2015 was a game-changing year in Boston real estate. We saw the continued development of Downtown and the Seaport, while neighborhoods like Somerville and Dorchester saw their prices reach new levels. One thing is for sure, Boston is hotter than ever and that trend is expected to continue throughout 2016. If you’re a home-owner curious about the value of your home or someone looking to make a move to the city, our 2015 Boston Real Estate Annual Market Report will be a valuable resource to you. Broken down by neighborhood, this report will paint a vivid picture of the city’s current market conditions.
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Our 2015 Q3 Boston Real Estate Market Report is now available for free download. Filled with the most comprehensive and up-to-date market statistics, this report is a valuable resource for buyers, sellers and agents alike.
The third quarter saw Boston’s home values continuing their upward trajectory with overall sales up 7.58% over 2014 with a 6.37% higher average selling price. Download our report today to see what the market looks like in your neighborhood.
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We are very happy to announce that Bushari Group Real Estate has entered the Top Ten Real Estate Firms for residential transaction volume year-to-date in Boston, according to MLS-PIN. Our agents have participated in more than $110 million worth of real estate transactions so far in 2015, with almost $84 million of that in Boston proper. The Boston real estate market is highly competitive and we would like to thank our agents and clients who have helped us become the strong, independent company we are today.
Buying and selling a home can be a difficult process—but it doesn’t have to be. Access to the right tools and information can make for much smoother sailing in Boston the real estate market which is why we release a comprehensive market report after each financial quarter.
Broken down by neighborhood, our reports contain all of the data and statistics you’ll need to make a more informed decision when it comes to your next real estate transaction. Whether you’re curious about the current market value of your home or you’re just curious about the current market conditions in your neighborhood, our report will provide you with a better understanding of local trends and home values.
Our 2015 second quarter market report is now available for download, so go ahead and get your copy today.
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The dog days of August are upon us and, even though Labor Day is just a few weeks away, the summer isn’t quite over. In fact, Boston is experiencing another hot weekend and people all over the city are looking for ways to beat the heat. A little bit of research revealed that there was no comprehensive list of Boston’s residential pools available to the public. So, to make your search a little easier we have compiled The 2015 Bushari Guide – The Residential Pools of Boston, a free ebook now available for download.
Boasting the most comprehensive and up-to-date list of Boston properties where you can live and swim, the book provides full-color photos and descriptions of each pool, as well as the amenities and services available at each. Whether you’re looking to buy or rent a home in the city, our ebook will give you the scoop on the hottest properties to cool off.
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Chef Michael Mina (left) and Sushi Chef Ken Tominaga (right) have Boston buzzing about PABU. Photo courtesy of Millennium Partners.
As the Millennium Tower inches closer to completion with each passing day, more details are beginning to emerge about the businesses set to move in once the building opens next summer and a recent announcement has the Boston restaurant scene buzzing. Millennium Partners, the New York-based developers of the tower, are teaming up with celebrity chef Michael Mina and sushi chef Ken Tominaga to bring an exciting new dining concept to the city. Set to open Fall 2016, PABU is a Japanese-style izakaya that will operate on the first two stories of the Millennium Tower and promises to offer a unique dining experience to Boston foodies.
In Japan, izakayas are typically known as casual, after-work drinking establishments where food is served to accompany the drinks. Encouraging a social atmosphere, a typical izakaya menu is comprised of small plates meant to be shared and ordered continuously throughout the meal. Essentially, izakaya is the Japanese version of Spanish tapas.
Spanning 7,800 square feet, PABU will feature compartmentalized dining spaces, as well as communal tables where patrons may sip sake and socialize. The concept has been very well-received in San Francisco, where PABU consistently ranks among the city’s top restaurants and Mina believes that success will translate nicely to Boston. Like its sister restaurant, PABU (“pub” in Japanese) won’t be limited to small plates as the concept allows for guests to customize their own experiences. Mina also plans to serve a 16-course chef’s tasting menu that will highlight the freshest ingredients available on any given day, with a heavy focus on seafood, which will come from New England’s own waters, as well as the world’s largest fish market—Tokyo’s Tsukiji Market.
Mina is no stranger to working with Millennium Partners; in 2009, the acclaimed chef’s RN74 opened in San Francisco’s Millennium Tower, where he is also a resident. In addition to operating PABU, Mina will also spearhead the residents-only private dining options on the Millennium Tower’s 23,000 square foot Club Level. In addition to the dishes offered at PABU, Mina plans to create an exclusive menu featuring some of the “greatest hits” from his restaurant empire, which currently spans 21 different locations around the world.
