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Boston Renters: Why would you rent and not buy a Boston Condo?

Why aren’t more Boston renters becoming Boston condo owners? In a recent study from Liberty Street Economics they discovered that new and existing home sales are about 5% lower in the first half of 2014 than over the first half of 2013 nationwide. The report also indicated the younger generation is remaining renters longer than previous generations.

The chart below indicates how renters who provided a probability of buying of below 60 percent were asked: “Which of the following are reasons you would rent and not purchase a home if you were to move over the next three years?” They could (and did) pick multiple options from the responses shown in the chart below.

Boston condos and Boston condos
Click chart to enlarge.

Are you a Boston renter? If so, why are you renting and not buying a Boston condo?

One million dollars for a parking space. No joke

Presently, the Boston Common area has parking spaces priced between $25k – $89k on MLS. In Boston Back Bay, parking spaces for sale range from $150,000 at 339 Commonwealth Avenue to $195,000 at 336 Beacon Street. To some these may appear to be high prices for just one parking space, until you see how much they go for in NYC. View video below.

Boston Real Estate: Fun facts about the MBTA

Are you one of the millions of people who take the MBTA in and out of Boston everyday? Did you ever wonder how our public transportation system stacks up to other cities? The chart below compares five major cities including:  NYC, Chicago, Washington DC, San Francisco and Boston. Scroll down to read some interesting facts.Boston rea estate transit

Home for sale: Most expensive in the U.S.

Finally, a home that makes Boston single-family home prices look affordable: Le Palais Royal has just been listed with Coldwell Banker for $139 million. This mansion is 60,000-square-foot and is currently the most expensive mansion listed on the market in the United States.

Here are a few features of Le Palais Royal:
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Who are the Boston Back Bay Condo Sellers? Males or Females?

Boston condos

Boston condos

Who are the Back Bay condo sellers this summer? Here are my findings:

Number of Back Bay condos sold in the month of August 2014.

Back Bay condo sales priced $500k or under – 6.

Females – 3 Back Bay sellers.
Males – 2 Back Bay sellers.
Couples: 0 Back Bay sellers.
Corp./Trusts – 1 Back Bay Seller



Back Bay condos sold priced $500,000 – $750,000 – 8

Females – 5 Back Bay sellers.
Males – 2 Back Bay sellers.
Couple: 0 Back Bay Sellers.
Corp./Trusts – 1 Back Bay Seller.



Back Bay condos sold priced $750,000 – $1,000,000 – 5

Females – 0 Back Bay sellers.
Males – 3 Back Bay sellers.
Couple – 0 Back Bay Sellers.
Corp./Trusts – 1 Back Bay Seller.
*1 unknown
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Immigration and its impact on the Boston real estate market

boston condo market immigration

 

One of the more controversial issues on the news today is that of immigration. Whether you’re for or against the current policies, there’s one thing we all can agree on: it will have an impact on the local Boston real estate market.

The most recent research that I can find on how immigration is impacting the Boston real estate market is from AS/COA and Partnership for a New American Economy, which provides an interactive map showing “the net change in a county’s immigrant population from 2000 to 2010 and the corresponding effect on median home values.”

The study was conducted from 2000 – 2010. The findings are as follows:

*In Suffolk County 27.7% of residents are foreign born.
*The net change in immigrant population from 2000-2010 in Suffolk County  +18,804
*Immigration in Suffolk County increased median home price by $2,172.

Click an interactive map  and learn more about the study and its impact on the Boston real estate market.

Picture: mklegaladvice.com

Boston real estate comeback

Boston real estate chart

The chart above shows how cities real estate market prices are doing compared to its bubble high. As noted, Las Vegas is still 42% below its market high followed by Phoenix and Miami. The good news for Boston homeowners we’re only 3% below our bumble high.    Click on the Boston real estate chart to enlarge.

Source: S&P via Bespoken

 

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