Quincy next as Boston high end apartment demand craters?

– News about Quincy MA from Quincy Quarry News

High-end Redgate project groundbreaking delayed?
A Quincy Quarry News photo

Quincy next as demand for high-end new Boston apartments craters?

The Boston broadsheet reports that the demand for the many ne plus ultra apartments built recently in the tonier parts of Boston has softened and apartment leasing agents are having to resort to creative incentives to endeavor to perhaps secure tenants.

Overbuilding is nothing new in real estate, with overbuilding for the high end sometimes resulting in disastrous as well as especially expensive negative outcomes – just ask Donald Trump.

What’s a mere 4 bankruptcies?
A Chump Trump photo

While real estate development has all but assuredly not (yet, ed.) hit Crash of 2008 bubble levels, the almighty hand of the absorption rate clearly appears to raised itself for at least the near term and so confirmed widely held suspicions that things had become at least a bit frothy.

After all, local colleges already have more than their fill of far beyond merely indulged foreign students.

Plus, with oil prices cratering to lows not seen since 2009, there may even be a little softness in high-end residential demand by those students who hail from oil oligarchies.

In turn, everyone knows what rolls downhill and it just may have already started rolling down upon Quincy’s recent as well as record-setting multi-unit residential housing projects construction frenzy.

Delayed Boardwalk Residences at Marina Bay project
A Redgate project rendering

Case in point, Redgate Real Estate Advisers – problematic advisors to both embattled incumbent Quincy Mayor Thomas P. Koch’s controversial new Quincy Center redevelopment plans as well as Quincy Mutual Insurance’s also controversial plans in addition to its further being an unholy corporate relative of Redgate Capital – is over a year behind on its original July 2014 groundbreaking date for its 352 unit Marina Bay apartment project.  Further, its project – The Boardwalk Residences at Marina Bay – was fully approved for all intents and purposes in May of 2013.

No one working this day on the Boardwalk
A Quincy Quarry News photo

And then there is the problem of clear appearances of conflicts of interest.

Further, this still pending a groundbreaking development has always been touted as planning to charge the highest rents in Quincy since the project was initially floated well over three years ago.

Quincy Quarry considered reaching out to Redgate for comment on the ongoing delay, but then realized that no one wants to bothered with any questions in the aftermath of the Labor Day holiday weekend and the start of a new school year.

As such, the Quarry instead opted to reach out to its sources both high but mostly low to find out if perhaps Redgate might be facing some delay in securing access to construction funding so that it might commence actual construction on this long pending project.

Quincy City Hall constipated from stress?
A Quincy Quarry News file photo

If there are –  in fact – any project funding problems, such would surely resurrect memories of how the much-touted groundbreaking for Street-Works’ Merchants Row project in the months before the 2013 mayoral election in Quincy so purged any possible 2013 challengers to the now duly embattled incumbent Quincy Mayor Thomas P. Koch.

Fortunately for the Koch Maladministration in 2013, it was not until hard upon election day in 2013 – and thus way too late for even a strong write-in challenger – that both the Merchants Row project as well as then Street-Works itself hit the ground and then even worse for local taxpayers left to pick up the check.

No parking even before construction
A Quincy Quarry News photo

Only time will tell if and then how history might repeat itself or if the Koch Maladministration can spin yet another fast one by local voters.

In the meanwhile, parking in the Q continues to disappear even before construction commences. much less before even more new tenants move into the Q.

Regardless of how things next break for the Q, expect Quincy Quarry to cover the news and so maintain its Number One Ranking for News About Quincy.

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