Nick talks about new construction around Boston and gives his input on where the hottest places to buy will be over the next few years. He also gives tips for buyers and agents working in these competitive markets to help navigate these real estate transactions.
Over the past few years, Boston has seen an abundance of construction outside of the core downtown neighborhoods with projects such as Starboard Place and The Graphic in Charlestown. Where do you see the new neighborhood hot spots?
Developing in downtown Boston is extremely difficult and opportunities to do so are tougher and tougher to find. Over the past few years, we have seen major developers start to pay a lot of attention to neighborhoods and towns just outside of Boston, many of which are transit-oriented projects. Some of the locations I’m most excited about are Assembly Square in Somerville, East Boston, and Watertown.
With these areas getting more and more attention, what advice do you have for buyers looking to make offers in this competitive landscape?
Most of these locations are just beginning to be built up so there are still plenty of opportunities to buy and lock in future potential gains. My advice is to talk to your real estate agent about the potential of the entire neighborhood, not just the building you are buying in.
What can Boston real estate agents do to help their clients navigate these markets and secure their dream homes?
Agents should obviously learn as much as they can about the actual building that the client is interested in but in order to add more value, I recommend really studying what else is happening in the neighborhood. What additional new construction buildings are in the pipeline? Are there new restaurants scheduled to open soon? Are there any other neighborhood amenities coming soon? This will give you a better picture of what the overall potential of the neighborhood is and better advise your clients on what they should do.