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.
My recent post concerned the precipitous decline of modestly priced condos in the Hub.
Check out these graphs (below) that chart the amount of modestly priced inventory in a variety of Hub neighborhoods over the last eight years. This timeline covers part of one of the greatest run up in values in local real estate history, the housing market crash, and the Boston real estate rebound. Yet, you will quickly notice that the charts I made look like repeated and feeble attempts to draw ski slopes.
My December column for Banker and Tradesman focused on the challenges of buying a small Greater Boston multifamily building for investment.
For starters, two to four unit buildings rarely come up in the most valuable Boston neighborhoods. Back Bay sold only two small multi families in the first 10 months of 2013. And Beacon Hill hasn’t sold any MLS listed small multi families since March 17, 2011.
In a number of other Greater Boston neighborhoods where small multies are available, despite significant adverse changes in lending and a previous glut of short sales and foreclosures, sales prices have been surging.
In Dorchester, which makes up around 40% of Boston’s small multi sales, the median sales price has gone from $300,000 to $400,000 in just two years.
Even in Everett, as many as 60 potential buyers would come to the first open house of a newly listed small multi.
To learn more about the small multi market appreciation, click here or email me for the whole Banker and Tradesman story.
This short–to the point–ebook is an excellent reference for Greater Boston condominium buyers and sellers. Not only do the neighborhood profiles found in CONTEXT make it easy to see how a specific condominium compares to other condominiums typically sold in a neighborhood, CONTEXT also clearly shows how nine of the most important and most valuable Greater Boston condominium neighborhoods compare on 17 different metrics. If you want to know how a condo or neighborhood compares in median sales price, median price paid per square foot, average condo fee, as well as the likelihood of finding renovated condos, condos with a view, a deck or parking, and much more, then get CONTEXT.
The neighborhoods included in CONTEXT are Back Bay, Beacon Hill, Brookline, Cambridge, Charlestown, Jamaica Plain, Somerville, South Boston and the South End,
Lots of visuals and short paragraphs make this ebook extremely light reading, on par with reading the Metro newspaper.
Don’t make a mistake: Get CONTEXT before you buy or sell.
Looking for a Boston condo but, can’t find anything you like at a price you like?
Is the challenge the price or the neighborhood?
To get an insight into that age old question, I broke Boston’s first half condominium sales into ten different price ranges. Then, I totaled up the transactions by Boston neighborhood.
And then, I made charts, 13 of them. They visually communicate the amount transactions as the price goes up, so they tend to take the shape of ski slopes, mountain climbs and Bell Curves. Check them out in the gallery below! In it, you’ll find distribution for 13 different Boston neighborhoods, including Back Bay, Beacon Hill, Brighton, Charlestown, Dorchester, Jamaica Plain, Midtown, the North End, the South End, South Boston, the Fenway, the Waterfront and Roslindale.
Or if you want to know the most prolific Boston neighborhoods in certain price ranges, check out my featured post in Curbed.
Sure, you could go up in price, but if you check out the charts, you just might find there’s more opportunity to buy the condo you wanted in a neighborhood you didn’t know you wanted, LOL.
In Greater Boston real estate, 2013 is becoming the year of the “over-ask” offer, so I compiled a list of the offers that went most over-ask in the first five months of the year.
To compile the list I reviewed sales in Brookline, Brighton, Cambridge, Somerville, Back Bay, Beacon Hill, North End, South End, South Boston, Jamaica Plain, Midtown, The Seaport District and Charlestown.
About 40%of the condos and single family homes that sold took over-ask offers. Some offers went way over-ask, some went way, way, over-ask and some made my Top 5 over-asks through May 31.
|Address||Sales Price||Amount Over-Ask|
|37 Beacon #63-64, Beacon Hill||$2,300,000||$200,000|
|79 Chandler #9, South End||$2,461,000||$166,000|
|49 Beacon #3, Beacon Hill||$1,050,000||$151,000|
|59 Sixth St #59, East Cambridge||$885,000||$136,000|
|61 Chandler #2, South End||$1,725,000||$126,000|
|Address||Sales Price||Amount Over-Ask|
|66 Sparks St, West Cambridge||$5,000,000||$1,300,000|
|79 Coolidge St, Brookline||$1,126,000||$376,000|
|26 Parker St, West Cambridge||$1,355,000||$360,000|
|245 Grove St, West Cambridge||$2,700,000||$350,000|
|54A Burroughs, Jamaica Plain||$1,850,000||$251,000|
|Address||Sale Price||Amount Over-Ask|
|2,4,and 6 Brimmer, Beacon Hill||$8,250,000||$1,500,000|
|93 Kirkland, Cambridge||$2,552,000||$552,000|
|20 Marie Ave, Cambridge||$1,580,000||$395,000|
|145 Larch Road, Cambridge||$1,235,000||$300,000|
|133 Erie St, Cambridge||$760,000||$261,000|
My featured column in Curbed this week focused on the low inventory market.
Boston’s condo inventory for June 1 was a little over 1/2 the amount it was on June 1, 2012 and less than 1/3 of the June 1, 2011 inventory.
Without looking at the numbers, what are the signs that inventory is too low in the Boston market?
How far over-ask do offers have to be to win?
What’s the most over-ask offer I have seen in the May sales?
Check out my column and find out.
My column for Banker and Tradesman focused on the new real estate world, a world in which newly listed homes are greeted as if they are visiting teen idols.
What new situations do agents find themselves in?
How prevalent are multiple offers in our market?
What are the circumstances behind a seller’s unusual counter offer for an offer that was already over-ask?
Become a member at B and T and find out.
The lead for my column at Banker and Tradesman this month was about a veteran Beacon Hill agent who told me he could list a dog house and get five offers on it in 24-hours. Of course, I wondered if the offers would be just a few percentage points in excess of the list price or if the bidding for the dog house get even crazier?
I also pointed out that recently, by my count, there were fewer than five hundred Boston condos available to buy. That total included all the condos available in every Boston neighborhood. In the column I noted that on the same day just two Aprils ago, Boston had around 2,000 condos available for sale. What happened? I speculated, “Did Jillian Michaels yell at the city and force it to radically trim its condo waistline?” My response: “I don’t know, but take it easy Boston, your condo market is looking kind of, well, anorexic.”
The column focused on the low inventory’s affect on prices. I also reviewed inventory for the last five springs and found only one year that Boston condo inventory was even 10% higher on June 1 than it was on April 1. My response to that critical piece of trivia: “Uh,oh”
Check out Banker and Tradesman, the paper of record for Boston real estate. Unfortunately it’s a membership only publication, but if you email me, I will send you the article.
My featured post on Curbed this week ran a day early.
That’s because it focused on the incredibly tragic events at the Boston Marathon.
My office is so close to the site, that many news reporters now surround it.
The day before the Marathon, I took my son to the finish line, where we took this picture.
GET CONTEXT BEFORE YOU BUY OR SELL
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NOW AVAILABLE, Version 2.0 with many updates and additional information. This book is a great reference for buyers and sellers, who will quickly see how condos and neighborhoods compare. The short paragraphs and many visuals make it easy reading. CONTEXT 2.0 also includes many of my favorite posts, columns and articles.
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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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