Real Estate

Mike Deehan
Jan 26, 2023 - Real Estate

Wu ices out the BPDA

Photo illustration of Boston Mayor Michelle Wu with lines radiating from her.

Photo Illustration: Brendan Lynch/Axios. Photo: Pat Greenhouse/The Boston Globe via Getty Images

Boston's planning agency will soon lose its authority over most city planning, Mayor Michelle Wu said last night in her first State of the City address.

Driving the news: Wu said she'll sign an executive order today establishing a new advisory council as a precursor to a new department that will take over many of the Boston Planning and Development Agency’s responsibilities.

Boston's real estate market isn't poised for a crash in 2023

Illustration of the year 2022, with a keyhole for a zero, which zooms in so you can see through the keyhole to the year 2023.

Illustration: Brendan Lynch/Axios

Boston’s real estate market isn’t poised for a crash in 2023.

Here's what Larry Rideout, chairman and co-owner of Gibson Sotheby’s International Realty, says to expect instead.

Mike Deehan
Jan 13, 2023 - Business

Boston commercial vacancies at their highest in over a decade

Illustration of an office chair neon sign with the word vacancy flashing next to it

Illustration: Sarah Grillo/Axios

An uncertain economy is fueling the highest commercial real estate vacancy rate in Boston in over a decade, according to several of the city's top brokers.

Driving the news: Commercial vacancies were over 15% in Boston and the asking price of rents fell 1.1% in the fourth quarter of 2022, brokerage firm JLL reported last week.

Mike Deehan
Jan 10, 2023 - Real Estate

Mass. unpopular with self-movers

Un-Storrowed . Photo: Jakub Porzycki/Getty Images

Massachusetts is one of the least popular destinations for one-way rentals, according to the country’s largest moving truck rental company.

The big picture: Data from U-Haul shows that people are fleeing the Northeast for warmer areas.

Steph Solis
Dec 14, 2022 - Real Estate

Charted: Massachusetts' housing supply gap

Reproduced from Bipartisan Policy Center; Chart: Axios Visuals

It's no secret that Massachusetts' population far outpaces its housing stock. But new estimates from the D.C.-based Bipartisan Policy Center show how stark the gap is.

What's happening: The number of single-family housing permit approvals dropped by nearly half between the 2000s and the 2010s, according to the BPC's data.

Steph Solis
Dec 14, 2022 - Real Estate

Plugging Massachusetts' housing assistance gap

Illustration of a key in a lock featuring a keyring with a dollar sign

Illustration: Sarah Grillo/Axios

More than half a million Massachusetts residents qualify for housing assistance, yet the state is serving fewer than half of them because of a lack of funding.

Why it matters: The gap has exacerbated the region's housing crisis, prompting families to double up in apartments or to turn to the state's maxed-out emergency shelter system, a new report says.

Interest rates cool down Boston's hot housing market

Illustration of a key separating green and gold colored blocks, with elements of ballots in the background.

Illustration: Brendan Lynch/Axios

The tight housing market is beginning to slacken, if only slightly.

Driving the news: Realtor RE/MAX's October report showed 30.7% fewer closings around the country than in the same time period in 2021, with 36.8% more homes on the market.

Steph Solis
Nov 28, 2022 - Real Estate

Help coming for Boston's future homebuyers

Illustration of a welcome mat that is a one-hundred dollar bill.

Illustration: Maura Losch/Axios

Part of the Wu administration's $60 million investment in affordable housing options is available to locals now — or at least whenever mortgage rates start to dip again.

Catch up fast: The Wu administration announced in mid-November it's dedicating federal aid from the American Rescue Plan to fund the development of income-restricted housing on 150 parcels and to bolster existing homeownership assistance programs.

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