Unique Boston Luxury PropertiesNovember 4, 2017
Recently, I came across Boston luxury homes buyers who wanted to purchase a gorgeous property in a luxury building, but the price exceeded anything else sold in the building to date. We are seeing this type of scenario, especially in a tight market when unique properties are being marketed or sold over and beyond any comparables ever sold in the building...or in Boston overall.
Boston luxury real estate buyers who are looking at these unique properties and asking for comparable sales are not obviously the buyers for such properties. Sellers have all the leverage in this situation, so money shouldn’t be an issue for buyers looking at these Boston luxury homes.
Sellers of such properties, knowing how unique and one-of-the-kind their Boston luxury real estate property is, are also aware that there is only one buyer in the market who will pay for the property regardless of asking price. They are willing to wait however long it takes. These buyers are looking at the “upward” market in general throughout the city in all the neighborhoods.
Sometimes there may not be comparable sales in the building you’re buying, but there are similar properties that have sold in other Boston neighborhoods. Looking at comparable data may make it easier for Boston luxury real estate buyers who can’t justify the price.
Generally speaking, buyers will not lose money when they buy a one-of-a-kind property. Unique homes with broad appeal and desirable layout, location, design, or finishes will always have a valuable resale price tag.