Boston properties have gone from “dumb” to “dying” in the BDO’s report.
The report estimates that Boston properties are worth $500 billion, or about 10% of all U.S. real estate assets.
That’s up $100 billion or more from the previous BDO assessment, which estimated that Boston property values were worth $450 billion.
The BDO also found that the number of “low-value” homes and condos in the Boston metropolitan area had decreased by 7.7% over the past decade.
Boston now has fewer “low value” properties than it did in 2007.
But the BDA’s latest report does not include the value of “affordable” properties.
That figure is valued at $500 million or less, or less than a third of the BDC’s estimate.
The Boston properties in the $1-billion category include a variety of commercial, residential and office buildings, and are primarily located in Boston and the Boston suburbs.
The BDA estimates that the city has more than 20,000 “affordable” residential properties.
The number of high-value properties is estimated to be in the range of $500-1 billion.
The report finds that the median cost of a “high-value house” in Boston is $3.5 million, while a “lowest-end” home costs about $3 million.
The value of the “affluent” market in Boston, where most of the properties are located, is estimated at $1.5-2 billion.
That estimate includes a large percentage of luxury homes in the “upper end” of the market, where the median price of a luxury home is $9.5,000, according to the report.
That compares with the $6.2-million median price for a “moderate-income” home in Boston.