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.
Read MoreVoters 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.
Read MoreIn 2019, we saw plenty of neutrals, accents walls, white kitchens, and everything you can think in a farmhouse style. Realtor.com predicts that all these trends are in the past as we move into 2020. Replacing them are bold styles including patterned wallpaper and colorful furniture. Gone are the days of cheap furniture as consumers look for more sustainable, longer-lasting products. And the biggest prediction for 2020 - less “open floorplans”. Do you think this prediction (and others) will hold true in the coming year?
Read MoreAs 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.
Read MoreAny developer who has explored building a project modularly instead of on-site has likely run into trouble finding a lender to work with. In general, lenders are far less familiar with modular construction and therefore are hesitant to lend money for such projects despite the major benefits of projects being built faster and for less money. Compared to on-site construction, modular construction requires a lot of capital early on because both site work and modular building are happening simultaneously. Lenders are also wary of the risk involved in transporting the modules from the factory to the final site. For these reasons and more, lenders are not as willing to fund modular projects even though “modular construction could claim $130 billion worth of the combined U.S. and European construction markets by 2030.” Click here to read more about the lending climate for modular construction.
Read MoreAhead 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.
Read MoreMultiple data indicators support the notion that the housing market is strong in the final quarter of the year. Housing starts increased 3.8%, single family new construction rose for the fifth straight month, and building permits rose another 5% in October. These numbers, along with more data you can find here, all indicate that the housing market is strong and builders are taking advantage of low interest to increase the housing stock.
Read MoreNew data about the national housing market shows some positive signs that the market is growing steadily again. Prices of existing homes rose 6.2 percent, building permits (an indication of new homes being built) increased 5 percent, and mortgage rates are low at 3.66 percent, according to a recent Fox Business report. See what some experts have to say about these indicators by clicking here.
Read MoreOnPoint 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.
Read MoreBy now many have heard about the use of modular construction to save time and money on projects such as the new Marriott hotel in New York City and McDonald’s locations in the UK. Beyond saving time and money, there is yet another benefit of modular construction over the typical site build - the use of automation. As the number of skilled laborers is decreasing, modular builders are able to take advantage of technology “to automate a variety of construction tasks including nailing, milling of openings, sheet cutting, gluing, inkjet marking, and sheet addition and handling.” Read more about these great benefits here.
Read MoreOnPoint Capital’s newest luxury condo project, located at 57 Saratoga Street in East Boston, was recently featured in the NEREJ! Click here to read the full article.
Read MoreWe recently had a fun week as we broke ground on our latest luxury condo project in East Boston. Over the course of a few days, we demolished the 2 family home and detached garage that sat on our 5,000 sq ft lot. It will be replaced with 9 condo units, each with a private deck and deeded garage parking space. Click here to check out our video showing all the demolition!
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