Banker & Tradesman: March 21, 2022

Page 1

ANNIVERSARY BY THE NUMBERS

PAGE 6

R E AA LL EES ST T F AI N A INA CL I IANLF OI R NM F A O TRI M A TSI I O RE AA T ET E& & FIN NC ON NN C E S 1I 8N7C2 E

County close-up: Worcester Spotlight: Northborough

IN PERSON

PAGE 8

1 8 7 2

Boston only has the world-class waterfront it does today thanks to Vivien Li and her decades of work marshalling support from developers and elected officials to clean up the harbor.

WEEK OF MONDAY, MARCH 21, 2022

RESIDENTIAL REAL ESTATE BY THE NUMBERS

COMMERCIAL INTERESTS

WU PLAYS

29 percent The share of Florida’s foreign buyers who hail from Russia. See James Sanna’s story on page 10. Source: National Association of Realtors

THE

$5.65 million

LONG GAME

The sale price of the most expensive home in this week’s Gossip Report. See page 10. Source: The Warren Group

$370,000 The median single-family sale price so far this year in Worcester County. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

16 Massachusetts is not one of the top 16 states for attracting Russian buyers. See James Sanna’s story on page 10. Source: National Association of Realtors

8,708 square feet The largest home in this week’s Gossip Report. See page 10. Source: The Warren Group

New Mayor Opts for Scalpel, Not Dynamite

5,897

BY SCOTT VAN VOORHIS

The number of homes in Northborough. See the Town Spotlight in By the Numbers on page 6. Source: Census Bureau

worn in barely four months ago, Boston Mayor Michelle Wu is already sending shock waves through the city’s development scene, though maybe not quite in the way many expected. Contrary to expectations, the new mayor didn’t immediately nuke the Boston Planning & Development

53 percent Condominium sales in Boston’s urban core rose 53 percent last year. See James Sanna’s story on page 10. Source: The Collaborative Cos.

BANKER & TRADESMAN COLUMNIST

S

Agency, instead opting for a go-slow approach to dismantling an agency she spent years railing against as a city councilor. But Wu hasn’t been sitting on her hands, either, pushing ahead in a search for a first-ever planning czar for Boston, while also moving to clip the BPDA’s powers in other ways.

Key First Step Soon

Meanwhile, she is refocusing city planning efforts away from downtown, with efforts to steer development toward often-neglected neighborhoods. “The long game.” That might be the

best way to describe Wu approach so far to reshaping the city’s development bureaucracy. Wu clearly feels passionately about dismantling a BPDA she sees as a vestige of an earlier, heavy handed, topdown approach to city development, having issued a detailed report on the issue as a city councilor. But maybe less known is the fact that Wu, during her successful campaign for mayor last fall, pledged to sunset the agency in a way that wouldn’t leave projects in the lurch or send developers running for cover. Continued on Page 3

1,338 square feet The smallest home in this week’s Gossip Report. See page 10. Source: The Warren Group

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

MISSED CONNECTIONS

FOOTPRINT FLUX

Study Focuses on Transit Upgrades Amid Development Boom

Boston Leads Nation in Closures Amid Digital Shift

By Steve Adams | Banker & Tradesman Staff

By Diane McLaughlin | Banker & Tradesman Staff

Ferry and Bus Upgrades Community Banks Look to Future Tied to Marine Park Growth as Branches’ Role Evolves

Commercial Real Estate PAGE 7

Banking & Lending PAGE 9


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.