If you’ve been following the market here in Boston—or at least following those who follow the market—I think you’ll agree that in most of the city, we seemed to have reached a consensus opinion: nationwide, the market is down, but here in Boston, things aren’t so bad.
The reasons given for this are strong educational and biotech sectors, plenty of momentum from downtown condo construction programs, parents buying condos for student housing, and a tight, compact geography that puts lots of property in desireable locations.
Say what you will about the T, but I think it would be foolish to discount the role of an effective—if somewhat dysfunctional—transit system in Boston’s market survivability as well. After all, crude oil is up at $143 a barrel. Not driving saves cash, and if there’s one thing Boston encourages, it’s staying the heck out of the driver’s seat.
But for all these advantages, Boston has one thing lacking from other survivor markets, like Houston and Atlanta: winter. A cold, bitter, and unforgiving winter. On a sticky, muggy day like this, it might sound like heaven, but come November, those cold temps could cut us off at the knees.
Last year, with heating oil around $3 a gallon, tough decisions needed to be made. With the potential to reach nearly $5 this winter, heating oil prices could cripple the housing market here more deeply that even the most reckless NINA loans.