Boston’s Over-Asks Hit $6 Million Market
David Bates / September 11, 2013-5:05 pm
Even if you can afford to pay $6 million for your Boston condo, you really can’t afford to offer just the list price.
That’s what my analysis of August closings for Nine Key Condo Markets (Back Bay, Beacon Hill, Brookline, Cambridge, Charlestown, Jamaica Plain, Somerville, South Boston, and the South End) shows. To beat out the competition, the buyers of a $5.995 million listing at the prestigious Carlton House (2 Commonwealth Ave) ended having to offer $6.25 million, $255,000 more than the asking price.
The listing agent, George Ballantyne, told me that even though he put it on the market at significantly less, the final price was right where he thought it would end up selling. I don’t doubt it! George has one of the most sophisticated pricing presentations I have seen and he has likely seen more $6 million properties than anyone on the East Coast. As a result of the pricing strategy, this luxury condominium found a buyer in just 20 days, at a time when a review of MLS sales shows the average market time for $5+ million Boston condo sales is 303 days.
My featured column in Curbed this week concentrated not just on $6 million properties, but all of the over-ask sales in Nine Key Condo Markets.
In August, 53.7% of the sellers in the Nine Key Markets accepted over-ask offers. Incredible! Will over-ask offers fade with summer weather? Check out my column and find out!