Boston Luxury Real Estate PricesFebruary 21, 2015
Buyers looking to buy a home, especially in the booming Boston luxury real estate neighborhoods, don’t have the luxury to ponder their purchase for any considerable length of time as they have in the past. They have to be able to act fast and make a fairly quick decision. It’s my job to make sure Boston luxury condos buyers can make the most educated decision possible based on their needs, price range, wish-list, etc. The urgency is due, in large part, to the tremendous surge in property prices across the board.
The tremendous number of new construction projects in the Boston residential market offer all the bells and whistle a buyer could dream of, and at the same time, resale prices of other properties are also increasingly accordingly, in some cases selling over 10% or so over asking prices. Sellers of Boston luxury condos who couldn’t sell their home two years ago are able to up their price and still come in lower than new construction, knowing that new Boston luxury condos for super high-end properties are now asking between $1800-$3000/ft.
Some buyers who have been looking for their perfect property for over a year are now either priced out of the marketplace altogether or have to pay between 25-50% more for the same property. The ones who can afford to double their budget, however reluctantly, find something they like a lot, but still are unable to commit because the space is missing one item on their checklist. Don’t make the mistake of waiting around for the perfect property, especially since prices will continue to increase.
Construction prices keep going up for new projects and older buildings keep raising the ante as well. Every property has positive and negative attributes, but don’t take too long to weigh the options. Another more decisive buyer will likely beat you to the punch.