Boston is not unfamiliar with high priced real estate but for the most part the buyers in the city have been local. The buyers have mainly been professionals working Downtown of wealthy empty-nesters moving-in from the suburbs. With the rapid growth of new construction in Boston there has been a new influx of buyers who do not fit the traditional mold. Many foreign investors are buying up high price condos in Boston where they see room for growth in the real estate market. New York City has always been a hot-spot for foreign investors to buy real estate but now many see Boston as a cheaper alternative with a great up-side. The recently completed Millennium Tower has buyers from all around the globe. In a recent Boston Globe article it was noted that a single buyer from China purchased 16 units in the new ultra-luxury tower. Many foreign buyers are limited in the investments they can make in their home countries and are also nervous about instability. With the great development boom we are going through in Boston we can be sure that the city will remain appealing for International buyers for years to come.
Over the past several years there has been a vast amount of residential construction in downtown Boston, the majority of which has been rental buildings. After going through many of these new buildings many of them seem to be mirror images of one another. Most offer 24/7 concierge, garage parking, function rooms and typically some common outdoor space. One Canal is definitely an exception and has raised the bar for apartment complexes throughout the city. The building features four different common outdoor spaces including a gorgeous roof deck pool area with stunning views of the Skyline and Harbor. The outdoor areas feature fire pits, fireplaces, drills and even a projection TV. There is a beautifully designed lounge with custom furniture, a flat screen TV and pool table. Most impressive are the units themselves which are well laid out and were built with high-end condo like finishes. This building is an excellent option for anyone looking for an apartment in a dynamic location and something a cut-above the typically rental building.
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