It’s inevitable that as we begin the new year, we look back and see in full review what happened last year. This will be the first in that series but it’s important to take note as we look ahead to 2012.
So what part of the market was the most active in 2011? Across the city the best performing price range in 2011 was the $1-2 million range. The sales volume for condos in this price range was up just slightly over last year. To drill down further though, you’d find that the truly best performing market was Back Bay condos under $500,000. The sales of condos in this price range, in this neighborhood were up 18%. This large jump, when many sections of the the market saw a decrease in sales volume is most certainly a result of increased rental rates. As rental rates around the city increase more and more people are looking to purchase their first home. For many people this number is right around $500,000. This segment of the market we believe will continue to be strong this coming year as more people continue to face rental increases.
The photo above is of a new sub $500,000 condo on Commonwealth Ave in Back Bay. For more information on this home check it out here.
Sunday turned out to be a better day than most of the TV weather reporters were predicting. The morning started bright, sunny and afternoon wasn’t too bad either. So why are we talking about the weather on a real estate blog? This beautiful Sunday would set the scene for a large open house day, 58 open houses in Back Bay alone. So on this beautiful day why were all the open houses empty? Every open house I visited I was told by the agent I was the first person to stop by. So where were all the buyers?
Interest rates are currently hovering at or below 4%, (depending on the circumstance) and yet with financing so affordable one would think that buyers would be looking to take advantage. So again I ask why were the open houses so empty? Tomorrow we’ll go over our thoughts on the open houses we visited and give you a wrap up.
313 Commonwealth Ave is the latest in a growing trend of taking single family brownstone homes in Back Bay and converting them in to luxury condos. The former single family home, has been converted into 3 luxury condos that are expected to be completed for move in this December. What makes this project more unique than some of the others in recent memory, is that each home is coming complete with all of the most requested features. Among a litany of other features, each residence will come with deeded parking and outdoor space. Few other projects in Back Bay offer both of these much requested features to every unit. The kitchens will feature Marble counters and state of the art stainless steel appliances, and each unit has at least 1 gas fire place with granite surround as well as direct elevator access.
The penthouse duplex looks to set itself apart from other units in the neighborhood by offering 3 private decks, including a nearly 500 sq. ft. roof deck. This, combined with the deeded parking is sure to make it an attractive home to potential buyers.
For more information on the building check it out here on on our Luxury Building page. If you would like a private tour of the homes please give us a call at 617-449-3642.
Luxury condo sales in Back Bay Boston are on track to be ahead of last year. While the overall market is slightly down from last year, sales of condos costing 1 million or more are actually up slightly from last year. Sales between the first of the year and September 1st in the overall market are off 3% from last year during the same time period. As we being the fall sales market it will be interesting to see if both numbers continue along their current paths or if we’ll see changes big changes in volume estimates.
Not sure how many people caught this article in the NY Post about Bachelor Pads helping Bachelors in New York seduce more than their fair share, but it’s an interesting article. The article does cite a celebrity as one its examples which subtracts a little from their argument, but it makes for interesting reading. The question is: Ladies of Boston have you ever been seduced by a view? Fill out the poll below and we’ll release the results with a follow up post.
(*Fixing Polling Software)
The Patriots unbelievable win over the Ravens and return to the Superbowl has the entire city of Boston overjoyed. It was a remarkable win and now it’s time to look ahead. Assuming a Superbowl win, we have found the perfect place to celebrate. 410 Boylston Street #2 is currently on the market for $1,995,000. This beautiful new construction 3 bed features two private decks one right out front and one in the back. The front deck will provide unparalleled views of the parade route whether it’s the Patriots, Celtics, Red Sox or Bruins you will have a front row seat to the action. For those that want a little more separation from the fans, check out the penthouse with a private roof deck. Cash buyers, make an offer by Tuesday and you could be calling it home by parade time. For more information call 617-449-3642.
Back Bay Condos, Boston Real Estate Market | Chris Dunn | 
January 22, 2012 7:14 pm | 
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