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January 20, 2022

Boston's Available Condo Inventory 'Collapsed' In December, Pushing Prices Up

New Speaker: Boylston Properties' Andrew Copelotti discusses multifamily demand in Arsenal Yard's mixed-use development

Homebuyers looking to purchase condos in the Boston area may have a hard time finding units available as the area's housing market continues to heat up this winter.

Boston's Available Condo Inventory 'Collapsed' In December, Pushing Prices Up

Downtown Boston's available condo inventory totaled 360 units as of Dec. 31, down 46% from the prior quarter and 41% from the end of 2020, representing the city's largest annual decline in inventory in eight years, according to a Douglas Elliman Real Estate report released Thursday. "What stood…

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President Joe Biden has tapped Beacon Capital Partners CEO and Chairman Alan Leventhal to be ambassador to Denmark, the White House announced this week.Leventhal founded the Boston real estate investment firm in 1998 as a…

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President Biden's First Year In Office For CRE: Infrastructure, But Not Much Else

As President Joe Biden marks one year in office, his administration has changed surprisingly little for commercial real estate, with one notable exception.

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Illinois Property Tax Incentive Could Change The Game For Affordable Housing Development

 

CHICAGO — Chicago's local development community has worried for years about the specter of higher property taxes and the city's more stringent requirements to include additional affordable housing units in new multifamily projects.

But last year’s Affordable Housing Omnibus Bill, signed into law by Illinois Gov. J.B. Pritzker in August, created a property tax relief program that could calm both fears while serving as a model for getting affordable housing built.

Developers and landlords of all sizes, who do work in all kinds of communities — from low-to-moderate-income neighborhoods on Chicago’s South Side to pricey downtown submarkets — will now be able to get their assessed values reduced and limit the amount of property taxes owed if they reserve a set percentage of units for affordable housing after rehabbing or constructing a new building.

The law took effect Jan. 1. And developers that had been reluctant to build in the city say it could be a game-changer.

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