B&T gets all negative on Boston
Banker & Tradesman included an article on 45 Province in its most recent issue.
Hidden in the text was this nugget of information:
45 Province … will attempt to nix fears of poor high-end sales caused by Boston’s slumping condominium market.
From January through May, 253 condos [in Boston] priced $750,000 and up were sold compared to 334 in the same period last year, a 24 percent drop, according to The Warren Group, parent company of Banker & Tradesman.
Tut, tut.
It’s true, according to MLSPIN, that there were 389 $750,000+ sales in 2007 while there have only been 300 in 2008, year to date.
But, it’s also true that there were 212 $1,000,000+ sales in 2007 compared to 176 in 2008, year to date. A less-fear inducing 17% drop.
Plus, it’s also true that there were 48 $2 million+ sales in 2007 while there have been 56 $2-million+ condos in 2008, year to date. A 16% increase.
(Even more encouraging for you first-time homebuyers, there were only 2 condos sold for under $100,000 in 2007 while there have been 47 sold in 2008, year to date!)
Source: Multiple Listing Service Property Information Network, Inc.
More: Luxury Development Contributing to Downtown’s Rebirth – By Kay Metcalfe, Banker & Tradesman