As always, the real estate market is unpredictable. While looking at the neighborhood and county level, Boston Globe findings demonstrated in recent years that there has been recovery in certain markets while stagnant or nonexistent growth in other Boston area localities.
The condo market showed a remarkable increase in median sales prices in Dorchester since 2010, while East Boston, Allston, South Boston and Chelsea all also saw significant increases. We must remember, however, that condo prices in Dorchester in 2010 were low with the median sales price being only $149,000 at that time.
In Boston suburbs and surrounding areas, there have been a number of increases in home sales prices since 2005. In Newton, there was an increase of 47.4 percent during these past 10 years. Arlington and Lexington also have seen significant home sales price increases. On the other hand, median home sales prices in Fairhaven, North Attleborough, Brockton and Westport have significantly suffered during this same period.
With such discrepancies in a relatively small geographic area, it’s obvious that careful planning must take place before any commercial real estate acquisitions occur. And before proceeding with any real estate development, the right sort of planning is in order.
Through long-term handling of various land acquisition matters, the law firm at Phillips & Angley in Boston understands and anticipates possible obstacles to a successful real estate development scheme. Such investments require professional and trusted advice concerning tax, title, zoning, financing, and construction considerations. And with millions of dollars of invested money at stake, even delays or relatively minor seeming disruptions can result in significant costs and litigation.