How Things Have Changed

August 30, 2012
By

The John Hancock Life Insurance Company has a big stake in Charlestown – a $45 million mortgage on the property located at 30 Coldwell Street. Units there, in what is known as a Mezzo Design Lofts project, are among the prettiest and most modern in the neighbourhood.

A three bedroom loft goes for $3500 a month; two bedrooms fetch $2800-2900 a month; one bedrooms are $2300 and studios are listed for $1850.

The rental prices are in line with the local marketplace, which is booming and representative of how popular a place Charlestown is to live in.

What is notable, more notable than the rents being paid for the Mezzo units, is the amount of the John Hancock commitment in Charles town.

That $45 million mortgage backing the Mezzo apartments is an enormous stake in this community.

Ironically, that single mortgage represents more money than nearly all the residential housing was worth in this neighborhood 50 years ago.

Today, that investment represents one of many in that dollar range keeping in mind the new hospital building in the Navy Yard is a $200 million valuation when all is said and done.

Values these days are all about perceptions more than they are of weighing precious metals like gold and equating exactly what your pile is worth.

In such an environment, real estate is worth more than gold when you come right down to it.

The John Hancock $45 million commitment on Coldwell Street proves this.

The fact all those units will soon be rented proves it again.

Everything that glitters isn’t gold but Charlestown real estate comes as close to gold as you can get.