Boston Neighborhood DevelopmentJanuary 14, 2012
Several exciting developments are in the works around Boston and residents are eagerly anticipating the new construction projects. Boston has increasingly become livelier and a more exciting place to live for people of all ages. In recent years, I’ve seen empty-nesters relocate from the suburbs to the city for convenience and nearby cultural activities. So, it’s only natural that more and more people of all age groups want to live in the city and take advantage of the great restaurants, vibrant art scene, and rich cultural life. And more importantly, Boston luxury condo residents are within a short walking distance or a quick train/cab ride away of the all the places they want to go.
As the demand for housing rises, the prices continue to soar - simply demonstrating the law of supply and demand. This financial cycle, in turn, makes buying a Boston luxury condo in the city out of reach for many in the younger generation.
To make housing accessible to the younger generation, the City of Boston has asked developers to create smaller, efficiency housing in the best Boston neighborhoods. These units range from 300-500 square feet, which is relatively small for Boston, but very common in Manhattan. These smaller apartment units will have a much broader reach and will be more affordable to many people who don’t have the luxury of paying high rents nor have high purchasing power.
Some of these micro-units are being built on the waterfront and the seaport district, two booming Boston neighborhoods with highly desirable zip codes. This housing concept appeals to both the city and the end user in creating jobs and additional revenue. The city’s redevelopment projects are boosted, enticing more people to move to the city.