Comments on: Boston South End Condos – Penny Savings Bank http://www.bostonreb.com/2009/12/boston-south-end-condos-penny-savings-bank/ Boston real estate, Boston condos, Boston luxury condos, Boston luxury real estate, Back Bay condos, Back Bay real estate, Back Bay luxury condos, Boston Back Bay condos Mon, 06 Feb 2012 05:38:19 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: rich http://www.bostonreb.com/2009/12/boston-south-end-condos-penny-savings-bank/comment-page-1/#comment-12760 rich Wed, 02 Dec 2009 15:58:14 +0000 http://www.bostonreb.com/?p=25305#comment-12760 Obviously the DOM numbers are off. Units sold in 2009 have been on the market since late 2007. The DOM numbers must have been shrunk by relisting games. My take is that PSB was overpriced to begin with and the developer hasn't dropped prices quick enough. After 2 years, the project has only sold 1/3 of its units. By my rough calculations, a developer's cost go up by 5% for each year that a unit remains unsold. Obviously the DOM numbers are off. Units sold in 2009 have been on the market since late 2007. The DOM numbers must have been shrunk by relisting games.

My take is that PSB was overpriced to begin with and the developer hasn’t dropped prices quick enough. After 2 years, the project has only sold 1/3 of its units.

By my rough calculations, a developer’s cost go up by 5% for each year that a unit remains unsold.

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