Who Are the Local Boston BuyersFebruary 27, 2016
As I've mentioned in previous blog posts, buyers of Boston luxury real estate come from all walks of life. Aside from foreign buyers who buy for investment purposes, there are buyers who move from the suburbs, local buyers who downsize or upgrade within the city OR empty nesters, who are buying in droves.
Empty nesters, whether from the city or its outskirts, want a Boston luxury home to be part of the fun and excitement. The empty nesters, gravitate towards Boston luxury real estate in full service buildings. The convenience of having an elevator, garage parking and concierge services are “must haves.” Looking at sale statistics in all the newer buildings, approximately a quarter of the sales are to empty nesters.
Having bought and sold Boston luxury homes in the past, empty nesters are more experienced than first time buyers. They are quicker to make a decision, generally cash buyers and their search time is typically swifter and more defined. Depending on their financial ability, the areas of their search vary from neighborhoods like Back Bay, Midtown/Downtown, South End, South Boston/Seaport/Waterfront. Some older and historical parts of the city like Beacon Hill or North End are limited in terms of full service buildings with elevator and parking.
Some empty nesters are able to sacrifice parking, but an elevator is a must have. Even luxury Boston residential towers that have condos on two levels are less desirable, since empty nesters think of the future when they might need to be on a single floor. Buyers should let their Boston luxury real estate know their criteria at the beginning of the property search, including number of floors in the property. God knows the numerous times that I have had showings in duplex condos in very desirable full service buildings, and the empty nester buyer walks in and says they don’t want to be on two floors. The good news is that there’s something for everyone, and given the shortage of inventory and the flood of new comers into the city, buyers have to be quick to make a decision.