Banker & Tradesman, June 26, 2017

Page 1

SUBSCRIBE TODAY! VISIT WWW.TRYRERS.COM Est ab li s h e d 1 8 7 2

the

financial

www.bankerandtradesman.com

WEEK OF MONDAY, JUNE 26, 2017

services

and

real

estate

weekly

for

massachusetts

A Publication of The Warren Group ASSESSING AFFORDABILITY

Study IDs Problems With Assessing Affordable Housing

SWEET SPOT

Consultants Call For Guidance, Consistency, Communication BY JIM MORRISON BANKER & TRADESMAN STAFF

A

ssessing the value of a condominium or single-family home is generally straightforward, but determining the true value of affordable housing involves a lot of variables and requires training and experience. Getting it wrong often means the real estate taxes are too high, which can result in deferred building maintenance; it can also reduce funding for additional affordable housing at a time when Massachusetts badly needs more. A 2016 study outlines how problems occur and makes recommendations to avoid them. The report was prepared by LDS Consulting on behalf of the Lawyers Clearinghouse and in collaboration with the Massachusetts Housing Partnership and the Massachusetts Association of Community Development Corporations. It was initiated by the affordable housing community, which is more often than not negatively impacted by assessing errors. Continued on Page 8 BIG PICTURE

Paradoxes Of The Economic Recovery Some Sectors See Uneven Growth Results BY CHRISTINA P. O’NEILL BANKER & TRADESMAN CORRESPONDENT

T

he economic rebound from the 2008 recession is a rising tide that doesn’t necessarily lift all boats. Several sectors are showing mixed-blessing results, including credit card lending, retail, manufacturing, real estate and some financial sectors. Credit card lending has rebounded since the recession. It looks like a good thing for banks and card issuers. U.S. revolving consumer credit card debt hit $1 trillion this April – within 1 percent of 2008 debt levels – and it’s expected to keep rising through this year and early next. Excessive credit card debt could become a trouble spot for banks and card issuers. Continued on Page 10

Luxury Condo Choices Multiply

STRONG PRESALES FOR ‘AFFORDABLE LUXURY’ UNITS

Namara, a broker with Boston-based Campion & Co., with average prices of $1,400 per foot. BY STEVE ADAMS | BANKER & TRADESMAN STAFF “It’s truly one of the best prices for new construction with parking: the new definition of affordable luxury,” Mcf Boston’s luxury condominium market was defined in Namara said. 2016 by the ultra-luxurious Millennium Tower’s debut, In South End, the next phase of National Development’s 2017 is characterized by construcInk Block mixed-use complex is position of lower-profile mid-rises offering tioned to capture an even lower rung Tishman Speyer’s Pier 4 relative price bargains in the $1,000 to in pricing. More than 50 percent of the $1,400 per square foot range. 77-unit Siena building is pre-sold with condos and Carpenter Such projects, according to brokers average prices of $1,150 per square & Co.’s Four Seasons and developers, hit a sweet spot that’s foot, not including parking, said Ted in demand by a reliably deep pool of Tye, managing partner at National DePrivate Residences at buyers as reflected in strong presales. velopment. Completion is scheduled One Dalton in Back Bay Former suburbanites are rediscoverfor the first quarter of 2018. will test the depth of the ing city living in emerging 24-7 neighDeveloper Related Beal’s 157-unit borhoods from North Station to lower Lovejoy Wharf condos, set to begin high-end buyer poll upon South End. And residents of older Bosoccupancy this summer, is the only completion in 2018. ton condo buildings are upgrading to waterfront property opening in 2017, never-lived-in units at new complexes giving it a head start on Fallon Co.’s with the latest sought-after amenities. 50 Liberty and Tishman Speyer’s Pier Construction crews began pouring concrete founda4 condos, set to hit the Seaport District in 2018. Lovejoy tions last week at developer New Boston Ventures’ $59 Wharf has no on-site parking, a gamble by the developers million Boulevard condo tower, scheduled for completion reflecting the proximity to North Station and a potential in spring 2018. Since January, 60 percent of the 31 units future commuter ferry to the Seaport District. Develophave been placed under reservation, said Shannon McContinued on Page 9

I

CONTENTS Points ����������������������������������������������������������������������� 4

Residential ��������������������������������������������������������������� 8

Classified Sections ������������������������������������������������� 11

By The Numbers ������������������������������������������������������� 6

Commercial & Industrial ������������������������������������������ 9

CRE Insider ������������������������������������������������������������ B1

In Person ������������������������������������������������������������������ 7

Banking & Lending ������������������������������������������������� 10

Records Section ������������������������������������������������������ C1


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.