New-home sales in the United States unexpectedly increased in April after swooning a month earlier, suggesting the housing market is starting to stabilize.
Purchases of new single-family houses climbed 0.6% from March to a 623,000 annualized pace, government data showed Tuesday. The median forecast in a Bloomberg survey of economists called for a drop to a 480,000 rate of sales. The median sale price fell 8.6% from a year earlier to $309,900.
The report boosted the stocks of home builders, which have rebounded in recent weeks. An index tracking the industry had jumped 19% in May through Friday, beating the gain in the S&P 500.
Mortgage rates near historic lows may be putting a floor under the housing market. And even as soaring unemployment and tighter credit standards threaten to complicate the recovery, home-building is proving to be a bright spot. Builders have been helped by local governments, which in many cases have deemed the industry essential and allowed work to continue.
Job losses are primarily hitting renters who are more likely to be working in lower-paying service and hospitality jobs that were damaged most by social-distancing rules, said Mark Vitner, senior economist at Wells Fargo.
Unlike the existing home market, which has seen a big drop in inventory, builders were able to accommodate buyers, showing floor plans virtually and even offering drive-thru closings.
“If the reopenings continue, housing may provide an upside surprise to the economy this year,’’ Vitner said.
Three of four US regions showed stronger home sales in April than a month earlier, reflecting 2.4% gains in the South and Midwest, the Commerce Department’s report showed. Purchases climbed 8.7% in the Northeast and dropped 6.3% in the West.
The government’s data measure signed contracts to buy homes. The slight gain in April came after sales dropped the most since 2013 in March, when much of the US economy shut down to stem the spread of coronavirus.
While housing is holding up better than expected, the recovery will depend on how quickly the rest of the economy bounces back.
“We’re still trying to understand what is the new normal,’’ said Alex Barron, an analyst with the Housing Research Center in El Paso.
Luxury amenities in new developments are becoming more common and increasingly important to residents and developers.
One of the top amenities seeing a major increase throughout Boston is upscale restaurants built into new residential developments.
By incorporating a restaurant into a luxury residential development, they are adding another level to the generic high-rise and making it into a community and giving residents easy access to another high level service.
Many new developments in Boston are bringing in luxury brands and head chefs to up the ante and attract more residents.
One of the largest scale developments utilizing this is Millennium Tower in Downtown Crossing. PABU, led by award-winning chef Michael Mina, will open in the building this fall, but residents will also be able to experience the delicious cooking privately in the building’s owners’ lounge. Pre-measured ingredients will also be available for residents who prefer to cook on their own.
The Van Ness in Fenway is hoping to become a dining destination with several chef driven restaurant concepts and Porto has just recently opened in the Avalon in Back Bay.
Ink Block is a major complex in the South End that has really focused on creating a neighborhood feeling within the development, including opening Bar Menzanna, designed with residents and the success of the restaurant in mind.
By giving residents not only close access to highly sought after chefs and restaurants, but also the ability to gain private access or extra privileges is something that makes their new home even more valuable.
High rise development in Boston is booming and with more people spending more money on dining out, this was the logical step for most developers to make.
For years the Downtown Crossing area has been a popular shopping destination, with plenty of retail and restaurants, but very little residents.
The transformation of this area into a more residential space started when Emerson College began building housing off Washington Street just a few years ago. Since then, developments have increased dramatically.
The iconic Millennium Tower has just been completed and the new development at Winthrop Square is expected to be complete by 2020. There have also been speculation about a skyscraper on Bromfield Street, however no plans are finalized for that space.
The Downtown area is always busy with a diverse mix of tourists, shoppers, residents and those working in the area. This diverse mix is only increasing with the added residential space, making for a very lively and inviting neighborhood.
Plenty of factors keep this area accessible to everyone and will prevent it from becoming solely sterile condo buildings.
The Millennium development at Winthrop Square Garage alone will bring a great hall with restaurants and retail and plenty of public space.
By the time these new developments are complete the city hopes to have a clearer picture of the future of this neighborhood, but it is clear right now that it is going to create a more residential, neighborhood feel in the heart of the city.
The lower half of the luxury tower was completed last week and deeds for the first 47 units to officially close were filed. The units range from $875,000 for a 16th floor unit to $8,700,000 for a 45th floor unit.
