by Greg Kiep
on Tuesday, July 3rd, 2018 at 11:25am.
Founder and CEO Nick Warren talks about some exciting new developments coming soon to the Boston area. He also dives into trends he is seeing in the marketplace and what you can expect this summer in the Boston real estate market.
Summer is traditionally one of the slowest seasons for Boston real estate. Due to our seemingly never-ending winters, New Englanders generally put their search on hold between Memorial Day and Labor Day and hit the beach or the mountains instead. I predict that we will see normal seasonal adjustments in both new listings and sold transactions this year. With that said, the summer can be a great time for a buyer to put a deal together due to less competition. There will naturally be less multiple offer scenarios than in the Spring or Fall markets so it could be an opportunity for the buyer who is ready to go.
developments I'm watching
There are a lot of interesting new developments in progress right now that I am watching closely. Pier 4, which is slated to be complete in early 2019, has been on my radar for a while. The finishes, amenities, and views are going to be amazing. We’ve represented a handful of buyers who have put units under agreement there so it is nice for them to see what they are getting now that the building is taking shape.
Another development which has caught my eye is EchelonSeaport. This is a massive mixed-use project featuring two towers containing 447 condominium units and a third tower with 270 luxury apartment residences. It will also provide 50,000 sq. ft. of amenity space, some of which is open to the public. The central courtyard between the buildings will be open to both residents and the public and will include 125,000 sq. ft. of two-level luxury retail and restaurant space. This is truly a neighborhood changing development. It is slated for completion in 2019-2020.
what do buyers want?
Right now, buyers are looking for a combination of things when it comes to new construction. Finishes need to be on trend while not being so edgy that it becomes dated in only a few years. Buildings like One Dalton (Four Seasons Tower) and Pier 4 are doing a great job with this. The other, sometimes more important factor, are the building's amenities. Due to the lack of available land, new construction luxury buildings are often built in neighborhoods which typically are not very residential. In these cases, a buyer expects amenities which bring the neighborhood to them. So, in addition to your typical fitness center, concierge, resident lounge, business center, etc., buyers are now expecting to see new restaurants and retail be incorporated into the building. EchelonSeaport is a perfect example of this.