Boston is experiencing a real estate boom. But it’s not just any kind of boom; the entities rising the fastest are luxury apartments and condominiums.
As detailed by Forbes, foreign investors are increasingly recognizing the unique opportunities that Boston presents in this real estate market niche. As a result, new developments are starting almost by the minute, while housing prices are rising faster than almost anywhere in the United States.
For developers, Boston is a hot market with an increasing interest amongst buyers. This influx brings increasing competition, which is why it makes sense to look more closely at the implications of this luxury real estate boom. In fact, doing so uncovers the need for strategic, integrated luxury real estate marketing and advertising strategies.
The Reasons Behind the Boston Luxury Real Estate Boom
No matter where you look, the consensus is the same: the real estate surge in Boston is driven largely by foreign investors looking to enhance luxury opportunities in the city. The reason, of course, is growing demand; as WBGH News found, a large part of individuals buying new property downtown is made up of empty nesters looking to enjoy their free time in the city rather than the suburbs.
But even more common are foreign investors who look at downtown Boston property as a unique combination of profit and convenience:
“Frequently, members of this group buy an attractive property where their children can live while attending school in Boston—then sell it for a tidy profit after they graduate.”
Why Boston over other major U.S. cities? One, it’s in close proximity to some of the world’s most elite universities. In addition, the fast-rising global connectivity of Logan International Airport, along with its immediate access to downtown, make it the perfect fit for high-wealth international buyers and suburbanites alike to find a temporary home.
What Can We Expect in the Local Economy?
Of course, the benefits of this development reach beyond the individual buyers and investors. In addition, most experts presume a significant benefit to the Boston-area economy thanks to the increased presence of highly affluent residents.
Earlier this year, Gov. Charlie Baker noted that the increase in international flights to Logan Airport alone had accounted for a $1 billion regional economic benefit annually. New forthcoming flights to the United Kingdom and Paris will only add to that economic benefit.
And it doesn’t end there. A booming housing market tends to indicate a healthy economy, which is why it makes sense that Massachusetts was considered the healthiest regional economy in the United States just last year. From job creation to additional tax revenue and business activity, new real estate developments tend to play a major part in that growth.
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The Need for a Marketing Strategy to Enhance Visibility
Of course, the benefits of Boston’s luxury housing boom don’t necessarily extend to developers. Here, it means more competition, making it absolutely vital to build a marketing strategy that is designed to attract international investors as well as regional luxury buyers.
Luxury real estate marketing, of course, differs from its more common counterpart. Here, every part of your message has to convey the type of exclusivity and style that your finished apartments will embody. In other words, an integrated strategy that ranges from your website to social media campaigns and direct email efforts is absolutely vital.
The key is to start with an intimate understanding of your audience. Not just demographic and geographic information, but their needs, wants, and pain points. The more you understand about why they’re looking for luxury real estate in Boston, the better you can build a marketing strategy designed to address and satisfy those needs.
Naturally, high-quality visuals are also vital. Perhaps more than any other industry, real estate marketing relies on visuals to communicate the nature of its product. That’s especially true in the luxury market, where high-end, immersive visuals can be the decisive point to draw your audience to you over other luxury developments.
Finally, integration is key. It takes as many as 10 marketing touch points for audience to internalize a value proposition, and that threshold can be significantly higher in luxury real estate marketing. From your website to social media and digital advertisements, everything should focus on your centralized message as a go-to development for anyone seeking out luxury real estate in Boston.
How Millennium Tower Took Advantage of Luxury Real Estate Marketing
One marketing strategy that embodies the points above is our partnership with Millennium Tower, a 625-foot luxury skyscraper that features condominiums ranging in price from $850,000 to $37.5 million. The key to success was building an interactive experience for potential buyers, who could tour the building and visit 3D representations of individual apartments even before the building was finished.
The strategy highlighted the need to immerse luxury buyers in the real estate experience. It was so successful in communicating its core message that a year before the construction of Millennium Tower in Boston was complete, more than 90% of the building’s units had already been sold.
In an increasingly crowded Boston real estate market, how can developers help their offers stand out to potential buyers? The case study of Millennium Tower offers one potential solution. But in reality, possibilities range much further.
As long as you understand your audience and the external environment psychologically, you can build an integrated marketing strategy designed to address their needs and maximize your building’s potential. Your website, digital marketing efforts, and visuals can then be the tactics you use to solidify your space in the midst of Boston’s luxury real estate boom.