Playing Musical Chairs in the Boston Luxury Real Estate MarketApril 14, 2018
Due to the shortage of inventory, many transactions are conducted while high end properties are not officially on the market. Knowing that Boston luxury home buyers aren’t finding what they are looking for, a savvy and experienced broker with extensive knowledge of the market would approach her/his list of clients who have properties that match the needs of the buyer.
The dilemma for the potential sellers to find a place to move, since they weren’t planning to sell their Boston luxury home. If the buyers need a place asap, they could agree to rent in the interim until the sellers find a place. So, there are many moving pieces that need to be managed to make it work for all parties and close the Boston luxury real estate deal.
Rather than moving to an interim rental, some buyers opt to purchase a small 1 or 2 bedroom condo until their place would be ready to move into. This actually is a smart decision, and they can sell it after a few months because the market is so hot. They may sell it for what they paid, having lived rent free, or sell it for a profit.
The art of keeping Boston luxury real estate buyers and sellers happy is something that comes with experience and good networking skills. Needless to say that in these situations, sellers end up getting more for their property since it was not originally on the market. The buyers, knowingly and willingly are paying more than the market price but are very happy with their purchase.
In the high-end of the luxury market, many such deals are struck without properties ever hitting the market, unless the market is saturated with listings.