This week in Boston real estate: Opinions on multifamily housing, what $1 buys and more

by Zachary Wright

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Nearly two-thirds of Boston residents oppose multifamily project housing, according to a new study conducted by Boston University’s Initiative on Cities. The study included 2,800 participants, gathering and tracking data from planning and zoning meetings from 97 municipalities in the Boston area over two years.

It also showed those who opposed new housing projects tend to be older and more affluent than their counterparts. They also show up and speak out more at community meetings. According to the study, nearly two-thirds of all comments were in opposition compared to the 15 percent who supported them and 23 percent who were neutral to proposed housing projects.

Tom Acitelli, writer for Curbed Boston, said the results are not surprising.

“The study’s conclusions probably do not surprise some hereabouts who have long lamented the influence of the Not In My Backyard set (a.k.a NIMBY’s).”

In other real estate news:

  • Executive Vice President of the Davis Companies Dante Angelucci will speak about the Boston real estate market at the Boston Real Estate Development and Investment Outlook Summit on Sept. 25 at the Newton Marriot Hotel in Newton, Massachusetts. Angelucci has over 20 years of experience in real estate and construction. Throughout his career, Angelucci has developed a multitude of properties, including mixed-use buildings, office spaces, residential and hospitality.
  • A new study by Zillow Research shows one dollar would buy Boston homeowners .26 square inches — a decrease of .20 square inches from 2008. Compared to other markets, Boston ranks as one of the pricier cities in the nation. In July, the national median home price reached $218,000 while Boston’s median home price is around $588,000. Memphis is at the bottom of the list with a median home price of approximately $83,000. San Francisco and San Jose top out the list with median home prices at $1.36 million and $1.11 million respectively.
  • Boston’s city center neighborhoods are in demand, according to map and data analysis by The Republican. Data shows that Massachusetts residents are looking for an urban lifestyle in Boston with rents well above the state’s median average. City wide, the median gross rent is approximately $1,370, 21 percent higher than the state median of $1,129. In the 02199 ZIP code, a two-bedroom, 1,500-square-foot unit can cost up to $14,500 per month. Dover, MA takes the top spot for the most expensive median gross rent, coming in at approximately $2,371. The least expensive median gross rent belongs to Hardwick, MA, coming in at $617 dollars a month.
  • Boston is behind on the growing popularity of skyscrapers. With only one completed within the last decade, Boston lags behind cities like Chicago, New York and Miami. However, the city edges out Minneapolis, Denver and Charlotte. The One Dalton tower, expected to be completed in 2019, will give Boston another addition to the skyline.

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