About 75% of the current buyers come from around the Boston area, according to the Boston Globe.
The remaining residents are from around the country and the world, which really reflects Boston’s developing image as an international city.
Out of the 442 units within the building only 20 have yet to be sold.
The top floor units will be complete and ready for move in later this year.
The 685-foot tower is not only the tallest residential building in the city, but one of Boston’s most anticipated new developments. Along with the high-end luxury living units the development also brings with it an abundance of new retail to the Downtown Crossing area.
Luxury amenities in apartment and condo buildings are going far beyond the average gym or pool in order to compete with a large number of new developments and to attract interested residents.
Developers of new constructions in Boston are offering customized top-of-the-line amenities both within the units and throughout the buildings to both attract buyers and transform the building from just somewhere to live, to somewhere that compliments residents’ lifestyles.
The demand for creating an innovative space has surpassed the demand for over the top amenities of the past, such as bowling alleys and golf stimulators, according to Market Watch.
These are being replaced with more thoughtful additions and finishes, including private parking spots and other amenities that are focused on personal comfort and wellness of residents.
Modern amenities now resemble features that can be found in high end hotels, and resorts with luxuries hoping to enhance quality of life. Some of these include spas, high-end gyms, BBQ, community areas and high-end air and water filtration systems.
These additions are becoming the new normal with new developments throughout the world and the high-rise boom in Boston.
Pierce Boston is an iconic new construction that has begun to offer private sky cabanas for residents on the rooftop as well as a common roof deck open for all residents.
Credit: The Boston Globe
Other new developments such as The Eddy in East Boston is offering residents a dog washing station and interiors that focus on sustainable living with smart thermostats and energy star-rated appliances.
Even buildings offering more basic amenities are making sure they are completed to the highest level of luxury.
Contact us for more information about new developments and finding your new home in one of Boston’s luxury buildings.
The high rise boom in Boston is bringing with it beautiful, new designer condos, complete with luxury amenities aimed at attracting young professionals to the city.
The development of these ‘designer high rises’ aim to promote Boston as a bigger and more international city, according to the Wall Street Journal.
Between 2010 and 2014, Boston’s population grew by 6%, which was twice the national rate, according to government statistics. They have also predicted that there will be as many as 90,000 new residents over the next 14 years.
The new buildings are a popular prospect for young professionals, especially those involved in Boston’s growing biotech and pharmaceutical industries.
With an expansion of international flight service to overseas destinations and a growing international community within the city, the market interested in these developments has grown.
The stylish new apartments all offer their own array of amenities, including 24-hour concierge, pet spas, bike garages and rooftop getaways.
Since 2013, there has been around 13 million feet of construction going on at one time, which shows just how much development has been taking place across the city, much of it residential.
The new residential towers are more than just your average high rise, offering their residents a whole lifestyle package, with places to play, work and grow a community.
One of the most iconic new developments, Pierce Boston, has started offering residents the chance to own their own private roof cabana, alongside a public rooftop area open to all residents.
Another iconic new development, Millennium Tower, has already sold 95% of the tower’s 442 condos.
With premium condo prices rising well above those of single-family homes, some long time residents feel the new developments are out of place amongst Boston’s historical features. However, the building boom shows no sign of slowing down for now.
The third Monday of April is nearing which means the world’s oldest annual marathon is just around the corner. The Boston Marathon, one of the world’s best-known road racing events, takes place on Patriots Day. The event has been in existence since 1897, and this year marks the 120th race. For those new to the Boston area, the 120th Boston Marathon will be held on Monday, April 18th and will begin a little before 9:00am. The historic course starts on Main Street in the rural New England town of Hopkinton and runs through numerous other towns ultimately ending on bustling Boylston Street near the John Hancock Tower in Copley Square (and right by the Advisors Living headquarters!)
Along the marathon course, rowdy fans and elite runners have the chance to take in the new and under construction development projects that are coming to fruition. Ashland Woods, located at 277 West Union Street in Ashland, MA is the first development site near the marathon. Access to the race cannot get simpler if you live in the new 60-unit apartment complex developed by Trask. Ashland Woods is in the Highway Commerce Zone and includes two 32,000-square-foot buildings both holding 30 units.
