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The Madness of the Hub's Apartment-Building Boom

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As part of Whale Week 2013, we've snagged us a real-life real estate whale to answer your questions about buying, selling and renting at the topmost of the Hub market. This particular whale once bought in one of the Curbed Boston 76 and now rents in one of the priciest apartment towers in Boston. Have a question yourself? Email us (anonymity guaranteed).

Question: Why are you renting now as opposed to owning? What are you paying in rent?

Answer: I sold my unit for two reasons. First, I was offered a great deal more than I paid. Second, the quality of construction was quite disappointing. I am currently paying $7,000 a month, including one parking space, at One Back Bay. That's for a corner two-bed unit. I'm renting since I have not found anything that I want to buy. Inventory is low throughout the city, which makes me question the logic of developers and their lenders.
Developers/lenders always seem to be looking backward; seeing record-high rents, they all are building apartment buildings. At some point, all that new supply is going to drive rents back down, which is a good thing. But with supply so low in the condo world, you'd think some of these guys might catch on, build some condos, and fill a need in the marketplace.

Nothing of significance has been built since 2008/09—the Millennium Project [Millennium Place] has location issues; just look at how Province St. [45 Province] has struggled—and any project starting now will take a few years to be completed. Looks like supply will be tight for at least a few more years.
· Filene's Site Tower to Rescue 45 Province? [Curbed Boston]
· Our Ask a Whale... archive [Curbed Boston]
· Our Whale Week 2013 archive [Curbed Boston]

Millennium Place

580 Washington St, Boston, MA 02111