This Week in Boston Real Estate: Expensive cities, a hot condo market and more
Boston has long held a reputation as one of the most expensive cities in the U.S. according to real estate prices and local cost of living. A new analysis from Bloomberg argues that it may now be among the 10 most expensive cities in the world based on its housing costs.
The analysis collected data from large cities across the world on each location’s average mortgage costs and monthly rents for centrally located properties as well as outer parts of the metro area. By these metrics, Boston came in seventh place, just ahead of Shanghai, Zurich and Beijing. Of course, that put it well behind the top finishers in the U.S. — New York City was ranked No. 2 overall with San Francisco at No. 3. The most expensive city, per the Bloomberg analysis, was Hong Kong, where a typical mortgage payment was almost $8,000 per month for a centrally located 1,000 square-foot home.
In other Boston real estate news:
Only six months after beginning sales, Fenway’s Pierce Boston luxury condo and apartment tower was almost completely sold out as of Oct. 17. Just nine condo units remained available as of that date in the 30-story tower, developed by Samuels & Associates.