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Boston's Housing: the Long View; $8.8M for Newbury Buildings

BOSTON—We suggested last week that the city's housing market was perhaps merely normal. Why? Basically, if you take the long view, things are not terrible nor terribly good—they're more in line with what was going on pre-boom (and pre-first-time homebuyers' tax incentive), and what was going on then was a relatively healthy market about to get interrupted by a lot of froth. Broker Michael DiMella provides his own long-view analysis, plus some handy charts. [Boston Real Estate Blog]
BACK BAY—Two Newbury Street buildings have traded for $8.8 million total: "The 225 and 227 Newbury properties include four retail spaces occupied by local companies including Sweet Cupcakes, Bostone Pizza and Back Bay Framery. The leases for all four spaces will expire in the next four years, and it is still unclear if there will be a re-positioning of the properties, according to industry sources. The buildings also contain 10 one-bedroom apartments and one studio apartment." [Banker & Tradesman]