Boston sports aren’t the only things on top in this happening city today…
An article posted on the WSJ website today reports that the S&P/Case-Shiller home-price indexes, a closely watched gauge of U.S. home prices, show price declines continued to get steeper in April, with prices in every region surveyed now showing year-over-year drops. However, there are small, yet significant findings in some major metropolitan areas, showing a slight improvement from April to May.
Out of the eight metropolitan areas able to avoid a decline from April over to May, it comes as good news that Boston would be included on the list. Although there has still been a decline since 2007, Boston is still ahead of the curve in terms of moving forward and continuous growth.
In general, studies have shown that on a month-to-month basis, median prices for condominiums have increased by 2.7% from last month. With all of the new construction in Boston such as the Mandarin Oriental, and most recently, the proposal for luxury condominiums to be built from Copley Place, urban construction has continued to grow throughout the downtown area.
With the rising gas prices, one must have to consider the convenience AND savings that urban living has to offer now more than ever. There appears to be a growing trend in urban condominium living , attracting not only suburban professionals, but small families and baby boomers as well. The financial burden high gas prices have created play a major role in the decision to purchase an urban condominium. It’s not a surprise that Boston is experiencing booming condo construction considering how it is so easy to walk just about anywhere downtown.
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Source: WSJ.com, The Boston Globe