For the first time, in a long time, buyers can get exceptional deals on new construction condominiums in the Boston area. Particularly in buildings that have yet to reach completion and only have a handful of units left, there are some deals to be had. But what makes now such a great time to buy new construction? A few factors have compounded to bring us to this point, but beware, it won't last long.
Rates Are Up, Demand is Down
Boston is no stranger to major supply issues when it comes to housing. But, with the recent rise in mortgage rates, many buyers have stepped out of the market, even if just temporarily. That means the sky-high demand most buyers and developers are used to, has dissipated. With that, you have the opportunity to actually work a deal on a new construction home. And remember, you're buying a home, not a mortgage rate. So while others only see the current rate, take a look at the big picture and find a home that fits your needs, knowing rates are expected to come back down.
Act Now or Get Left Behind
We wish we could tell you everything that's going to happen in the market over the next 6, 9, 12, or 18 months. Unfortunately, there's no crystal ball. However, what we can tell you with confidence is that this short cooldown in the Boston market, won't last long. We've seen it before and we've seen how quickly demand picked back up again. Don't get caught wishing and hoping you had locked in that new construction condominium. With construction costs, the current zoning and entitlement climate, and other contributing factors, supply in the Boston area isn't expected to jump anytime soon.
Speaking Of Supply
The lack of supply in the Boston market will drive prices back up as soon as demand sparks again. Many experts are predicting that mortgage rates will start to drop in the latter half of this year and with that, more buyers will enter back into, or enter the real estate market for the first time. This is your moment to capitalize. Our recommendation for buyers looking to lock in a new construction home is to really start exploring between now and April. After that, demand is expected to pick back up and the special offers being presented on new construction homes will likely disappear.
Where to Look
Ready to start exploring your new construction options? Take a look at our top three picks below. All three buildings offer standout amenities, high-quality finishes, and unbeatable value.
- Nevins Hill, Brighton, MA
- Nevins Hill is a 55 unit condominium building located in a quiet alcove high above the hustle and bustle of the street below. The property offers gorgeous city skyline views and a host of amenities designed with today's environment top of mind. There are just a few homes remaining and the building is set to open in 2023! Visit NevinsHill.com to learn more and view available floor plans.
- Mira, East Boston
- Mira is not your typical East Boston condominium. This is a place for folks looking for something unique, with the best amenity package in the market. Your roof deck offers sweeping views of downtown Boston and your condominium is outfitted with top-of-the-line finishes. Mira features one, one-plus, two, and three-bedroom residences. The building is over 60% pre-sold - check out MiraEastie.com for more details.
- Cadence on Leo, Brighton, MA
- Cadence on Leo offers residents the ultimate experience with beautiful design details in each unit and a suite of amenities that delight. From the bookable massage room to the semi-private dining area and two levels of underground parking. Style comes standard at Cadence on Leo. If you're looking for a residence that is on par with some of Boston's premier luxury properties, this is it. Cadence on Leo is slated to open in 2023. Learn more at CadenceonLeo.com.