Were you looking for a few good square feet? I reviewed the first seven months of Boston’s condo sales and it looks like they had some really nice square feet over at 2 Com Ave. Those would have set you back about $2750 per square foot. Didn’t feel like spending that much? Well, then the ones over at 400 Stuart Street – Unit 15A might have looked like a bargain at only $1,434, you know what I’m saying…LOL.
Boston, on a more serious note, here’s the highest price paid for condo square feet in the city in the first seven months!
Did you hear about the Realtor who had a buyer who wanted something that didn’t exist?
That client’s name was “50% of their book of business.”
Despite the fact that the Greater Boston MLS has tens of thousands of homes for sale, once a buyer compares their needs, wants and aspirations for a home against the available inventory it will be lucky if even three look like potential purchases. Furthermore, upon visiting the three potential new homes, it’s not uncommon for all of them to be quickly ruled out. So, will the type of home the buyer is looking for ever come up for sale? Certainly I hope so. The numbers bear out that buyers probably will find their next home, but one thing usually happens first.
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In the first seven months of 2014, only 3,552 Boston condominiums were listed FOR SALE.
This, of course, begs the question, “Where are you hiding the other 3,159 listings, Boston?”
I reviewed Boston’s better condo markets and these were the five sales that went the most over ask in the first seven months of the year.
Can you imagine coming from some small podunk town in the middle of nowhere, moving to the Hub and looking forward to experiencing the American Dream. On the first meeting, your agent says, “Disregard the listing price. You might have to go $330,000 over ask to get what you want”? Moving back to Podunksville might start looking pretty good.
This happened recently. A neighbor contacted an owner whose house is about to go on the market and makes a cash offer, with no contingencies, that was 10% below what a broker told him was the lowest price to expect. So, of course, the owner refuses the offer. The neighbor, still hot for the home, asks what will it take the owner to sell him the house instead of going to market? The owner responds something along the lines of “an offer that makes it worth my while.” So, the neighbor increases their offer by 40%. You read that right, 40%! The revised, cash, no contingency offer surpasses the highest range of broker predicted possible sale prices. The only hitch, there were no houses that were available for sale in that market at that price. So the aforementioned house goes to market and …of course, sells for almost 10% more than the neighbor’s increased offer. DANG! Folks, in this market no one can assess market value without going to market. Don’t believe me? Then, read my featured column in Curbed!
About David Bates
David Bates is a top producing real estate agent who has sold condominiums, single families, and investment property in a variety of Boston neighborhoods and many of the city's better suburbs.
His insights appear not only in in this original content blog, but also in the most established local media, including Banker and Tradesman, Boston Magazine, Boston.Curbed.com, The Boston Globe, The Boston Herald, Bloomberg News and NECN.
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