What’s the Best Fit: Luxury Condo or Single Family Home?February 10, 2018
There was a time that single family home prices were higher than Boston luxury condos. It’s not always the case these days.
With large, high-end condo prices at all time high, the single family homes look more and more appealing to buyers. Single family homes vary in size from roughly 3,200 square feet up to 7-8,000+ square feet. Buyers looking for Boston luxury condos that are 3,000+ square feet, and getting discouraged by scarcity and high prices should expand their search.
When Boston luxury real estate inventory is low, sellers will command high prices on their property. There are many condos for sale that are not officially on the market and are shown on a request-only basis. In most cases sellers are not interested what comparable sales are, or what the market price should be. They simply name their price; and, due to the shortage, some Boston luxury condos buyers are willing to pay those prices.
Buyers who have a set budget for a condo and are not finding what they want, may consider revisiting their whole approach. By looking at luxury single family homes, they may get a better value and be able to stretch their budget farther.
Whether you are a condo or a single family buyer, you should not close the door to explore all Boston luxury real estate options. You would be surprised how many condo buyers ended up with single family homes and vice versa.