Rendering of Seaport Square, courtesy of the Boston Redevelopment Authority
In a city dominated by new developments, South Boston’s $3.5 billion Seaport Square is the largest of them all. Spanning 20 city blocks and 23 acres, construction on the project broke ground in November 2014 but further developments were held up in March due to a potential lawsuit which was dropped last month. No longer under the threat of litigation, Boston Global Investors — who are developing the project along with a group of foreign investors — have recently submitted plans for a $700 million expansion of the project and the new phase of construction could break ground as early as the first quarter of 2016.
The new plans, which are currently under review by the Boston Redevelopment Authority and the Boston Civic Design Commission, call for the addition of three 22-story luxury residential towers and 125,000 square feet of retail space on a 3.5 acre parcel currently utilized for parking. The towers will each rise to approximately 256 feet and will bring around 1150 brand-new residential units to the neighborhood. A three-story underground garage will be constructed beneath the site, which will also feature a 9,000 square foot outdoor plaza. This new green space is intended to be a vibrant gathering place for the community and should play host to a number of events throughout the year. Four pedestrian pathways will form a perimeter around the site, allowing for easy access to the plaza.
The Seaport Square project is currently on track for completion in 2020 and aims to create one of the most modern and pedestrian-friendly neighborhoods in the Boston.
Artist rendering of the newly-approved Copley Place Tower, courtesy of the Boston Redevelopment Authority.
The Boston Redevelopment Authority last night approved several projects with the aim of fulfilling Mayor Martin J. Walsh’s plan to greatly expand the city’s housing inventory by 2030. Among the projects approved by the BRA’s Board of Directors was a revised plan for the expansion of Copley Place, which includes a new skyscraper that will deliver 542 new residential units to the heart of the city.
The residential and retail expansion of Copley has been on the table since 2006, but the project has been held back due to various issues, most recently that overhangs from the building were encroaching into “non-approved spaces.” With last night’s approval, however, those issues have been resolved and Simon Property Group, the project’s developer, can move forward with their $500 million construction.
According to the project summary, the forthcoming Copley Place Tower will rise to heights of 569 feet and plans to “successfully meet the needs of Boston and its residents.” Simon Property Group and their development advisers have carefully studied Boston’s evolving housing market.
The developers want to ensure that their project will improve the lives of all Bostonians and not just residents of the tower. Plans call for “carefully executed design strategies” with the goal of improving the location’s overall pedestrian experience and aesthetic. Some of the expected benefits include improved public transit and a reduction in the number of commuters in single-use vehicles, as well as the creation of 1,477 construction jobs and approximately 250 permanent jobs.
The residential tower at Copley Place will follow the likes of the Millennium Tower and One Dalton as the most recent additions to Boston’s quickly transforming skyline.
The Massachusetts real estate market is changing, and changing quickly. According to a study released today by the Warren Group, a Boston firm that tracks local real estate trends, the median price of single-family homes in Massachusetts in April 2013 shows an almost 14 percent jump over April of last year, and an 11 percent increase from January through April for the same periods. While the median price of a single-family home shot up to $313,000, the median price of a condo increased about 1 percent from April last year, coming in at $280,000.
Although the actual number of sales has increased year over year, tight inventory is quickly pushing prices higher. The number of single-family homes for sale dropped 27.1 percent in April compared to last year, and condo inventory fell 32.4 percent during the same time period, according to the Massachusetts Association of REALTORS.
If you are interested in learning more about how to capitalize on the current Boston Real Estate Market please contact Bushari Group Real Estate today. Search Boston Homes, Boston Condos and Boston Luxury Apartments at BostonRealEstate.com.
Massachusetts saw a massive drop in foreclosure deeds and petitions to foreclose in March. Lenders filed 284 petitions to foreclose in March 2013, an 82 percent slide from the 1,621 petitions in March 2012, according to recent data from The Warren Group, publisher of Banker & Tradesman. Petitions to foreclose represent the first step in the state’s multi-tiered foreclosure process. Foreclosure deeds, which represent completed foreclosures, dropped more than 74 percent in March 2013 (227) from March 2012 (899).
This is a great sign for sellers, and has prompted many buyers to jump off the fence as many areas, particularly in and around Boston, see the rapid change from a “buyer’s market” to a “seller’s market.” For a more detailed look at the local Boston Real Estate Market, download our most recent Boston Real Estate Market Report.
Visit BostonRealEstate.com to search the Boston Condos, Boston Homes and Boston Luxury Apartments.