From Ashland the runner will travel next into Framingham where Brendon Homes is quickly selling through the new construction development with detached, single-family style condos as well as attached homes. They also offer a single level living plan (ideal to go home to after a long run); so there is truly something for everyone. They have sold over 80 homes in the last year with Phase 1 completely sold out and Phase II nearing 80%. Phase III won’t be far behind.
On to Natick from there, home to one of the more unique properties on the route, Nouvelle at Natick. These luxury condos are attached to the Natick Mall and provide both luxury and convenience to its homeowners. This community sold out back in 2012 but re-sales do pop up now and then so keep an eye out!
The next of many miles lead runners through the beautiful homes of Wellesley, Newton and Brookline. These are some of the most affluent suburbs that Massachusetts has to offer. Spectators young and old line the streets in front of spectacular, single family homes and wonderful brownstones depending on what part of the course they are on. Brookline is also home to the Longwood Medical Area where Mosaic on the Riverway is being constructed. This 10-story building will have 42 luxury condos when complete later this summer. They are nearing 75% sold but there are great 1 and 2 bedroom options still remaining.
The home stretch will of course lead runners into the heart of the city. Veteran runners who ran last year will probably notice even more high-rise buildings like Millennium Tower and One Dalton or even 22 Liberty in the Seaport. All of these buildings have been rapidly growing into the Boston skyline.
If you’re looking for real estate along the Boston Marathon route, there are plenty of options and quite the variety. Prices will range in any of these towns but if you are looking to save a few dollars, you should run outside of the city, not in it!
This is not the first time Midwood Management has looked into developing a tower at One Bromfield. In 2008, they proposed a similar project for this space. However, the recession halted that development. This time Midwood has sought the help of architects Adrian Smith and Gordon Gill to design the structure and is looking to add a few more levels, rivaling the height of its would-be close neighbor, the Millennium Tower.
According to The Boston Globe, The Boston Redevelopment Authority has put out a formal request for proposals for redeveloping the Winthrop Square Garage located in the Financial District. Eight development teams have already submitted proposals, including Millennium Partners, the team responsible for the Millennium Tower in Downtown Crossing, Boston’s 690-foot luxury condominium. The Fallon Co., the team behind developments in the Seaport such as Twenty Two Liberty, a 118-unit luxury residential tower in Fan Pier, has also submitted a proposal. Their proposal for the Winthrop Square Garage includes two buildings composed of 32 floors of apartments and 18 condominiums. Accordia Partners pitched a 750-foot building containing 140 condominiums, a public gallery, retail and hotel.
These proposals could change as revised plans are submitted and new ones filter in in the next six weeks. For a preview of the eight pitches already submitted visit Curbed.
While proposals range from a public plaza to sky-high developments, what do you think will tower above the rest?
The luxury condo market is poised for another record-breaking year. With an unprecedented number of high-profile new developments in the pipeline, buyers are snapping up the ultra-luxury inventory as soon as it hits the market.
Today the Boston Globe reported that ‘Boston can’t build ultra-luxury condos fast enough.’ The excerpt below highlights some of the projects at the forefront of the new luxury landscape.
While the new Millennium Tower won’t open until this summer, most of the skyscraper’s 422 condos are already reserved by buyers, with the recent announcement of the sale of the tower-topping penthouse, which had been on the market for $37.5 million, the icing on the cake.
The new Four Seasons tower (One Dalton) has opened sales office, with its 180 “ultra high-end” condos, some of which have the potential to break the $20 million mark, expected to go fast as well. Brokers representing the developer have already been quietly marketing the uber-luxury condos to “family and friends.”
On the Seaport/Innovation District waterfront, a trio of new super luxury condos high-rises is getting teed up. After selling out 22 Liberty, a 120-unit condo tower at Fan Pier, longtime waterfront developer Joe Fallon has begun work on his next project, 50 Liberty.
Next door at Pier 4, New York developer Tishman Speyer is hoping to break ground soon on a curved, glass 9-story super luxury condo building with 100 units.
Over in the Fenway, work is well underway on the Pierce, a 30-story tower with a mix of condos and apartments, while in the Back Bay, plans for a new condo tower that would soar over the Copley Place Mall and Copley Square have been in the works for years.