How many condos is too many for the Boston market? Especially high-end units? Samuels & Associates president Joel Sklar says the market hasn't reached saturation yet. Here's why.
1) Supply Is Still Short
Given Boston was so underserved in high-end condos for so many years, there's a pent-up demand for them now, with less than one month’s supply available on the market, Joel points out.
"In this context, we expect Pierce Boston to be well-received in the market." Samuels & Associates' Pierce Boston, in the Fenway, will rise 30 stories and offer 109 condos and 240 rental units. It's Arquitectonica's first project in Boston.
2) Strong Demand From International Buyers
Meanwhile, demand is pumped because Boston is a strong attraction for international buyers, Joel says. "While cities like New York and San Francisco made headlines because of the international wealth pouring into their real estate markets, Boston has been quietly attracting the same kind of interest."
Actually, this has been happening for years, with international families sending their kids to school here wanting to buy here. "Now we're seeing an influx of buyers who see the growth potential in the city."
3) Boston Offers Sophisticated Properties
Anyone can build a high-rise, Joel says. More sophisticated Boston developers are taking things a step further by offering properties that "curate a lifestyle." Naturally, he cites Pierce Boston as an example.
"For instance, we decided to curate a space on the 30th floor called Level 30, which will offer 360-degree views of the city, with lounge areas, an outdoor pool and roof deck with sky cabanas (a first for Boston). The space is also a way to build community feeling within the building, a place to go and socialize with fellow residents."
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