Residential real estate in Boston in 2013 saw a slew of projects under construction and proposed, but not enough condos for sale to satisfy demand, and a shortage of housing that's affordable to the middle class.
It was a year for sellers rather than buyers, as condo inventory in Boston shrunk to lows not seen since the 1990s, keeping prices high and bringing bidding wars back to the table. And the seller's market will continue into next year because many condos now in the pipeline won't be ready for another year or two.
The biggest residential story of the year was the groundbreaking of the 60-story, 450-unit Millennium Tower, the long-delayed complex on the site of the former Filene's in Downtown Crossing.
Down the street, brisk sales at the 15-story Millennium Place, which sold out most of its 256 units, was evidence of a strong demand for luxury condos. Millennium jump-started long-lagging condo sales at 45 Province St., showing that downtown living is coming of age.
The other big condo story of the year was the groundbreaking of 22 Liberty on Fan Pier in the Seaport District. This 118-unit super luxury building will reportedly command up to $1,800 per square foot, the highest asking price in the city. And it should be well-received in the booming Seaport, where there are few options to buy.
It's really been the year of the luxury apartment in Boston, with thousands of high-end units just opening, under construction or in the pipeline. The largest concentration of new apartments was in the Seaport District and along Boylston Street around Fenway Park, and also along the Greenway, in the lower South End and on the West side of Southie.
The Seaport District is seeing an incredible apartment boom with the 202-unit 315 on A and some smaller projects opening this year, and 236 units rising at Waterside Place and 369 apartments at Pier 4. And a land deal was just made to get One Seaport Square and its 800 apartments going by the spring, with another 300 units set to go at Watermark Seaport.
The West Fenway has 750 apartments under construction at 1282 Boylston and 1325 Boylston St., and another 1,100 units proposed at The Point, 1350 Boylston and an expansion of the Landmark Center in the former Sears building.
The northern end of the Greenway just saw the 286-unit Victor apartments open and One Canal's 310 units are just starting construction. On the southern end, Radian Boston's 240 units are nearing completion and One Greenway has broken ground with 217 market-rate and 95 affordable rentals.
A little ways down, in the Theater District, a 398-unit tower next to Jacob Wirth's on Stuart Street is under construction and the nearby 381-unit Kensington just opened.
The New York Streets area of the South End are set to boom. The Ink Block, on the former site of the Herald, is under construction with 392 apartments and 83 condos in the mix. Apartments at 275 Albany St., which will add 400 residences, have also broken ground. A proposal for the Graybar Electric site at 345 Harrison Ave. would add 602 more units, and a little further down at 600 Harrison is a plan for 160 apartments.
Lots of development continues on the West Side of Southie, with hundreds of new apartments going up, including 225 units at West Square and 190 units at the Flats on D.
And that's not even counting big apartment projects in East Boston, Allston/Brighton or over the Tobin Bridge in Chelsea.
Whether the city can absorb all the apartments under construction and in the pipeline is a question that will be increasingly asked in 2014.
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