The Fallon Companies continues construction on the One Harbor Shore luxury condominium building on Boston's Fan Pier amidst a cooling regional high-end housing market.
The Boston luxury real estate market is beginning the year with stagnant inventory and sales activity, contrasting with national trends that show a broader luxury market revival. Pending luxury home sales in the region fell by 8.6 percent for the three months ending April 30, while new listings declined by 4.5 percent and active listings dropped by 2.4 percent. The luxury segment, defined as the top 5 percent of the market, currently reflects a median sale price of $2.86 million in Greater Boston.
Local analysts attribute the regional slowdown to specific pressures within the urban core, including an influx of supply from new downtown and Seaport District condominium projects. Meanwhile, The Fallon Companies is actively developing One Harbor Shore, a luxury condominium project located on the city’s Fan Pier, which remains under construction.
Owner Michael O’Rourke proposes converting a five-story warehouse at 1 Jackson St. in Worcester into 32 affordable apartments.
A.W. Perry acquires a 128-acre site in Kingston for $3.4 million, with plans to explore residential development and adaptive reuse of the former Sacred Heart High School campus.
Greater Boston apartment vacancies reached 6.9 percent in the first quarter as 10,218 new units remain under construction across the region.
DND Homes plans to file for a 143-unit apartment building in Brighton Center, replacing a previously approved 44-unit proposal on Dighton Street.
A developer is planning 50 apartment units at the former Worcester Academy office site at Providence and Hudson streets in Worcester.
JGE Architecture + Design completes the 45-unit Brookley Flats, a 45,000-square-foot affordable homeownership development in Boston.
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