I went at open houses in the Back Bay, yesterday, with a client. We were looking for “cheap” studios, something under $300,000. There are twelve units on the market, in this price range.
We stopped by a property on Beacon Street. This building had been converted from a single-family, or rooming house, I think, to 10 individual units.
There was one unit on the entry level. It was, I’d say, about 200 square feet. It was listed at $279,000.
The studios on the upper floors were higher in price. They were all basically made up of one large room, with kitchenettes off to one side.
The prices ranged from the high $300’s to the low $400’s. One was on for $479,000.
I’d say they were around 400 to 500 square feet.
I’m a real estate agent, and my business is real estate, and I know real estate, and love real estate, but I tell you. There is no way I’d pay that much for a condo that size.
A million and a half dollars for an 1600 square foot condo is one thing. It sure sounds a lot more logical than $400,000 for a 400 square foot condo, for some reason.