Wednesday, August 26, 2015
T uncertainty shakes developers, buyers
Many count on Green Line expansion to boost values
By Dan Adams
The $5 million listing for a rundown strip mall on Broadway boasts of the Somerville property’s redevelopment potential because of its proximity to a planned Green Line station. The Green Line is also a bragging point for the builders of a 30-unit condo building -- some priced as high as $750,000 -- on Washington Street near Union Square, its sales pitch concluding: "It’s not just a home, it’s an investment!" Around the corner, a nervous first-time home buyer rationalized buying a condo just above his price range as a “responsible decision” because the coming Green Line would boost its value.
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