MHP's Datatown has updated with the 2018 ACS data. Fun to play around with!
This proves my point. Boston real estate values should not even come close to NYC comparing since the city transit system is much more robust.
They do have a point... Boston is slowly becoming a more transient soulless city every time one of these luxury skyscrapers gets built... Not to mention 80% of the Millennium Tower is occupied by people who don't live in it as their main residencies.
And expect "one month free" promos and the like when they open.
- Studio from $2720
- 1 bedroom from $3360
- 2 bedrooms from $4385
- 3 bedrooms from $7500
I really hope rent isn't $5-7k a month for a two-bedroom unit in the Alcott like it is in St. Regis and Stuart Street.
How exactly is residential in downtown making the city more transient?They do have a point... Boston is slowly becoming a more transient soulless city every time one of these luxury skyscrapers gets built... Not to mention 80% of the Millennium Tower is occupied by people who don't live in it as their main residencies.
They do have a point... Boston is slowly becoming a more transient soulless city every time one of these luxury skyscrapers gets built... Not to mention 80% of the Millennium Tower is occupied by people who don't live in it as their main residencies.
A pied-à-terre (French pronunciation: [pjetaˈtɛʁ]; French for "foot on the ground") is a small living unit, e.g., apartment or condominium, usually located in a large city some distance away from an individual's primary residence.
One Dalton Update
11/02/17
Michael Dell scoops up second Boston penthouse at 61-story One Dalton tower
Dell Technologies Chairman & CEO Michael Dell has reportedly entered a contract to acquire one of three $40 million penthouse residences atop the 61-story One Dalton tower under construction in the Back Bay, which, following Dell’s acquisition of a Millennium Tower penthouse residence last year, would make Dell the owner of penthouses at both of Boston’s, and New England’s, tallest residential towers. Per a Wall Street Journal report, Dell’s penthouse will be approximately 7,300 square feet in size across two stories, with a 570-square-foot outdoor terrace.
At one point, people will be leaving cities similar to the White Flight seen in the 1950s but instead of racism, it's because only the wealthy few can afford to live in them. Again all these problems lead back to a single misconception: you can't just build luxury housing and think that it will push housing prices down to affordable, you have to increase supply at all price levels. Housing is not a homogeneous market.
Youre right about the rentals I guess, I wasnt paying attention to that. Its definitely high end tho, for the life of me I dont understand who would pay 2700 for a studio. I'm suspcious of those. I'm sure some everyday Bostonians pay that but I'm guessing more go to short term rentals somehow even though there's rules against them
Natickx is right, more high end condos do make the city more transient. People with money to spare are way more mobile, have other properties in other towns and cities and countries. Just because you like shiny tall buildings doesnt mean there aren't negatives that come along with them
NatickxBoston
When you can afford $10M plus for a house or a condo -- you will have multiple residences
There are a lot of houses on the Vineyard, Nantucket and parts of the Cape and Berkshires that meet the same definition.
In Paris this has been true for several centuries -- the French even have a name for it: pied-à-terre *1
Consider Michael Dell -- founder and CEO / Chairman of Dell Technologies -- ranked as the 27th richest person in the world by Forbes, with a net worth of $31.0 billion as of October 2019. He was born in Houston, attended UT Austin where he started Dell. Relatively recently he merged Dell with Boston Area EMC [started by some now lesser Billionaires from Northeastern] -- with the creation of Dell Technologies -- Mr. Dell acquired a significant local footprint*2 [not just limited to offices, labs, and manufacturing] -- including a spot on the Uber-exclusive Massachusetts Competitive Partnership*3
I'm willing to bet that most if not all the members of the Massachusetts Competitive Partnership have multiple residences -- most likely including condos in Boston
*1 from the wiki article
*2
from article in Buildup
*3
The Massachusetts Competitive Partnership is a non-profit, non-partisan, 501(c)(4) public policy group comprised of chief executive officers of some of the Commonwealth's largest businesses. The Partnership's goals are to promote job growth and competitiveness in the Commonwealth by working in collaboration with public officials and business and civic leaders in Massachusetts.ABOUT US | macp
www.masscompetes.org
Vision
To make Massachusetts one of the leading states for business investment and job creation and one of the leading regions in the world in terms of overall competitiveness.
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