Experts Weigh In on Post-COVID Housing Market

Despite the obvious slow down in real estate market, experts are quite optimistic that the real estate market will pick right back up once COVID-19 resolves, especially in a market like Boston. With an already limited housing supply, experts also don’t expect a big dip in housing prices either. “Once the economy can return to normal, and people can get back to normal, I think the fundamental shortage of homes will still be there. That’s why I don’t see much prospect for prices to fall very far as a consequence of this,” said Jeff Tucker, a Zillow economist.

In the meantime, real estate agents are getting creative with virtual tours and other ways of “showing” properties with prospective buyers and tenants and the City of Boston has created a fund to help tenants pay rent. For more details about the current and future housing market, click here.

Why Is the SJC Ruling in Murchison vs. Sherborn So Important?

Without a doubt, many of our fellow developers have already read about and rejoiced over the recent ruling from the Massachusetts Supreme Judicial Court (SJC) that essentially prevents neighbors of development projects from suing land-use decisions unless they can prove harm. But we want to again revisit why this is so important, not just for developers, but for everyone participating in the real estate market in Massachusetts.

Has Newton's Community Process Gone Too Far?

Voters in Newton recently approved a 23-acre mixed use project that will provide 800 units of housing, as well as office space and retail space. The project was originally approved by the Newton City Council in a 17-7 vote, but a group in opposition of the project lobbied that the project’s fate should be voted on by town residents. Ultimately, the project was voted on and approved, partly in thanks to a group that rallied in support of the project. But we are left wondering if this is a case of community involvement gone too far as Greater Boston (and many other places in the country) is faced with a severe housing shortage. Read more about this case here.

Co-Working Space Expansion Stalled in Boston - Is It for Good?

In the second half of 2019, very few new co-working spaces opened in Boston and the surrounding areas. This halt in the expansion of new co-working spaces was in lockstep with WeWork’s botched public offering after it lost $1.25 billion in three months. Despite many of the well-known co-working companies (think WeWork, Industrious, Workbar) saying Boston is a key market for their business, there are still only one or two plans to open new spaces in the coming months, according to a recent Boston Globe article. What do you think will happen with co-working spaces in the future?

The Real Holdup with Solving Boston's Housing Shortage

Last week, we wrote about Mayor Walsh’s vision for the next decade, particularly how he plans to add housing units to the city with the goal of making it more affordable for working people. Interestingly, this article from the Boston Business Journal reports that Governor Baker put a bill before the state legislature more than 8 months ago that would make it easier to rezone areas for housing. This bill would greatly help Mayor Walsh move forward on his housing plans for the city, so it’s time our state legislators get behind these visions.

BPDA's Housing Vision for the Next Decade

As we start a new decade, Mayor Walsh and the director of the Boston Planning and Development Agency, Brian Golden, are making big plans to continue to develop Boston’s housing stock. It is estimated that Boston’s population will grow to 760,000 in the next decade which means there is a need for more housing across all income levels. Through a community engagement process, the BPDA is focusing on working with Bostonians to create more appropriate housing in “East Boston, Mattapan, Glover’s Corner, Downtown, Newmarket, Allston-Brighton, and Charlestown,” which are neighborhoods the city has identified as areas that will shape future growth. Those neighborhoods are in addition to “Dorchester Avenue in South Boston, Nubian Square (formerly known as Dudley Square), and the Washington Street corridor in Jamaica Plain and Roxbury” where studies have already been completed. There are also initiatives to better connect Boston’s neighborhoods with improved transportation options which you can read more about here.

CambridgeSide Mall Will Get New Life

As retail stores have struggled in recent years, malls have become vacant leaving some to wonder what to do with the coveted space in overcrowded cities. One such mall, the CambridgeSide Mall, will get a new life, although it will take many years before the project will be complete. New England Development has reimagined the CambridgeSide Mall into a mixed-use building, and after receiving approval from the Cambridge City Council last week, they will be able to turn the space into office space, residential housing, and street-level retail. To find about more about the project, click here.

Boston's Boom Sparks Rise in Property Values

Ahead of the new year, the Boston Municipal Research Bureau is releasing a five-part series on Boston’s economic boom since 2013. The first report property values have hit a high of $164.5 billion in 2019, which is an increase of 78.4% since 2013. The city’s population has grown about 6% which is about 40,000 people. Rising property values, new construction of all types, the influx of people, and a strong business sector are all part of Boston’s boom. Click here to read more about which neighborhoods have seen the biggest growth in property values.

Spencer Flats Featured in NEREJ

OnPoint Capital’s 8-unit condo project in Chelsea, deemed the “Spencer Flats”, was recently featured in the NEREJ! Click here to read the full article.

Will Boston's Traffic Problem Ever Improve?

“In the last five years in Greater Boston, 59,000 more drivers commuted alone. A study released in February found Boston had the nation’s worst rush-hour traffic,” reported the Boston Globe. An in-depth investigation from the Spotlight Team revealed the many facets causing traffic issues in greater Boston including old and inefficient public transportation options and an annual increase in the number of drivers on the road. On top of that, our politicians have been slow to try much-needed solutions to the traffic problem. So what will the long-term effects be on Boston’s economy and housing? Click here to read more.

Market EvaluationMax TaylorNovember 22, 2019real estate market, Boston, Greater Boston, traffic, traffic congestion, congestion

Boston Is on the Up and Up

As Bostonians, we can always find things to complain about; weather, traffic, housing prices, and Tom Brady potentially retiring at some point. However, Curbed’s most recent article highlights 10 reasons why the Boston area is only getting better. Check it out here.

Public Transportation and Real Estate Prices - Are They Linked?

It is no secret that cities across the country are facing transportation challenges as urban populations grow and Boston is no exception. According to a recent Boston.com article, “Governor Charlie Baker has proposed an $18 billion transportation bond bill that would help fund the T’s 13-year maintenance backlog, as well as expansion efforts.” This is just one effort among many to get Greater Boston’s public transportation to serve more people more efficiently and reliably so less people have to rely on driving in increasingly heavy commuter traffic.

So, what effect, if any, will Boston’s transportation difficulties have on the real estate market?

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