Apparently, some project developers are finding ready, willing, and able buyers, even in this slower market.
There may be fears of a fire sale in the oversaturated market for luxury condos in downtown Boston.
But when it comes to condos priced below $400,000, brokers and developers say they are seeing something thatâ€™s missing from the deluxe end of the market – sales.
While some developers ponder auctions to get rid of unsold units they once hoped to sell for $800,000 or more, brokers and builders with modestly priced units to offer say there just arenâ€™t enough such condos to go around.
One telling statistic is time on market.
Units across the Boston area priced at $400,000 and below are selling, on average, in 78 days. Over $400,000 and you are talking about 100 days, said John Ford, who owns a downtown brokerage firm.
Meanwhile, sellers in this modestly priced end of the market are not necessarily having to sell at big markdowns, with units trading at more than 97 percent of market value, said Ford, citing statistics culled from a local real estate listing service.
Also mentioned prominently in the story is Mattapan’s new Olmsted Green development, a great property just breaking ground, which will bring new life to the site of the old Boston State Hospital.
Source: Cheap condos as hot items: Sellers avoiding real estate woes – By Scott Van Voorhis, The Boston Herald