RandomWalk
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At least it’s not a Cabela’s
I thought they were already starting to explore building on this site...
I thought they were already starting to explore building on this site...
And they probably determined that with a softening economy, higher interest rates and weaker demand in virtually all sectors plus perhaps a desire to focus all of their efforts on 171 Dartmouth that it made more sense to get a retail tenant for ten years or so.
Virtually all sectors… except housing. They could build a residential tower (or two) here and have no problem at all selling out because there is still tens of thousands more units neeeded to meet demand.
Just curious, what other new high end inventory is coming on line? I know St. Regis is delivering this year (60% sold), and Raffles is delivering next year (70% sold), I wouldn't consider The Parker high end, I'm sure I'm missing some others? Thanks.Not quite. The high end market is all but dead and on top of the existing inventory that’s not selling there’s a lot of new inventory coming on in the next few years that the market will struggle to absorb. Just because there’s a crisis at the bottom of the market it doesn’t mean there’s parallel demand at the top. Not to sound like an a-hole but the analysts and decision makers at Boston Properties have an infinitely better handle on the market than you or I.
Oh by the way, you’re not getting a tower here. BXP will almost certainly keep it to the scale of the Mandarin or maybe 888.
Just curious, what other new high end inventory is coming on line? I know St. Regis is delivering this year (60% sold), and Raffles is delivering next year (70% sold), I wouldn't consider The Parker high end, I'm sure I'm missing some others? Thanks.
I was mainly thinking St Regis, Raffles, Winthrop Center and in a few years the condos at SST. There’s also still a lot of inventory at places like Echelon, One Dalton and the Sudbury plus there’s virtually no action in the high end resale market. As for St Regis and Raffles being mostly sold, I’ll believe that when I see it.
For the last number of years there's been like 2 months worth of inventory in the Boston condo market, not sure where the impression that there's a 'glut' comes from. A healthy market runs at about a 6 month inventory.I was mainly thinking St Regis, Raffles, Winthrop Center and in a few years the condos at SST. There’s also still a lot of inventory at places like Echelon, One Dalton and the Sudbury plus there’s virtually no action in the high end resale market. As for St Regis and Raffles being mostly sold, I’ll believe that when I see it.
Brooks Brothers on Newbury St. closed.
Brooks Brothers on Newbury St. closed.