Under 100″ of Snow, But the Boston Luxury Real Estate Market Continues to FlourishMarch 7, 2015
Typically the Spring market in Boston starts in mid January, believe it or not. However this year, due to unusual record-breaking snow storms/blizzards and arctic temperatures, combined with unrealistic traffic jams, one would think that the Boston luxury real estate market would be dead until a seasonal thaw. Especially considering the heaping snow banks and the daunting task of negotiating icy sidewalks around the city.
On the contrary, I'm seeing more buyers of Boston luxury condos. Why? Because suburban home owners are increasingly frustrated with big homes and dealing with constant ice / water damages and other issues. The inclement weather has forced them to seek a more self contained living arrangement.
Suburban residents are anxious to buy a city property, so they don't have to manage winter tasks in the burbs. Due to the shortage of Boston luxury condos inventory, buyers are less picky about what to buy. Since the piles of snow brings salt and stains inside, sellers are reluctant to list their property in the winter months and this creates an inventory shortage. Additionally, properties with several feet of snow on their decks or gardens (if they have any outdoor space) don’t show as well, so sellers tend to hold off putting them on the market until warmer weather months. This means the Boston luxury real estate properties that are on the market tend to sell faster than ever.
Urban living is getting more and more attractive. Even when the weather is bad, you can walk to a nearby theater and catch a show or relax in a cozy neighborhood restaurant without having to drive anywhere.