Archive for the 'Boston Real Estate Trends' category
Market Shows Increase in Boston Condo Sales
A recent Boston Globe article reveals that Boston condo sales for the second quarter of 2010 have soared. The data, which is based off of comparisons with the second quarter in 2009, shows that sales from this quarter have increased by 30%. In addition, the average sale price decreased by 3.6% to $443,500.
Between the months of April and June, 849 condos were sold, compared to 653 condos during the same period in 2009.
Zeroing in on a more specific slice of the market, sales in luxury buildings increased 9%, and the median price rose to $665,000 (11.8% more than the second quarter in 2009).
The recent sales increase can most likely be attributed to low interest rates and continuing improvements in the economy. Prospective buyers have more confidence in the Boston real estate market, as this data represents the third consecutive quarter of sales growth in the downtown Boston neighborhood, which includes the Back Bay, Beacon Hill, South Boston, and the South End.
The rest of the article is here. Also be sure to view our great selection of Boston condos and luxury real estate!
Welcome to all International Investors
Welcome! Benvenuto! Bienvenue! Boa vinda! Recepcion! Willkommen! Добро пожаловать! 환영! 欢迎! 歓迎! أهلا وسهلا! Καλώς ήρθατε! Welkom!
In the last few weeks our office has witnessed a substantial increase in Boston real estate investment inquiries from international buyers. The majority have been from Europe, probably due to the Greek bailout and the fall of the euro. Despite the many economic problems in the United States, and I for one am very unhappy with the unbridled spending and borrowing of our federal government, the United States of America is still viewed as a safe refuge, particularly in times of uncertainty.
Real estate is tangible and Boston has a fabulous international image. Combined with the hyperinflation of many other international real estate markets, Boston property appears to be a bargain with prices generally under $1,000 per square foot. A client from China recently told me that Hong Kong prices are now around $4,000 per square foot. London and Moscow are even higher! So, to all of you wonderful visitors from abroad: Welcome, welcome, welcome to Boston!
Cabot and Company News
"The New Rules of Real Estate" by Ruth Simon from RealEstateJournal.com
This is an accurate article about current market trends, and it offers excellent advice to Buyers, Sellers and Investors. The following excerpt is a concise summary of the main points Ms. Simon discusses:
New Market Approaches
As the real-estate market cools and the number of homes for sale climbs, buyers and sellers need to adjust their strategies.
| Who | What They Should Do |
| Sellers | Price your home competitively in comparison to other houses on the market. Lower your price if the house doesn't attract much interest or offers in the first few weeks. |
| First Time Buyers | Take advantage of higher inventories of unsold homes to negotiate for a better deal. This can include a lower purchase price, help with closing costs or a more flexible move-in date. |
| Move-up Buyers | In some parts of the country, the high-end is cooling faster that the low end, creating opportunities for people looking to trade up. Contingent offers are becoming more common, though they are still frowned upon in some areas. |
| Relocators | Employees who are relocating should choose a new home that will be easy to resell if they must move again. One winning strategy: Stick to houses that are in top-notch condition and in an excellent school district. |
New Study Finds It Is Just As Economical To Live In Boston!!
Recently the Urban Land Institiute announced results of an interesting study and the launch of a website, http://bostonregionalchallenge.org/, where customers can calculate costs of transportation and housing for each city and town in the region.
The report claims that when driving and other transportation costs are added to housing costs there is rarely a sufficient savings to the consumer who chooses to live outside the city. People who move to an outlying Boston suburb to find affordable housing or to get more house for their money often sacrifice the savings to higher transportation costs.
In Boston, residents spend an above-average chunk of their income on housing (41%), but the comparatively low cost of transportation puts the combined housing and transportation burden in that city at 56%.
One out of every four communities in the study area listed below has a combined housing and transportation
THIS MEANS LIVING IN THE CITY COULD POSSIBLY SAVE YOU 2%!!!!
Consider your quality of life and the environment before you choose your home.
Study areas included Cambridge, Dracut, Stoughton and Brookline.
Taken from an article on Boston.com, April 12, by Eric Moskowitz, Globe staff
Cabot Tip!
If you live in the city save money by using Zipcar!
Get rid of the car, parking space and insurance!
Clean fun cars to rent by the hour or day!
A Welcome Winter Party...
A Welcome Winter Party That Reminded Us That, Despite The Recession And The Terrible Weather, We Live In A World-Class City With Fabulous Cultural Institutions.
In the middle of the bleak month of February, many Boston real estate professionals were invited to an event at the Boston Public Library sponsored by First Republic Bank. This party was held in the old reading room in the original part of the BPL. There were lit candles, a live classical string quartet, four different food stations preparing delicious foods such as mushroom risotto and Asian noodles, open bar and even private tours of the library!
There were no speeches or product promotions. A bank representative simply thanked everyone for coming and stated that the event was simply a “Thank you” to those people who have worked with the bank. How refreshing! It was an uplifting time for all and we appreciate the positive reminder that Boston is a special city that will withstand the changes in the economy as easily as it has withstood the changes of many seasons. Thank you First Republic!
For your information, we at Cabot & Company particularly enjoy working with Rich Kertzman at First Republic (t: 617-478-5126 ...email: rkertzman@firstrepublic.com).
-Joseph Palermino
