The Boston Globe recently published an article on the increase of multi-family, mix-use, condo, and apartment construction. The pent up demand has led to a surge in building permit applications in core areas in and around the Boston Metropolitan area. An adjustment in rental prices over the next several years may be in the offing, especially if this exuberance among developers continues. See the article here:
Boston.com – Surge in Boston-area Condo and Apartment Buildings
Widow Rites, Sudbury, MA</a> from <a href=”https://vimeo.com/user24367702″>Michael
Breer</a> on <a href=”https://vimeo.com”>Vimeo</a>
This $2.999 million estate features 8,746 square feet of living space filled with exquisite details, including but not limited to, hallway with groined vault arches, antique tin ceilings, lustrous onyx & marble mosaics, intricately patterned & locally sourced wood floors, custom moldings & curved walls. The chef’s kitchen is the locus of the house, featuring hand stained & waxed reclaimed terracotta tile floors from France with original patina, a sweeping marble island, a smaller island with hammered zinc top, custom cabinetry, & an Italian imported wood-burning “Beehive” pizza oven for the culinary maven (talk about kitchen envy!). The 1000 plus bottle capacity wine cellar compliments the remarkably well equipped chef’s kitchen. The bucolic (and private) setting is only a 30 minute drive from Boston, and is located in close proximity to excellent private and public schools. Contact me at firstname.lastname@example.org for inquiries, comments and showing requests.
59 Widow Rites in Sudbury, MA, on sale for $3.2 million
The 30-year fixed-rate mortgage dropped from 3.94 to 3.93 percent. The 15-year rate dropped from 3.17 to 3.15 percent, according to Freddie Mac. Freddie Mac surveys lenders at the beginning of each week across the country to calculate mortgage rates. See the brief, but informative article in the Chicago Tribune.
This comes as welcome news as there has been much talk in the media regarding a rate revision from the Fed in coming months.
431 Putnam, Cambridge, MA from Michael Breer on Vimeo.
This three bedroom, two bath floor-through unit features nearly 2000 square feet of living space. The private patio is to borrow a real estate cliche, spectacular! Sorry about the superlatives, but it’s part of the job description. That and euphemisms, but we’ll save those for another post. Contact me at email@example.com for showing requests and details.
610 Main Street, Cambridge, MA from Michael Breer on Vimeo.
Cambridge is a residential hub that has been heating up considerably in recent years. One of the drivers has been the burgeoning life sciences business. MIT has done a superb job at capitalizing on what has become become a multi-billion dollar industry. As of April 1, 15 of the 29 initial public offerings were life sciences businesses. MIT and Pfizer have collaboratively “doubled-down” on the business by building 610 Main Street, a quasi public-private center for life sciences research and development. The building is also Gold LEED certified, so many of Kale and Quinoa flock will be happy to hear that they had sustainability in mind when building the space.
I’ve posted a primer on Real Estate Investment Trusts (REITs) in a previous post. REITs that specialize in life sciences and biomedical commercial real estate are in very high demand, and the returns, handsome. The biggest local player, Alexandria (http://www.are.com/) is behind much of the development along Main Street, though not 610. There most notable project is 50 Binney Street (see google street-view here: https://goo.gl/8uk8RD). The building will contain 541,000 square feet of office and lab space, in addition to a three-level garage.
2014 Groundbreaking Highlights:
- 300 Main Street (Forest City)
- 219 Monsignor O’Brien Highway (Marriott Fairfield Hotel)
- 50 Binney Street (Alexandria Real Estate Equities)
- 20 Child Street (Building N in North Point)
- 33 Cottage Park (Residential)
- 610 Main Street Phase 2 (MITIMCo)
- 240 Sidney Street (Residential)
- 450 Kendall St (part of Cambridge Research Park)
2014 Opening/Recruitment Highlights:
- Pfizer (610 Main Street)
- Baxter International (650 East Kendall Street)
- Broad Institute (75 Ames Street)
- Google (355 Main Street)
- Lab Central (700 Main Street)
- ModeRNA (320 Bent Street)
- Dicerna Pharmaceuticals (85 CambridgePark Drive)
- Nihon Koden (237 Putnam Ave)
- Oryzon (245 First Street)
- Nanobiotix (210 Broadway)
Many of the employment opportunities in these spaces will be available to a demographic that is more urban-centric, more upwardly mobile, more likely to bicycle to work than drive, and less likely to commute from the suburbs to the city. The group that I am referring to, of course–and I cringe to a certain extent when using this catch-all term–is Millennials. Cambridge, with it’s cosmopolitan flair, posh eateries, second-to-none universities, and pedestrian (and bicycle) friendly urban planning, are what the aforementioned group not only look for, but are willing to spend a premium on.
In Cambridgeport alone, median home values have rises 8.4%, year-over-year, with price per square foot up 17% year-to-date. East Cambridge has seen similar trends, with an increase in price per square foot of 16% in the same period.
Is there a residential housing bubble forming in Cambridge? From the looks of it, not really. The Cambridge-based REITs seem to be doing quite well, which would suggest that many more life sciences/biomedical opportunities are in the offing in Cambridge–not to mention a large National Institutes of Health (NIH) installment slated for 2016.
For those looking in Cambridge, keeping an eye on these REITs may be a helpful bellwether for the Cambridge market. If those businesses do as well as some have suggested, we might be looking at San Francisco prices in less than ten years. It looks like the 21st century is treating and will continue to treat Cambridge quite well.
For questions, comments, or real estate inquiries, reach out to me at firstname.lastname@example.org.
This stunning floor-through unit in Cambridgeport is currently pre-market, but ready to be shown. It has three bedrooms, two baths, a serene private patio, and garage parking. For any inquiries or showing requests please contact me direct at email@example.com or 978-239-8429. In the meantime, enjoy this promo video.
Today will be the first (and maybe last) open house for this extraordinary Jamaican Plain townhouse. Take a look at the HD tour, and if you have any questions, shoot me an email at firstname.lastname@example.org. Oh, and don’t hesitate to stop at the open house between 1-3 pm today.