Would you pay $366,000 for 297 square feet?
Super tiny Boston condos are going for big bucks.
The Back Bay is a very expensive place to live, but how much is too much?
For Maggie Crowley, investing in a 297-square-foot studio on Marlborough Street was well worth the $366,000 she paid for it. According to The Boston Globe, the 30-year-old business development officer said she couldn’t afford to buy anything larger in the city.
Crowley travels often for her job with a payment technology firm, so she mostly considers the home an investment. She told The Globe she’d live in the condo for just a few years before renovating and renting or selling it for a profit.
Crowley isn’t alone. The Globe reports that super small (under 450-square-feet) units in the North End, Fenway, and the Seaport District are fetching prices above the median value of single-family homes across the state.
Developers have taken notice of the trend, and luxury micro-apartments are popping up in the Seaport.
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How much the Seaport has changed through the years:
With the influx in new mini apartments, only time will tell if the demand (and subsequently, the prices) of tiny apartments and condos will go down. But for now, you’ll have to start saving in order to get one. Nick Martin, spokesperson for the Boston Redevelopment Authority, told Boston.com many micro-apartments in Fort Point are renting for upwards of $2,000 per month.
Read the entire Globe story here.
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