In a story stating the obvious, Kimberly Blanton of the Globe reports that buying a home in the Back Bay, Beacon Hill and South End neighborhoods can be expensive.
I was out looking at one-bedroom condos yesterday, so have had a chance to see what $450,000 buys in these neighborhoods, these days. Basically, you can get something like a recently renovated, 650 square foot one-bedroom condo on the 200 block of Commonwealth for $440,000, with common laundry and common roofdeck.
No parking space included, but you do get a nice home in a great area.
By Kimberly Blanton, Boston Globe
In the current red-hot condominium market, modestly priced units in downtown Boston are growing scarce.
Sales of condos priced under $500,000 are declining in the city’s core neighborhoods but not because demand for these units has slowed. Sales fell because properties are appreciating so fast there are fewer available in that price range, according to a downtown market analysis by Boston real estate brokerage Otis & Ahearn.
In contrast, high-priced condos are sprouting like mushrooms and driving up sales in these neighborhoods, including Back Bay, Beacon Hill, the North End, South End and the area around Tremont Street, known in the real estate industry as Midtown.
Complete article: Modestly priced condos grow rare