Shift Seen in New Home Sales: More Buyers Looking for Options in the City Rather Than Exurbs
A trend appears to be developing within the Boston real estate market, that is a mirror of what is occurring in many other major urban areas in the United States. Until more recently, and over the course of the past thirty years – and longer in some communities – persons interested in purchasing newly built homes were purchasing these properties in what have become known as “exurbs.” People were buying homes in outlying areas around a major urban area and not within the city limits as such.
This historical practice exhibited in the Boston real estate market and elsewhere gave rise to McMansions and long commutes to work. With the recent economic challenges people are facing nearly everywhere in the United States, the latest trend is for people interested in purchasing and residing in new residences to look for such housing within the city limits of communities such as Boston. People shopping for new homes desire shorter commutes (or no commutes) and do not want the added expense of larger single family residences in outlying areas.
With this trend in the Boston real estate market, the demand for Boston luxury condos and Boston luxury apartments likely will increase in the near future. These types of properties offer people precisely what they are looking for now that many individuals have abandoned the desire to live in the exurbs.
In the Boston real estate market there are a variety of options available to individuals who are seeking Boston luxury condos, Boston luxury apartments and even newly constructed single family residences within the city limits. A well trained and experienced Boston real estate professional can be of invaluable assistance in identifying these types of properties that are most suitable to a particular prospective home buyer.
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