Suburban Prices Following Metro Boston PatternMarch 26, 2016
In 2015 Boston luxury real estate prices rose tremendously, and neighboring towns, such as Cambridge, Brookline etc. saw an uptick in sale prices too. As high end real estate, or in general terms, all residential Boston real estate gets more expensive, it is evident that some city residents expand their reach beyond the city limits in search of less expensive housing.
With more buyers looking outside of the city limits, and the high demand for Boston luxury homes, it is only a matter of time before prices in nearby towns rise accordingly. Then buyers reach farther and farther from the city in the hope of finding homes within their price range.
I was working with buyers moving from Andover searching for a Boston luxury home. Having sold their home and not finding a condo as large as they wanted that had views, amenities, garage parking etc., they decided to rent for a year until they found their dream condo. When their lease was almost up, we started looking for Boston luxury real estate again. But they soon realized that for the same amount of money budgeted several months previously, the sizes of units are getting smaller and smaller. Since the market kept going up, the couple had to settle for a Boston luxury home with 2 bedrooms instead of a 3 bedroom property and sacrificed other amenities on their initial wish list.
This illustrates the advice I've been giving throughout my blog posts. If you really want to stay in the heart of Boston and enjoy the life style, try to buy within your budget without postponing the purchase process , even if it means compromising some wish list items. This way, you will be ahead of the Boston luxury homes curve rather than chasing it.