Luxury, luxury, luxury. That's the mantra in a city that affords big money to developers who build this type of housing for this type of buyer and this type of prices. But is it realistic?
In the next three years, more than 8,000 luxury units are expected to come onto the market for renters who can afford stratospheric pricing. Ross of the Globe reports that this will double the number of options in large buildings over the amount made since 1960.
What do you get for the money? The usual: roof decks, pools, spas, gyms, pet grooming rooms, spare guest rooms for rentals, club suites, and massage rooms.
Boston's population increased 3.1%, to more than 636,000, in 2010 to 2012. But clearly not all of those people can be wealthy.
Depending on who you ask, you'll get either bullish expectations that the onslaught of high-end housing is going to fill immediately, or bearish warnings that the market cannot sustain the imbalance.
Time will be the final arbiter.
· Boom in Boston luxury apartments tests market [Boston Globe]