Teeming with tempered glass, luxurious design, and foreign
investment, Bostons cityscape is on a fast-track to the future. The
newly built and nearly sold-out Millenium Tower is proof.
Foreign buyers have been
purchasing the towers ultra-luxury condos in bulk, paying anywhere
from $875,000 for one bedroom to 6,400,000 for a penthouse suite,
with the intention of renting them out at a profit. Most recently,
Bingyi Chen of China has made headlines in
The Boston Globe
and other local and national
newspapers for purchasing at least 16 condos on behalf of investors
in his native country.
Charles Wang, a
Gibson Sothebys International Realty sales professional, who
represented Chen and his wife on the multi-million dollar
Millennium Tower deal, believes its all about the investment
opportunity–something Boston has a lot of. Wang envisions such
opportunities to be long-lasting and extremely lucrative, with the
exponential growth and steady incline of our city as a sort of
insurance policy in an otherwise unstable global economy.
This increasingly popular and
highly lucrative practice has created a market on which condo
developers around the country are capitalizing. Millennium
Partners, builders of The Tower, has offices in several major Asian
cities, and even launched a website in Mandarin exclusively for
this project. As liaisons between distant countries, developers and
realtors are recognizing the importance of a smooth and
straightforward buying experience for their foreign investors, who
now make up a massive chunk of the dollars parked in the United
States economy. The National Association of Realtors reported in
June that foreign buyers spent $102.6 billion on residential
properties in the U.S., up 50% since 2012. Purchases by Chinese
buyers have nearly tripled in that time, reaching a staggering
$27.3 billion last year.
Richard Baumert, a Partner of
Millennium Partners, told The Boston Globe that weve only seen the
tip of the iceberg of foreign investment, he also added that Boston
is on a world stage right now. People want to be here. And we cant
blame them.
With the worlds top universities,
tech-firms, start-ups, transportation, sports, and scenery, Boston
is more attractive than ever to foreign investors. According to The
Globe, Specialists expect those figures to only increase as the
swelling ranks of wealthy Chinese look for ways to diversify their
holdings outside of China and gain a foothold here.
Source: Boston Globe.