THE NEXT WAVE Count the construction cranes along the skyline and you’ll realize that Greater Boston is undergoing a tremendous building boom. With dozens of new buildings being built, the Boston Business Journal has playfully created an interactive map called “Crane Watch.” Developers are racing to fill the demand created by a growing number of homebuyers and a persistent lack of homes for sale. Many of these new condos are sold long before the buildings are complete. Let’s explore what is causing the boom and take a peak inside some of its most coveted homes. THE LANDSCAPE The Boston Redevelopment Authority is tracking dozens of residential condominium and rental projects currently under construction. The nearby Cambridge Development Department is tracking eight projects. The result will yield over a thousand new housing units. The developments comprise smaller boutique buildings, along with mid-rises and high-rises. Luxury projects are shattering previous pricing records, sometimes fetching well above $2,500 per square foot. One luxury development that is turning heads is Maison Vernon. It comprises seven condominiums in a fully renovated Beacon Hill building. The pièce de résistance is the 4,000-square-foot duplex penthouse, with an 845 square foot motorized sliding glass roof suite, a 1,900-square-foot private terrace, and
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360-degree city and river views. Another luxury development is 28-30 Mount Vernon. This four-unit, Beacon Hill boutique building offers floor-to-ceiling windows, outdoor space, and beautiful finishes. Another popular trend in metropolitan markets is Transit Oriented Development (TOD). This strategy leverages the convenience of mass transit stops to extend development away from the busier city centers… and it’s working. After a few months of pre-construction marketing, 1022 Hancock in Quincy has 65% of its 46 condominiums under contract. Located close to Quincy Center’s red line subway stop, 1022 Hancock allows fast and easy access to Boston’s South Station, along with Cambridge’s Kendall and Harvard Squares. Also along the redline is Ashmont Hill’s Treadmark, with 32 new condominiums. It offers trendy, barn door closures, herringbone floors, a common roof deck, and garage parking.
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