A Recap of Real Estate News in Boston in 2016
2016 was a big year for real estate in Boston, from new development to a surge in home and condo prices to record sales and more. Here is a recap of some of the best real estate stories from 2016:
New York Company Plans to Build
One of the biggest Boston real estate stories of 2016 was the filing of plans to build a 59-story tower in the heart of downtown Boston. The builder: Midwood Management Corp., a New York-based company. According to reports, the building’s size has been rescaled, and the original proposed height of the building has been shorted.
GE Changes Headquarters
Another exciting piece of news for real estate in Boston – as well as a number of other companies that conduct business in the area – is the announcement from GE that it will say goodbye to its Connecticut location and move its headquarters to Boston.
Boston Metro-area Homes’ Values Increased
Values for metro-area homes in Boston surged in 2016, a plus for owners and the economy. An article in RealEstate.Boston.com found that property values rose about six percent from October 2015 to October 2016. In addition to costs of homes, rental prices were up too, with the median rent in the Boston area rising by a whopping 3.3 percent in a year’s time.
What’s driving the cost? In addition to the value of living in Boston and the booming economy there, fewer homes are being listed for sale, driving up home prices. In fact, inventory in Boston in 2016 was at one of the lowest rates in the country.
More Tech Companies Moved In
The world is also about tech, and if a city is one with tech-based companies, it is almost surely doing well. While a large number of professional service companies, such as law firms, moved their businesses out of downtown Boston in 2016, about 1.8 million square feet worth of new tech and information-based companies moved in.
Biggest Office Deal in Three Years Takes Place
One of the biggest office deals over the past half decade occurred in 2016: $700 million was committed by Akamai Technologies in a lease agreement with Boston Properties. The company has decided to continue leasing its space in nearby Kendall Square.
Planning on Buying in Boston?
If you are thinking about buying in Boston, the real estate market is hot and competitive. However, now may be the time to buy – if you wait too long, prices could increase even more.
If you are considering buying in Boston, make sure your best interests are protected before you sign on the dotted line. By hiring the experienced closing attorneys at ClosingLawyer.pro, you’ll have an advocate on your side to protect your financial interests. Contact us today for a consultation at 617-723-2800.