It used to be that when a downtown office tower came to market, it was lucky to get 10 showings. Now, they get 35 showings and seven-to-eight offers. What’s more, “Everybody has a billion dollars to spend,” said Rob Griffin, one of the Hub’s top commercial brokers, at the NAIOP sponsored event: “Boston – The Investment World’s Newest Heavyweight.” What makes Boston’s commercial market so attractive? Check out my featured column in Curbed and find out.
My column in Banker and Tradesman describes a dream I had of being personally responsible for managing the Spring condo market. Quite frankly, there is probably no greater responsibility in all of residential real estate. As I went through a the checklist of the current market conditions, everything was looking great. That is, until I discovered someone had forgot to pick up the inventory. The column provides insights on supply and demand for April. Email me (BatesRealEstateReport@Gmail.com) for a copy of this light-hearted take on current market conditions.
My featured column on Curbed reviewed ten years of condo inventory and asking prices in Nine Key Condo Markets. The many charts included show that as inventory tanked, asking prices skyrocketed. The information also reveals that the inventory challenge isn’t new, that the “for sale” inventory in most major Hub condo markets has been shrinking since 2006.
If you’re curious about how inventory and asking prices have changed in Back Bay, Beacon Hill, Brookline, Cambridge, Charlestown, Jamaica Plain, Somerville, South Boston and the South End, check out my featured column.
I charted the last ten years of Boston’s median asking prices for April 1 and this is what I got. In a supply and demand world, it should come as no surprise that as supply plummeted, prices spiraled.
On April 1, 2011, Boston had 1,780 condos on the market and the median asking price for them was just $400K. On April 1, 2014, however, Boston had barely one-quarter the amount of condos on the market and the median asking price had skyrocketed to $569,000.
Will this trend continue? Stay tuned!
My featured column in Curbed this week focused on the Seaport, Boston’s hottest area for development, but a part of town whose future still feels a bit amorphous to most.
I attended Bisnow’s third annual “State of The Seaport” and culled insights that provided some additional clarity to the current and future residential happenings in the Seaport . In my column, I quote the major development players in Boston’s newest neighborhood as to how well recently finished apartment buildings are renting, how many apartments will be built, what is the likely distribution of unit sizes, what is the key demographic renting, and whether there will be a glut on luxury apartments. Learn a little bit more about this exciting area: Check out my featured column!
I charted the last ten years of Boston’s “For Sale” condo inventory for April 1 and this is what I got. The city’s condo inventory has been on the decline for almost eight straight years. How low can our inventory go? I think we’ll find out in 2014.
For my featured column in Curbed this week, I interviewed several of the most active and successful flippers in the area, the people who can find deals, buy low, renovate in a jiffy, and sell high fast. What does it take succeed as an active flipper? What are the types of homes flippers won’t buy? How many deals do you have to do a year to be among the most active? Find out this and more: check out my featured column!
If you’re worried about sharing your home with the supernatural, you might want to check out www.DiedInHouse.com. The site is the brainchild of a homebuyer who had purchased a home where unbeknownst to him someone had died. He thought the death in the home should have been part of a disclosure in the transaction, but later found out that in most states such a disclosure wasn’t required. Whether a death in your dream home creeps you out or not, the financial ramifications of such an event can be scary. DiedInHouse references an AOL article which says that “stigmatized” homes can trade at resale for a 10-25% discount. For a nominal fee, DiedInHouse reviews more than 118 million records, mostly from 1990 to present, to see if someone had died in a home. The site doesn’t claim to be deadly accurate, but upon request did send me six reports of homes in Massachusetts in which their database had found deaths.
My featured column in Curbed this week concerned the incredible increases in the median list price of “For Sale” condominiums in different Greater Boston locations. This past Tuesday, only the minority of active listings in Brookline were asking less than a $1 million. That same day the majority of active listings in the Back Bay were priced over $2 million. No wonder armies of buyers converge on reasonably priced Hub condos. Compared to a year ago, which Hub real estate hot spots have seen the median list price go up $250,000, $500,000, and $688,000? Check out my column and find out.
Photo by JAXA.
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About David Bates
The Bates Real Estate Report is an original content blog about the Greater Boston real estate market, written by a real estate agent who works the condo market and who has a passion for Boston real estate.
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