As millenials flock to major cities for professional opportunities, it seems their chances of being able to buy a home are slimmer than they realize. While nearly 80 percent of millennial homebuyers say they plan on purchasing a home someday, more than 40 percent have not started saving for a down payment.
According to the National Association of REALTORS, in 2015, investment purchases saw an increase for the first time in five years. Meanwhile, vacation home sales cooled off but still remained at the second highest amount in nearly a decade.
Reflecting the strong price growth seen throughout the U.S., the median sales price of both vacation and investment homes surged in 2015.
Pending home sales rose to their highest level this February, and remain higher than a year ago according to the National Association of REALTORS?. Led by a sizeable increase in the Midwest, all major regions except for the Northeast saw an increase in contract activity.
Although the Pending Home Sales index, a forward-looing indication based on contract signings, has now increased year-over-year for 18 consecutive months, last month?s gain was the smallest.
Six developers are competing to change the 18-acre land site of the old Boston Edison power plant at Summer and First avenues in South Boston. Plant proprietor Exelon Corppration simply put the property available for purchase, and plans for its redevelopment are still pretty much in flux.
South Boston is without a doubt in flux these days, with significant developments either in progress or under the planning stage and the Seaport District infringing on the conventional region of the area.
To sum it all up, the average asking price in South Boston is $602 a square foot. Although there is a wide range behind that average: from $406 a foot on G Street to $781 a foot in the new second phase of the Allele complex.
No better time to buy than now:?With home prices on a steady race, it is important to watch and understand the affordability trajectory.
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Boston Properties?is again planning a massive air-rights development at a major transportation hub, this time with a 1.26 million-square-foot mixed-use project above Back Bay Station.
The city of Boston is providing $28 million in federal and local money to fund the development and preservation of hundreds of affordable housing units across six city neighborhoods.
There's so much winning going on in Boston right now, what with fresh development adding?thousands?of?apartments,?condos,?hotel rooms, and?dorms city-wide; passionate debate about the future of neighborhoods; fabulous new architecture,?public art, and parkland; and just a general acknowledgment that all the change afoot seems as manageable as much as it seems inevitable. Some Boston neighborhoods are changing faster and more than others, with five in particular that may be?unrecognizable?a few years out.
A new report from real estate search engine Zillow found that 7.7 percent of Cambridge households earning $350,000 or more annually are headed by someone at least 55 years old. That means that the People?s Republic has the second-highest concentration of affluent baby boomers in the U.S., behind only the Washington, D.C., suburb of Arlington, Va.
Fewer areas of our fair region are changing faster than the South End,?particularly the northeastern corner of that Boston neighborhood. Major developments either recently opened, completed, underway, or planned are driving that change through more than 2,400 new apartments and condos?and the thousands of fresh residents these projects will surely bring. Here are the 12 most consequential.
Maintenance Checklist for New Homeowners
This simple project can save you heaps of money on your energy bill. If you've noticed chilly spots near windows in your home, you might have an air leak.
A perennial for-sale crunch in the People's Republic fuels a climate of bidding wars and over-asks harsh even by Greater Boston standards.
Prices are expected to start at $600,000, and pre-sales should start soon.