Pulse of the Residential Boston Luxury Real Estate MarketOctober 19, 2013
The Boston residential market is hot with many magnificent Boston luxury homes available. The prices of new properties coming on the market are higher than they were six months ago.
Boston Luxury Homes are in High Demand
Sellers understand the demand in the marketplace, and want to take advantage of the limited inventory and quickly moving properties. They know they can demand higher prices than comparable sales.
This creates a vicious cycle……some areas are hotter than others. New construction is on fire and selling like hot cakes. It seems that more and more people want brand spanking new construction, and the amenities that go with newer Boston luxury real estate buildings.
The rental market, especially the luxury rental market, seems to have come to a halt. Typically, the rental market slows down in the fall, but not to this extent. People are realizing that buying today is better than renting. Many fear that property prices will keep going up, and it’s best to go ahead and secure a purchase. Knowing that prices have not stopped going up and the inventory is still not saturated, it is definitely a wise decision to buy now.
Why wait? People made that mistake a year ago thinking that the prices would drop and it never happened. Many potential buyers lost good deals in the Boston luxury market. The only problem with being a buyer is that there seems to be so many buyers for very few properties.
The brand new construction projects seem to be pre-selling at great speed, and buyers are willing to pay today’s prices and wait a year or two for the construction to finish. They may even have greater input in design and layout of these units. So, don’t wait to place an offer for new Boston luxury real estate.