Demand for New Full-Service BuildingsDecember 9, 2017
There’s always a special attraction for anything new in Boston luxury real estate. Once there’s a buzz around the construction of a new luxury tower, it not only attracts buyers from near and afar, but also it attracts buyers from other luxury buildings that are older by only a few years.
We see many Boston luxury home owners who switch from one luxury tower to another one under construction. This means many competing units become available in the existing building as the result of this migration, and the demand goes down. This makes it a great time to buy a Boston luxury home in the older buildings due to abundance and price competition.
Keep in mind that once the units in the new luxury towers are sold out, the supply is not as abundant in older buildings. This creates more demand and higher prices with fewer or no units for sale in these buildings just because no new tower construction is in the pipeline.
In anticipation of moving to the new luxury tower upon completion, Boston luxury home owners start marketing their existing home. Then the rush stops……
I have come across many Boston luxury real estate buyers who would not live in this or that building when many units were available for sale, but with the absence of a newer comparable project in the pipeline, they now wish they had bought a unit in those buildings. Timing is everything and buyers should be aware of when and how to purchase real estate wisely.