What Can Forrest Gump Teach Us About Real Estate?

“Momma always had a way of explaining things so I could understand them.”

Real Estate agents spend a lot of time explaining things to people. For some people, they spend time explaining what’s going on in the market and what their home is currently worth. For others, it might be why the property they are looking at is a great deal. Perhaps the most frequent explanation is, why they charge so much? (Agents, think how many books are devoted to this subject.) If you’re going to hire someone to market your property, (and you should) you need to hire the person to who can explain things the best. You want the person who can properly convey what your home is truly worth and why it’s worth that much. Real estate can be a complex and tricky thing and when it comes time for most of us to learn things that are complicated, we want the best teacher out there. We want the person who can break down that complex problem and make it easy for us to understand. So if you feel you need greater understanding or if you feel you need further explanation call or email me and I’ll be happy to explain.

First 10 Days of May Market Report

This month’s market data shows  a return to the spring market and an improvement over last year’s crazy decline. The improvements in every neighborhood are a positive sign for the market but it will be more interesting to see what happens with the full month of data.

Back Bay 2010
11 Condo’s sold
Avg. Sale Price: $2,680,013
Avg. Price/Ft: $909.43

Back Bay 2009
9 Condo’s Sold
Avg. Sale Price: $1,514,778
Avg. Price/Ft: $919.01

Beacon Hill 2010
3 Condo’s Sold
Avg. Sale Price: $793,333
Avg. Price/Ft: $758.40

Beacon Hill 2009
1 Condo’s Sold
Avg. Sale Price: $637,500
Avg. Price/Ft: $671.05

South End 2010
13 Condo’s Sold
Avg. Sale Price: $604,962
Avg. Price/ft: $623.8

South End 2009
7 Condo’s Sold
Avg. Sale Price: $563,286
Avg. Price/ft: $609.80

First 10 Days of April Market Report

The market data makes some interesting points this month. If you live in the Back Bay or South End, you’re seeing a sizable jump in the price/ft. but in Beacon Hill there was a large decrease. So if you were thinking about selling last year but were scared, don’t wait this one out because there are buyers out there and willing to pay more!

Back Bay 2010
3 Condo’s sold
Avg. Sale Price: $2,588,000
Avg. Price/Ft: $985.07

Back Bay 2009
5 Condo’s Sold
Avg. Sale Price: $1,345,900
Avg. Price/Ft: $836.83

Beacon Hill 2010
3 Condo’s Sold
Avg. Sale Price: $1,133,592
Avg. Price/Ft: $697.45

Beacon Hill 2009
3 Condo’s Sold
Avg. Sale Price: $3,483,333
Avg. Price/Ft: 1009.20

South End 2010
9 Condo’s Sold
Avg. Sale Price: $ $668,239
Avg. Price/ft: $618.63

South End 2009
7 Condo’s Sold
Avg. Sale Price: $564,143
Avg. Price/ft: $570.03

What was the best size condo to own from 2000-2009?

After doing some exhaustive research into what’s really happened to the Boston Condo Market for the past decade, we thought we’d release this little nugget of information for you. The best size condo to invest in from 2000-2009 in Back Bay was a studio. I know this probably catches quite a number of you off guard, with many thinking that buying a 1 bed would have been a good idea, but it was studios that gained the most value.

From 2000-2009 the price/sq.ft. for studio’s in Back Bay increased 87%! This was well above the next best investment, (1 beds) which came in at increase of 58%. The real loser so to speak for the decade was 3 beds or more which only increased 25% on price/sq. ft. basis.

The First 10 days of March Market Report

The market data speaks for itself here. Condos in Boston’s top neighborhoods are moving and they are moving for more than last year. If you were thinking about selling last year but were scared, don’t wait this one out because there are buyers out there!

Back Bay 2010
15 Condo’s sold
Avg. Sale Price: $1,979,553
Avg. Price/Ft: $1137

Back Bay 2009
7 Condo’s Sold
Avg. Sale Price: $1,255,929
Avg. Price/Ft: $946

Beacon Hill 2010
4 Condo’s Sold
Avg. Sale Price: $453,000
Avg. Price/Ft: $694

Beacon Hill 2009
0 Condo’s Sold

South End 2010
12 Condo’s Sold
Avg. Sale Price: $542,042
Avg. Price/ft: $596

South End 2009
2 Condo’s Sold
Avg. Sale Price: $370,000
Avg. Price/ft: $523

Tax Credit Running Out: 51 Days Left

There are only 51 days left until the First Time Home Buyer Tax Credit runs out. The extended tax credit deadline means you have to have your P&S signed by April 30th. So far out of top 7 Boston neighborhoods 190 condos have been sold under $500k (a typical threshold for first time buyers). If you’re interested in taking advantage of this tax credit before time runs call me this week to get started! 617-449-3642

2010 Spring Condo Market

The spring Boston condo market has arrived early this year! In the past week alone, 77 new condos have come on the market in Boston’s major neighborhoods. The majority of these new condos have come on the market in Back Bay, South End and South Boston. These 3 neighborhoods alone account for 63 of the new listings. It’s important to keep in mind that these lists don’t include new development condos. If you’re thinking of purchasing this spring you might want to start looking now, so as to not miss out on what’s coming on the market. If you’re thinking of listing your property for sale, I can tell you our office is swamped with buyers looking to purchase homes in these neighborhoods. Call us today to find out what your home can fetch, or email as contact@backbayrealtygroup.com

The First 10 Days of February

First 10 days of February 2010 market data:

Back Bay 2010
11 Listings Sold
Avg. Sale Price: $1,705,818
Avg. Price/ft: $1,010

Back Bay 2009
3 Listings Sold
Avg. Sale Price: $1,804,632
Avg. Price/ft: $1,115

Beacon Hill 2010
2 Listings Sold
Avg. Sale Price: $393,500
Avg. Price/ft: $766

Beacon Hill 2009
0 Listings Sold
Avg. Sale Price:
Avg. Price/ft:

It would seem that buyers are looking sooner this year than last year. Prices might be down slightly but inventory is moving.

January 2010 Review

January has come and gone, now it’s time to look back  and see what happened in Back Bay and Beacon Hill sales. It’s looking pretty positive for the most part, but certainly looking better for Back Bay owners than Beacon Hill owners if you need to get your home sold.

Back Bay 2010
23 Condos Sold
Avg. Sale Price: $1,196,326
Avg. Price/ft: $960

Back Bay 2009
10 Condos Sold
Avg. Sale Price: $1,245,050
Avg. Price/ft: $871

Beacon Hill 2010
4 Condos Sold
Avg. Sale Price: $1,358,125
Avg. Price/ft: $1035

Beacon Hill 2009
6 Condos Sold
Avg. Sale Price: $280,500
Avg. Price/ft: $654

The First 10 Days of Twenty Ten

Since it’s now 2010 or Twenty Ten, I thought it would be a good idea to see what happened in Boston condo market in the first 10 days of the new decade.

Back Bay Condos:
6 New Listings with (4/6 under $550k)
5 Under Agreement (3/5 over $1 Million)
6 Sold (3/6 under $400k 2/6 over 1.3 Million)

Beacon Hill Condos:
0 New Listings
3 Under Agreement (List Prices from $339k-$1.25 Million)
1 Sold ($827,500)

South End Condos:
2 New Listings ($335k and $699k)
3 Under Agreement (List Prices from $300k to $750k)
1 Sold ($300k)

My Take: Back Bay continues to be where the action is. It’s where the highest number of new homes on the market are located and where the highest priced sales are happening. There are higher priced homes on Beacon Hill than in Back Bay but more of them seem to be selling in Back Bay.