The negativity about what’s currently going on in the housing market on the nightly news needs to stop! The major problem with it, is real estate is local! So, what might be true in Miami isn’t necessarily true in Boston. Take a look at this video to see what’s really going on in Boston’s Back Bay when it comes to housing.
The Real Estate Wars between Tom Brady and wife Gisele maybe done for the time being, but it’s far from over. Tom Brady’s house has been pulled off the market after 144 days without a single price drop. The monster home with over 5300 sq. ft. of space and priced at $10.9 million has been marked as withdrawn from the MLS. So are we likely to see this property come back on sometime soon? I think so, I’m surprised no one picked up this property already considering the owner. I guess until the next round we will just have to wait and see who wins this war.
The big news of the past week has been that Tom Brady has put his Back Bay condo up for sale. Rumor has it, he and Gisele are looking to move to Brookline now that they have a baby on the way. The stunning home that he used as his Boston residence is now on the market for $10.9 million. What’s so interesting about this, is that it’s the same list price his wife put her New York pad on for originally, only to sell it later on for a measly $4.5 million. The question is, which city will win this Real Estate War?
My money is on Boston! Tom has done well in the sale of his other units in this building and I’m betting he can find someone willing to pay at least the $4.6 million needed for the win. I won’t ignore the fact that many homes in this price range in Boston have had a hard time selling lately, but to own a piece of New England history I’m sure someone is willing to pay.
Let’s review what $10.9 million gets you by taking a look at the specs:
3 Bedrooms
3.5 Baths
5 Fireplaces
4 Garage Parking Spaces
1 Outdoor Space
The description reads: In an American Renaissance mansion, this contemporary PH is the pinnacle of 21st century living boasting unobstructed views of the Charles River and city skyline. This 5,000+ sq sf Duplex has 3+ beds, 3+ baths, 5 fireplaces, a stunning great room opening to the gourmet kitchen. Magnificent south facing living room, ultra-hi-tech media room, & master suite w/ an oversized his/her dressing room & a luxurious en-suite bath. Gym, 2 landscaped Private Decks, Doorman, Garage Parking for 4 cars & 1 outdoor space!
If you’re interested in buyers representation to view this property feel free to give us a call at 617-449-3642.
Two weeks ago I told everyone the fall buying season had begun, and now it’s time to see how we’re doing. In the past two weeks 10 condos sold and 17 were put under agreement in Back Bay. How does this compare to last year? Let’s take a look at the numbers!
September 13-27th 2009
Total Units Sold/under agreement: 27
Average List Price: $927,352
Average Price per sq. ft.: $866
Average Days on Market: 114
September 13-27 2008
Total Units Sold/under agreement: 19
Average List Price: $1,264,200
Average Price per sq. ft.: $1,052
Average Days on Market: 86
Now on the surface you might say prices are down and headed in the wrong direction, but the devil is in the details. If you remove the 1 penthouse sale at Zero Marlborough ($8.5 million) from the data in 2008, you find the average list price is really $840,000. This changes the picture a fair amount. Yes, it maybe taking longer to sell homes now but the truth of the matter is that the average place in Back Bay is currently selling for more than it would have last year. We’ll have to wait a few more days to get the full picture of September.
The average sales price of condos in Back Bay continues to rise. This may sound shocking to many readers who constantly see the news about prices falling all over the city, but numbers don’t lie.
Average sales prices in Back Bay per square foot: 1/1/08-6/15/08 $778.00
1/1/09-6/15/09 $779.00
Now this may not seem like much, but let’s compare it to Beacon Hill in the same time frame.
1/1/08-6/15/08 $745.00
1/1/09-6/15/09 $704.00
Now that increase seems much bigger doesn’t it? My take on this, is that as Back Bay continues to increase in popularity among people of all ages, it’s driving prices higher. The number of renovated homes in Back Bay is also higher than in Beacon Hill which helps further inflate prices.
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Back Bay Condos, Boston Real Estate Market | chris | 
August 30, 2010 4:37 pm | 
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