Chinatown Condo?

[lrfox]

Originally Posted by clevedark

This is reminding of the auction last weekend at the Longwood Towers. I wonder how that went???

I was curious about that too.

[justathought777]

If you're planning on living in an area for more than five years, and you have the down-payment, then why not purchase?? Just make sure you buy a property that you can actually afford comfortably. Home ownership is never a bad way to go if you're buying the property as a home, versus wanting to flip it two to three yrs down the line for a profit. There isn't a lot of inventory in the Chinatown area, which is actually going through a lot of renovations right now. However, the condos and apartments that will be built, or are being built, will definitely be luxury. There are three huge universities in the area and all are investing and expanding into the Chinatown neighborhood. Emerson college is putting a hefty seventy seven million into Paramont Theatre. The Boston W is also being built and is going to propel the property values in the area. As for the rat comment, what an ignorant, unsupported, racist comment. Why would Tufts University, along with its many hospitals and facilities in providing healthcare, allow the area to be run with rats. I don't think the city of Boston would allow this. Oh, and areas IN THE CITY will be more expensive square footage rise. But that's what you pay for to live downtown, where the clubs/bars/parties/shopping/cafes/restaurants are. I've been looking, and many condos sell for 400k for 600 sq feet. That's insane, but it's not meant for families in the first place. It's for millionaires and young successful professionals, and these people don't want/care for a yard, removing snow, dealing with maintenance, which is why an HOA fee is PERFECT.

[smarty]

There isn't a lot of inventory in the Chinatown area, which is actually going through a lot of renovations right now. However, the condos and apartments that will be built, or are being built, will definitely be luxury.
Why is the downtown Filene condos (1-2 block from that condo building) project still a big hole if buying is so attractive? How many can afford $400K for 600sq ft (which is consider cheap)?


As for the rat comment, what an ignorant, unsupported, racist comment.
Have you lived in Chinatown before? The previous restaurants in that same building were shutdown by health department for rat droppings many times. Did you see the piles of garbage overflowing in Chinatown at night? Boston is an old city, there are problems with rat everywhere... but with so many restaurant in such a small area, it is not a good situation.

[lrfox]

Originally Posted by smarty

There isn't a lot of inventory in the Chinatown area, which is actually going through a lot of renovations right now. However, the condos and apartments that will be built, or are being built, will definitely be luxury.
Why is the downtown Filene condos (1-2 block from that condo building) project still a big hole if buying is so attractive? How many can afford $400K for 600sq ft (which is consider cheap)?

The Filene's project is on hold because the city allowed them to begin construction without financing secured and without tenants lined up (aside from Filene's Basement). They need about an additional $100 Million to begin construction. It has nothing to do with condos. In fact, the Condo portion of the Filene's project was eliminated to cut costs on the project and due to low demand. There will be no residences in that tower. The market was flooded with new condos in recent years so demand has dropped (and prices are starting to but are still too high). Brand New Projects like the W (Stuart/Tremont intersection), Mandarin Oriental on Boylston, Battery Wharf in the North End, 45 Province (next to Marliave), The Clarendon (Near Back Bay Station), Archstone, Northpoint, and a bunch of others have an incredible number of vacancies due to the fact that they were completed (or are still under construction) at the end of a bubble and were built in response to a short term boom in demand. Prices will drop as a result of this sharp decrease in demand as the owners and investors scramble to fill vacancies and cover sunk costs, but they are still way too high in most cases.

[nakosath]

any news terry8 from the avana lofts? i think that their price starts from 550$/sf so i am wondering about the low price that you mentioned. what you mean that is dodgy? did you see the lechemere condos, how they look?

[xS☺B☺s]

Originally Posted by nakosath

any news terry8 from the avana lofts? i think that their price starts from 550$/sf so i am wondering about the low price that you mentioned. what you mean that is dodgy? did you see the lechemere condos, how they look?

Chinatown still has a bit of a hangover from the Combat Zone days. I like CT and went there frequently, but the drug dealing and homeless do kinda spoil the party. However, CT is a great location that is only going to get better. Smarty's right, there is rats, nothing racist about that. It's ignorant to suggest BOS doesn't have a rat problem. The only way BOS doesn't have a rat problem is that the rats have no problems is BOS because they are so big no one dares mess with them. And CT is filthy. Anyways, I know where that building is and you'll have Boston Common, the theatre district, South Station, and the brand new Rose Kennedy Greenway right at your doorstep. Not bad. And it will get better. I'm sure that property will appreciate.

Probably the only downer to the development of Chinatown is we may within our lifetime see the last Chinese person in Chinatown get priced out and move to Quincy. I think a $350 condo in CT could be a real bargain, IRFOX's post about Northpointe is practically a giveaway. That's real nice, but the CT location in the heart of downtown can hardly be beat at any price.

[DonBoston]

Chinatown is a fairly good area.



-Jim