What you can buy in the South End of Boston if prices drop 30%
Well, if prices fell 30% in the South End, what would that mean for a
buyer?
Here’s the scenario:
In March, 2005, if you had been
pre-approved for a purchase of $500,000, with 20% ($100,000) down, you could have bought a
one-bedroom, one-bathroom, 761 square foot penthouse unit at 22 Union Park, #6, for
$482,284.
If prices had fallen 30%, however, you could have bought a two-bedroom,
two-bathroom, 1150 square foot fourth floor unit at 424 Massachusetts Avenue, #401, for $470,050
(it sold for $671,501, actually).
Or, a 1057 square foot, one-bedroom, one-bathroom,
fifth floor unit at Wilkes Passage, 1313 Washington Street, #513, for $448,000 (it sold for
$640,000, actually).
I am very very skeptical that this would happen, however.
So many variables out there. Still, it’s nice to pretend!