How bad did the weather pummel the listing count in your condo market?
Hopefully, not as bad as it did Dorchester, where February listings were down 75% compared to a year ago.
On the surface, Back Bay’s February listing count was just -2% compared to February 2014. But that’s because about a third of Back Bay’s February listings occurred at just one address, 778 Boylston, aka The Mandarin Oriental. If those million-plus listings hadn’t made it to market Back Bay would have, of course, listed about a third less than it did in Feburary 2014. In regard to bringing new listings to market, did your condo market take a snow day or a snow month in February. To see how the weather impacted listings coming to market in Back Bay, Beacon Hill, Brighton, Brookline, Cambridge, Charlestown, East Boston, Jamaica Plain, Midtown, Somerville, South Boston, South End, and the Waterfront continue reading !
According to these charts, the weather impacted the Boston condominium market almost as much as it did Boston thoroughfares. In a market that was already listing light to nearly a 911 standard, 28% fewer listings came to market this February as did last February. And, obviously, if condos aren’t on the market, buyers can’t buy them. So it comes as no surprise that in February pending sales were down 21% and 18% fewer Boston condominium sellers went to the closing table.
Radian, the sleek new 26-story apartment building whose online map has its location as the focal point between Chinatown, the Leather District and Downtown Crossing tries hard to get an eight for cool. My problem might be that on my best day, my coolest, I’d be pushed to get a seven for cool.
When I visited the building in January, I was told the building’s look and feel was like a boutique, New York City hotel and that when people didn’t rent apartments at Radian it might be because they purchased a condo at The W in the Theater District.
(This post first appeared as my February Banker and Tradesman column)
In the first six months of 2014, the town of Arlington listed 25 single-family homes in the $350,000 to $399,000 range and put 26 listings in that range under agreement.
In the same time period, Arlington listed 18 single-families between $500,000 and $599,000 and put 19 of them under agreement.
And in the $600,000 and $699,000 range in the first six months of 2014, Arlington listed 17 homes and put 17 listings under agreement. In other words, Arlington might be the only town in Massachusetts where when 100 percent of the inventory goes under agreement, it brings down the average percentage of listed homes that go under agreement.
What makes Arlington a place where literally more inventory can go under agreement than is listed?
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Not many Realtors call FSBOs and Expireds, but for a long time I did. So, Tom Cafarella of the Boston Real Estate Journal podcast and Ocean City Development, interviewed me about the very successful approach I used.
To hear more about my approach on these calls and why it was effective, click the link.
Mega-thanks to Boston Magazine editor Kara Baskin for including some of my insights in the magazine’s comprehensive look at our current real estate market. Click the link to check out a few of my quotes and charts and read some fantastic pieces about the Hub market.
Obviously, the magazine is home to some of the best editorial talent and quality stories in the Hub. So, any time I can be included in any of their editions, it’s a dream come true and a mind that is blown!
Continue reading to see my re-imagined cover of the magazine.
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Ted Tye turned a gritty Boston newspaper plant into an urban village, with more than 300 apartments, one of the most impressive supermarkets I have ever seen, and design surprises around every corner. What did he have to say? Read my featured column in Curbed and find out!
In 2014, Tracy Campion had 45 MLS condo sales that topped a million dollar sales price, 33 sold for more than $2 million, 24 exceeded $3 million, 14 surpassed $4 million, and 11 were greater than $5 million. Those were her results in just one year, just condos, just MLS listed. Incredible! Hopefully, it’s obvious why she is considered Boston’s number one broker in terms of sales volume.
Recently, I spoke with Tracy about what it takes to really succeed as an agent in Boston and about happenings in the market. What did she have to say? Read my featured column in Curbed and find out!
This morning, MLS showed 262 newly listed single family homes. Of the ones that lead the listing with a photo of the exterior of the home, about 40% of those photos showed the home without snow. Some of those photos featured sunny days and beautifully manicured yards. Put simply: I want into one of those homes!
The extreme weather conditions create a challenge for Realtors whose clients want to come to market and move on with their life as soon as possible. After all, what house, what yard, what roof looks good, after experiencing a snowpocalypse? Note, that most of the homes that show photos of exteriors that may have been taken about the same year as the photo on an agent’s business cards, also have photos of current conditions.
In January, I visited Portside at East Pier, a brand new apartment building that opened in East Boston in October, and which I heard was already more than 20% rented.
This is the first of many East Boston developments and in general, I was really impressed with the property.
Read on and find out the things I liked and didn’t like about this new building.
(Check out the photo gallery, too)
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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