Sticker Price Shock? It’s Only Getting StartedSeptember 26, 2015
I have bad news for Boston luxury real estate buyers sitting on the sidelines waiting for the market to correct itself. Many buyers are waiting to enter the market until the price of Boston luxury homes decrease. It’s not wise to wait, because it’s only going to get worse.
Looking at Boston luxury real estate data and statistics, coupled with limited inventory, buyers should start thinking more seriously about entering the market and being fairly aggressive. There are buyers who are fed up with bidding wars and tired of the process and have thrown in the towel. This is a huge mistake! No matter how disgusted you are, I urge you to stay in the Boston luxury real estate market and keep trying until you have the winning bid.
Boston luxury homes in the suburbs are now surpassing seven figure price tags. The most expensive house in Brookline sold for $13.5M over a prior sale in the area for $11.8M. In Boston’s Beacon Hill, a sale is pending on a home at $11.6M and another sold for 12.5M this year. These are only single family homes.
Luxury condos are sold at even higher prices per sq’. Some reported sales (not public yet) are into the eight digit numbers. And those that have been published are well into, six and seven digits.
This will most certainly establish a new “base” for pricing new listings accordingly, low or high regardless. Whatever your budget is, get back into the race (yes, it is a race for lack of better word!). It’s important that buyers have a real estate agent to help navigate the current market place.