#BostonCondos #BostonRealEstateA plan for a $500 million expansion of Copley Place has been trimmed back to no longer include a tower of 121 condos and 421 apartments, according to the Boston Herald.Simon Property Group has decided the high-end luxury housing market is saturated enough, and that the Boston market won't provide enough demand.The Boston Planning and Development Agency's director, Brian Golden,isn't in agreement with that assessment:
The Simon situation is unfortunate. We hope that this pause will lead to a restart in the near term, but it doesnt make sense to us given what were hearing from, not only other residential developers, but the brokers who are moving these units, Golden said, adding the city has seen 50,000 new residents in the past six years, many of whom are affluent. When you think of the luxury residential towers, they all sell quickly. Theyre all filling up.
Read the Boston Herald's Luxury Glut Stalls Copley Simon Tower.If you have questions about buying or selling homes in the Boston real estate market, please call me at617-584-9790, orsend me an email via the linkbelow.
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