Banker & Tradesman: Oct. 5, 2020

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MONTHLY TRANSFER DIRECTORY REPORTS

Call 617.896.5388 or email datasolutions@thewarrengroup.com

THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

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IN PERSON

County close-up: Berkshire Spotlight: West Stockbridge

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Quentin Hart is leading expansion efforts by one of Greater Boston’s newest players in the life science space: Houston-based developer McCord. The 45-year-old, family-run company recently bought a nearly 65,000-square-foot Northborough biomanufacturing facility from Alexandria Real Estate Equities.

WEEK OF MONDAY, OCTOBER 5, 2020

RESIDENTIAL REAL ESTATE BY THE NUMBERS

$21 million The price of the top home in this week’s Gossip Report. See page 9. Source: The Warren Group

769 The number of homes in West Stockbridge. See the Town Spotlight in By the Numbers on page 6. Source: Census Bureau

$9.5 million The price of the biggest home in this week’s Gossip Report. See page 9. Source: The Warren Group

53 percent The number of Black homebuyers who bought in Gateway Cities in 2017. See Week on the Web on page 2. Source: MassINC

$2.37 million The price of the most expensive recent home sale in Berkshire County. See By the Numbers on page 6. Source: The Warren Group

$1,061 The lowest price per square foot of any home in this week’s Gossip Report. See page 9. Source: The Warren Group

$435,000 The statewide median single-family sale price in August. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

D I S R U P T I O N DY N A M I C S

SUBURBAN LANDLORDS

WIN AMID RENTAL MARKET UNCERTAINTY Fewer Students, Softness in Cities Causes Large Rent Drops BY JAY FITZGERALD BANKER & TRADESMAN STAFF

A

fter years of being in the trendy, livework-play driver’s seat when it comes to dictating the terms of urban apartment rentals in Greater Boston, multifamily building owners in the immediate Boston vicinity, now find themselves scrambling to fill thousands of empty apartment units. With many area colleges and universities conducting classes partly or fully online, the local student population has fallen at the same time as work-from-home policies at white-collar jobs are helping some young professionals decamp for apartments in the suburbs. As a result, owners of multifamily dwellings are now offering once-unthinkable concessions to lure tenants, such as waiving the first month’s rent and security deposits, lowering minimal credit requirements, allowing pets in some buildings and renovating once-dingy abodes. Continued on Page 7

AvalonBay has seen its suburban complexes outperform its urban ones.

$229,950 The median single-family sale price in Berkshire County in August. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

COMMERCIAL INTERESTS

DEPOSIT DILEMMA

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By Diane McLaughlin | Banker & Tradesman Staff

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Commercial Real Estate PAGE 3

Banking & Lending PAGE 9


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