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Our own little bubble – downtown Boston condo sales stay strong

Buried in all the negative stories about home sales over the past quarter was this piece of news:

Meanwhile in Boston’s chic downtown neighborhoods, sales and prices rose. According to Listing Information Network, sales in 12 downtown neighborhoods, including the North End, the Back Bay, and the South End, increased 5.4 percent, to 1,023 condo sales in the July-September period. The median price went up 4.55 percent, to $439,000.

“We’re insulated,” Link president Debra Taylor Blair said about downtown. “It’s a tighter market, and we have a lot of cash buyers, and it’s a market that’s still relatively low in inventory. We’re not getting the glut of foreclosures.”

I take Ms Blair’s comments to mean “insulated” in the sense of “less affected”, not “unaffected”. Everyone knows we’re in a tenuous market, regardless of location.

Source: September home sales fall 18.7% in Mass. as summer sting lingers – By Kimberly Blanton, The Boston Globe

Read other posts about: Boston condo sales data

6 Responses to “Our own little bubble – downtown Boston condo sales stay strong” »»

  1. Comment by Finance Mike | 10/23/07 at 2:55 pm

    Hi John -

    Is there any way to divide these results by property cost?

    Specifically, is there any way to look at the over $1 million market as compared to the under $1

    million market?

    Thanks!

    Mike

  2. Comment by John A Keith | 10/23/07 at 3:12 pm

    Mike, try using these

    reports:

    http://bostonreb.com/blog/weekly-boston-real-estate-market-reports/

    It

    breaks down on-market and sales by quartile for many of the downtown Boston neighborhoods.

  3. Comment by Boston Condo Guy | 10/23/07 at 6:31 pm

    We’ve been talking about the strength of city center condos for a long time, great to hear others

    getting on board with us.

  4. Comment by Confused | 10/24/07 at 8:18 am

    Who’s buying these condos? I just find it

    astonishing that there are that many people with that much money to spend on housing. I dunno

    perhaps these people are mortgaged to the hilt and things will slow down with the new lending

    standards. Then again there may be more money out there than I realize.

  5. Comment by Unconfused | 10/24/07 at 8:56 am

    >>> Who’s buying these condos?

    Either couples who make

    $200K to $300K per year and take out big mortgages or folks who have been in the Boston real estate

    market for 20 to 30 years.

  6. Comment by Mike | 10/24/07 at 9:25 am

    And let me also note that there are MANY MANY buyers of city center condos

    who don’t require mortgages. Boston is an extremely wealthy town. Think also about how many

    thousands of lawyers and MBAs that our local universities pump out each year, with starting

    salaries in the low to mid $200k/yr range. Also consider overseas buyers who are taking advantage

    of the weak dollar and buying investment properties in prime nabes like the Back Bay and South End.

    All these factors are ingredients in a recipe for a real estate BOOM TIME in the downtown

    city center condo market! John titled this entry “Our own little bubble”. I must disagree! If

    anything, prices in these areas are surprisingly LOW.

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