A Look At The Ultra-Luxury Boston Market
There are always places in any country that are more attractive than the rest. Sometimes they’ve always been that way, but other times they just seemingly start to surface from nowhere. That, in many ways, is Boston’s story when it comes to the ultra-luxury market. As a city, Boston has always been an attractive option thanks to its long history in the United States and its various cultural centers. These have driven and will keep driving it forward in the future. It wasn’t exactly considered ultra-luxury material though. Boston’s been cultivating an ultra-luxury reputation for a few years though as more and more ultra-luxury condos have been built as well as new ultra-luxury destinations. This has lead to an interesting change in reputation that the area is still trying to understand.
It is hard to pin down any one thing that truly changed. There are a few major projects worth noting creating luxury neighborhoods and the like, but these have largely seemed to happen because of this trend. It is creating an interesting environment where the various condo buildings popping up around the city end up competing with previously notable areas such as Back Bay or South End. Each area has a distinctive reputation built up through the availability of fine dining, shopping, and entertainment. These newer locations are building up in various areas and leading to revitalizing sections of the city. All this is good news in some senses, but not everyone is happy with the results. The ultra-luxury market boom has led to buildings popping up everywhere and disrupting other neighborhoods with their own traditions and reputations in the hope of attracting an ultra-luxury crowd.
Buying in Boston
In many ways, 2017 may be one of the best years to be hunting for an ultra-luxury home in Boston. Plenty of projects were completed in 2016 with a goal of further ones completing or going underway in 2017. This is creating a market with an increasing amount of freedom of choice when it comes to finding the right place. It can be difficult to pin down space in any of the new buildings without local representation though. You’ll likely find success by contacting local real estate firms for an idea of availability and determine what you’re willing to accept. Buyers who are willing to be flexible in their desire are more likely to be able to pin down a home relatively quickly. By contrast, those willing to wait may eventually find out that just the right place for them has gone onto the market. It really depends on how interested you are in moving into the area. There is one thing anyone considering this should be aware of though.
Problems on the Horizon?
The increasing availability of ultra-luxury condos and home in the Boston market is a boon to any of us looking to move into the area, but it is showing signs of causing instability in the real estate market. An increasing number of ultra-luxury options is driving up rent around the city and in turn driving many residents out. Renting and buying are becoming more expensive overall. The early signs of decay and instability in the market are already making warier development companies reconsider building any of their own luxury accommodations in the city. This, in turn, is shrinking availability and driving less cautious firms to build yet more buildings. Some people are predicting the Boston ultra-luxury home market will suffer in 2017. Spikes in prices will mean a drop in availability shortly after if this trend continues. While no experts are expecting the market to necessarily bust, the worry is palpable and something to consider before investing in the area.
We can’t predict the future, but for now, it seems like it may be safe to test the Boston ultra-luxury market. There are plenty of homes available and a distinct availability of options to spend your time. The good news is that those should remain even if the fears regarding the real estate market do eventually come true. One thing is for certain: Boston remains an interesting city with a wonderful mixture of history and art.