Morning Briefing: Rents surge in Boston’s southern suburbs

by Steve Randall24 Aug 2015
Rents surge in Boston’s southern suburbs
Rents in the southern suburbs of Boston have surged by almost 10 per cent in the past year according to real estate firm Axiometrics. The city’s core, where new luxury apartments are springing up everywhere, has seen more modest growth in rents. There is a large gap between average rents downtown apartment and those in places like Plymouth and Franklin; $3,599 compared to $1,777. With that disparity demand in the southern suburbs is high. David Boyea from Marina Bay Realty in Quincy told The Boston Globe that people had largely ignored many of the suburbs until recently: “In the last two years, that has started to change. And it didn’t take long for landlords to figure out they could charge more.” He predicts that the upward trend will continue for some time.
Buyer goes gaga for former celebrity duplex
A New York apartment once owned by Lady Gaga has sold for its asking price. The penthouse duplex at 421 W. 54th Street has been bought for $6.2 million by the next door neighbor who plans to combine the two properties into one huge home. The New York Post says that as well as its former celebrity owner, the apartment is in the The Hit Factory, a building where The Rolling Stones, Stevie Wonder and Whitney Houston have all recorded in the past.
Illinois reports surge in home sales, prices
July was a strong month for the housing market in Illinois. The Illinois Association of Realtors say that statewide home sales totaled 16,901 homes, up 8 percent from July 2014 when 15,644 homes sold. Association president Jim Kinney commented: “The strong year-over-year gains we saw in July suggest there is plenty of steam left in this market. Buyers are finding they have to work quickly once they find the home they want since inventories are very low.” The median price in July 2015 rose to $190,000, a 6.1 per cent gain over July 2014’s statewide median price of $179,000. 


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