And the Rents Came Tumbling Down (Sort Of)
We called a luxury apartment glut a while ago and it looks like it’s here. Newer developments are starting to offer mad-crazy incentives to lure tenants (two free months?!) and others are taking their sweet time leasing up. Add to this surplus of supply a greater number of vacancies in general and you’ve got the seeds of gradually lower rents, particularly at the higher-end. We think this fall will mark the end, at least for a while, of $3,000-a-month studios. It was a helluva run.
Mass. Rolls the Dice on Everett or Revere
Mark your calendars: Friday, Sept. 12. That is when the state gaming commission is set to designate either Everett or Revere as host city of eastern Massachusetts’ casino-resort. Yes, it seems like the wrangling has been going on forever (and it has: Massachusetts has already taken longer than any other state on its casino licensing, according to The New York Times); but the deadline for a decision is clearly in sight this fall. But! So is another deadline of sorts: Election Day on Nov. 4, when voters will have a chance to repeal the 2011 law O.K.’ing casinos.
The March Toward Boston’s First $20M Condo Begins
Construction on the massive pair of towers (massive for Boston, at least) at the Christian Science Plaza is likely to start this fall. The taller of the two towers will be quite swanky, with condos and hotel rooms managed by the Four Seasons brand (the tower’s rendered above, to the left of the Pru). Speculation has already started as to whether this 699-foot spire, destined to be the tallest residential one in Boston, will host the city’s first-ever $20,000,000 condo deal. Allow us to add to the speculation: Yes, or the tower going atop Copley Place will.
As always, dear reader, stay tuned.
· The Giant What-If Surrounding the Nashua Street Residences [Curbed Boston]
· Harbor Towers: 600 Feet High, Are You Crazy? This Is Boston! [Curbed Boston]
· The Five Trends Dominating Boston Real Estate Right Now [Curbed Boston]
· Glut, Glut! ’14 a Tipping Point for Boston Apt. Development? [Curbed Boston]
· Big-Time Boston Landlord ‘Banking On’ Luxury Apartment Glut [Curbed Boston]
· The Market Loves Avalon Exeter and Its $10K Apartments [Curbed Boston]
· Tallest of the Tall: Boston’s Mightiest New Residential Towers [Curbed Boston]
· Boston’s First $20M Condo Is Closer Than You Think [Curbed Boston]
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