Construction is now back underway in Boston on most projects including any and all housing. While unemployment is on the rise and the state’s re-opening plan is in flux condo prices in Boston did jump last month. According to the Greater Boston Association of Realtors, condo prices rose 7.9%, from $630,000 in April 2019 to $680,000 in April 2020. While the future of the market is still uncertain, developers with the right knowledge and experience may be able to find new opportunities within the Boston market. We’ve compiled a few tips to assist in navigating this unprecedented time.
In the world of general contractors everyone knows the big guys, their names are seen stamped on major projects across the city. When it comes to towering skyscrapers a handful of firms have the market cornered. But these extra-large projects are often few and far between, while medium and small projects are more plentiful. Right now they are over 50 approved new construction projects under 50,000 square feet in Boston that have yet to start construction. How does a local, small firm find new projects, expand their book of business, and gain brand recognition?
As the COVID-19 crisis continues to play out, Boston has seen a decline in for sale listings however with the state planning a phased re-opening and construction starting back up again in Boston later this month, the typically busy spring housing market, maybe pushed to summer. For brokers out there looking to work with developers on new construction projects, we examine the process of how you may go about finding who is building condos in your area. There are developers out there right now working on projects who have yet to select a broker or they are not feeling that great about the brokers they use. You have an opportunity to find these developers and sell them as to why they should work with you. But where do we start?