Just as it was last year, the real estate market, including the market for co-ops, condos and HOAs, is on an upswing. The economy seems to have largely (if not completely) recovered from the 2007-08 recession, and professionals don’t see any new downturn in the near future.
To some extent, the real estate market did slow down somewhat during the lead-up to last year’s presidential election. Now, experts say things are looking up—not only in local markets, but nationwide. Still, people are concerned about the long-term impact of the tax bills currently being contemplated in the House and Senate.
The Boston Beat
According to Ryan Clunan, a realtor with Boston-based Campion and Company, Boston is booming. “The overlying theme in Boston is that nothing is slowing down,” he says. “I think that the neighborhood to watch is the North End, West End and Waterfront areas. Each neighborhood is very much different.
“The Back Bay is older money and hasn’t changed in many years,” he continues. “The same demographic continues to buy there. The successful finance guy with a few kids, the tech guy who’s retiring. Not a lot of first-time home buyers. In Seaport, that’s where you’ll see newer, first-time home buyers with pretty significant net worth. That’s a boomtown; they can’t build it fast enough. In one project, the cheapest unit is $1.8 million for a one-bedroom. It’s such an untouched area. The amount of square footage they’re putting up is insanity, and the prices are similar to that.”
Clunan goes on to say that “The North End specifically hasn’t changed much in 100 years—it’s the old Little Italy. The same owners have owned for so long that nothing has really changed. But a new developer has invested millions in the North End specifically in the past year or so; a very significant amount of money. And in the last year alone, average price per square foot has gone from around $750-$1,000 to more like $1,100 within the past six months.”