Boston is in the middle of a historic residential building boom — but where are the condos?
Tracy Campion, owner of Campion and Company, a Boston luxury residential brokerage, said inventory in the city is dramatically low.
"Many buyers come to town and we don't have enough products for them to buy," she said.
Boston's condo inventory is down to anemic levels with only 617 condominium units on the market for sale, according to MLS PIN. The last time the Hub went below 1,000 available condominiums for sale was in the 1990s.
Any new developments in the city have had a tremendous track record. Millennium Place in downtown Boston just opened for occupancy last month and almost 90 percent of the 256 units have been sold.
The next "big" condo project slated for development is Sepia at Ink Block, where 83 luxury condominiums will be built as part of the South End project. Construction on the condominiums is planned to begin in early 2014 and the building will open for occupancy in mid-2015.
"There is a lack of condos in the city right now. Boston has gone through a huge rent cycle, employment has improved, and a mix of people who are in the city and looking to buy," said Ted Tye, a managing partner at National Development which is developing Ink Block on the former Boston Herald site.
"We are seeing lots of people in the Back Bay and South End now renting and looking to buy, we are also seeing many 'suburban pioneers,' or people who are looking to move back to the city," said Tye.
Sepia's sales center has been open for a short time and it has received tremendous attention, with one-, two- and three-bedroom condos priced between $550,000 and $2 million.
"One of the things that is happening is a neighborhood that is transitioning very quickly, we have three buildings going up now at Ink Block that will be apartments, Sepia building will be the fourth building," said Tye. "Ink Block is a concept, a neighborhood that's changing before our eyes."
Boston's market conditions are also driving many other developers to fill the need for future home buyers to choose from in the next two to three years as new developments pop up.
The Millennium Tower in downtown will include nearly 450 luxury condos, all of which will range from one to four bedrooms.
Carpenter & Co., along with its residential partner the Pritzker Realty Group, received approval to build a 58-story building at the edge of the Christian Science Plaza that will include 170 condos.
Gary Saunders of Saunders Hotel Group and 40 Trinity Place, has proposed a 33-story glass tower with 115 luxury condos in addition to 227 hotel rooms and three restaurants.
"Boston is going through a changing and exciting time with the new delivery of condominiums expected," said Campion. "These slated developments will continue to make Boston more of a world class city."
Jennifer Athas is a licensed real estate broker. Follow her on Twitter @jenathas.
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