. Located in the heart of the West End this bright renovated home has an open living area, large windows to take advantage of the views, wide plank pine floors and kitchen with stainless appliances, black granite counters and cherry cabinetry. In addition to the two bedrooms, there is a large loft space/office above. The bath has a green marble mosaic floor and subway tile surround tub with glass doors. Laundry, central AC, 2 car parking, sunny private deck and an exclusive yard area complete the offering. There is a low condo fee and stable association. New roof in 2013. Weekly rentals and pets for owners. This is a rare opportunity to own a renovated top floor, 2 bedroom home with water views, 2 car parking in the heart of the West End of Provincetown.

 

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Provincetown Listing Of The Week – 153 Commercial Street

Waterfront condo – 153 Commercial Street #6 , has three bedrooms, 3.5 baths and 1,142 square feet with an asking price of $1.749M.

 

153 Com

 

 

 

 

 

 

 

MLS COPY: It doesn’t get any better than this! Located beachfront in the heart of the West End, this 3BR/2.5BA free standing condo lives like a single family, and is the one you’ve been waiting for. This immaculate unit received a gut renovation in 2008 and was refinished in a contemporary style, using the highest quality materials. You’ll enjoy views from every room of this house, and from any of the 3 decks. The open floor plan living space includes a lovely kitchen, dining area, and living room with panoramic views. In unit laundry, gleaming blond pine plank floors, and air conditioning throughout. Direct beach access, weekly rentals permitted, pets for owners, and parking for one small to medium sized car. Very strong rental history. 6 unit association, professionally managed.

 

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Provincetown Sale Of The Week – 10 Harbour Drive

 

WOW!  10 Harbour Drive  a five bedroom, six bathroom home with 4,233 square feet sold for $3.995M…and their beachfront is growing by accretion.

 

10 Harbour

 

 

 

 

 

 

 

MLS COPY: Experience beachfront living with unparalleled privacy at Provincetown’s newest waterfront community. This newly built spectacular home at Bay Harbour is the largest waterfront home for sale in Provincetown, with over 4000 SF, 5 BR’s and 6 BA’s. Custom chef’s kitchen with WOLF & Subzero appliances. The view pours into the vast living room through the floor to ceiling wrap-around windows. A sumptuous master suite also faces the water & has a private deck,gas FP, WIC,& large bathroom with jacuzzi, steam shower. All bedrooms & the den have ensuite baths. Security, AC, lush grounds, basement, and 2 car garage. While most oceanfront properties are experiencing severe erosion, Bay Harbour, through certified surveys, has experienced over 125 feet of beach ACCRETION seaward since 1976. The property’s approved for a 12×27 ft pool with a jacuzzi.

 

View all properties for sale Beachfront-Realty.com.

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Provincetown Listing Of The Week – 293 Commercial Street #3

Two bedroom, great rental income, convenient downtown location.

293 Commercial Street #3 is a two bedroom one bath condo with 608 square feet – asking price of $265,000.

 

293 LR

 

 

 

 

 

 

 

 

 

 

MLS COPY: Two bedroom and one full bath top floor condo located in the heart of Provincetown, downtown between the two wharfs. Well designed with two good size bedrooms, 3 huge closets and a bath with a tub. Well equipped galley kitchen with cafe height island pass-through that is open to the bright living room. Total cosmetic interior renovation 3 years ago. A/C units for each room. Pets and weekly rentals are allowed. Fun and convenient downtown location. Excellent rental history.

 

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This cute condo is one of the few two bedroom condos available under $300K.  A great affordable year round home or income property.

See all properties for sale on Beachfront-Realy.com

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What $629K Gets You On The Cape

 

Another great Curbed Comparisons from Jazmine –

 

CURBED COMPARISONS

What $629,000 Buys You on Cape Cod Right Now

It’s time once again for Curbed Comparisons, where we break down what you can get at the same price point, style or size in five different Cape and Islands neighborhoods. This week, Barnstable listings for around $629,000.

154comm.jpg
[154 Commercial Street, Unit 3, Provincetown via Zillow]

Here now, eight Cape Cod properties asking around$629,000 – year round, single-families, an old-meets-new condo, views of Cape Cod Bay, fireplaces galore, perpetually pricechopped, in need of TLC, in contract, bulldozer bait, recently renovated, ready to rent, and move-in-ready – with a little something for everyone.

EAST FALMOUTH
Behold, waterfront bulldozer bait with rather amusing brokerbabble for $629K: “There is a perfectly good house on this land, but will need to have a new septic system due to the present one being too close to the water, and a corner of the dwelling is in a flood zone. So the potential for tearing down the house and building just a smidge back opens the prospects of this property to limitless bounds (other than the ones set by the state and town bylaws).”
NEW SEABURY
Unit 14 is an end unit townhome “in a very private setting located in the village known as SeaQuarters!” The 2BR, 3.5BA features a first floor master, gas fireplace, three-season porch, a finished lower level, and the community pool “just steps away.” Yours for $629,900.
CENTERVILLE
This updated classic Colonial on .46 acres was built in 1994 and features 5BR, 2.5BA in 2,696-sq.-ft. The listing hit the market in early February for $629,000 and was in contract by the end of the month.
HARWICH
“Great Value!!!” The excited brokerbabble aside, this updated 3BR, 3BA on .92 acres features a first floor master, a hot tub room (insert time machine joke here) and a bonus room over the two-car garage. Asking price is $629,000.
ORLEANS
Built in 1800, this 4BR, 2.5BA “has been fabulously restored and lovingly and meticulously maintained.” In addition to the 2,072-square-footer, there’s a barn and shed on the 1.04 acre lot. First listed in September for $639K, a December chop brought the ask down to $629K.
EASTHAM
First listed in March 2013 for $699K, this 3BD, 2BA upside-down Cape “across from the waters edge on beautiful Herring Pond” is now hoping for $629K.
TRURO
Here’s yet another in contract abode with a $629K price tag. This contemporary Cape with 3BR, 2BA sits on a tricked-out 1.13 acres with an “in-ground, heated, salt water pool with waterfall, a large hot tub, an outdoor shower and a large storage shed.”
PROVINCETOWN
Finally, to PTown. This 2BR, 1BA newly listed West End condo features water views, access to Cape Cod Bay just across the street and nice mix of 1890-meets-2015 in 975-sq.-ft. Asking price is $629,000.