If your property buying checklist includes a unit on the top floor of a high rise building, 360 degree views, or a 24-hour concierge, you’re likely looking for luxury condo in Beacon Hill or Midtown Boston. Although the process of high end real estate is the same as buying a lower priced home, there are a handful of mistakes that buyers commonly make.

Mistake 1: Not Enough Research

Market research is crucial when buying a Beacon Hill condo. Buyers need to make sure that the appraisal and asking price are in line with the current luxury market in Beacon Hill. Buyers should plan for a professional home inspection performed by a reliable home inspector who is familiar with the area.

Mistake 2: Lack of Financing Preapproval

Despite common misconceptions, there is only a small percentage of Boston luxury condo buyers that make all cash deals. The remainder of homebuyers must rely on financing. In the luxury condo market, sellers may restrict showings to individuals who have been preapproved, so it’s important to obtain mortgage approval, which can take anywhere between 45 and 60 days, prior to searching for a condo, loft, or penthouse in Beacon Hill.

Mistake 3: Underqualified Real Estate Agent

The typical Boston condo market is much different than the luxury housing market and or the Beacon Hill condo market, so your run-of-the-mill real estate agent likely isn’t experienced enough to help you in your quest for a luxury property in the downtown district. A qualified agent that specializes in luxury real estate downtown understands the valuation of high-end properties and his or her experience can find the right property for your needs, explain the amenities of specific buildings, and assist you with high-priced negotiations.

Mistake 4: Lack of Preparation

Since the buying process is a little more detailed in regards to Beacon Hill real estate, you will be required to provide more information. It is not uncommon for sellers – and lenders – to ask about your line of work, current assets, and even statements from accountants in an effort to ensure that your means are adequate enough to even be considered as a purchasing contender. Be prepared to present this documentation to solidify a deal.

Mistake 5: Not Considering Taxes and Down Payment

Even individuals looking at luxury properties need to set a budget. The budget should not only include the list price of the home, but property taxes. It is also vital to understand that required down payments will be larger and there will likely be different homeowner’s insurance requirements. All of these factors affect your buying budget, as well as your monthly payments, and even your approval amount.

Now that you know the most common mistakes of luxury real estate buyers, you’re ready to start your property search in Beacon Hill and speak to one of our experienced and professional real estate agents. We specialize in the downtown real estate and invite you to check out our inventory of luxury penthouses, lofts, and condos for sale in Downtown Boston. We look forward to hearing from you.

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John Ford, Broker
realtyford@yahoo.com
Janet Lamb, Vice President
lamb.janet@yahoo.com
Ford Realty
137 Charles Street
Boston, MA 02114
(617) 720-5454 (9:00 – 5:00 EST)
(617) 595-3712 (On Call Broker After Hours)

Beacon Hill Population Demographics

 

Total Population 5,075
Male Population 2,465
Female Population 2,611
Male Population 48.57 %
Female Population 51.45 %
Median Age 33
Citizen US Born 4,022
Citizen not US Born 594
Not Citizen 460
Citizen US Born 79.25 %
Citizen not US Born 11.7 %
Not Citizen 9.06 %
Moved from Abroad 154
Moved from Same Country 626
Moved from Same State 407
Moved from Different State 392
Same House as Last Year 3,472
Moved from Abroad 3.03 %
Moved from Same Country 12.33 %
Moved from Same State 8.02 %
Moved from Different State 7.72 %
Same House as Last Year 68.41 %

Occupational Employment in Beacon Hill

White Collar 3,022
Blue Collar 69
White Collar59.55 %
Blue Collar1.36 %
Self Employees 166
Private Companies 2,137
Governmental Workers 144
Not for Profit Companies 643
Self Employees 3.27 %
Private Companies 42.11 %
Governmental Workers 2.84 %
Not for Profit Companies 12.67 %

Number of Households in Beacon Hill

Total Households 2,532
Average People Per Household 2
Family Households 831
Non-family Households 1,701
Non-family Households 16.37 %
Family Households 33.52 %
Households with Children 304
Households without Children 2,228
Households with Children 5.99 %
Households without Children 43.9 %

Median and Average Income in Beacon Hill

Average Household Income $159,432.38
Median Household Income $107,838.00
People below Poverty Level 581
People above Poverty Level 4,107

Housing in Beacon Hill

Occupied Housing Units 2,532
Owner Occupied 859
Renter Occupied 1,673
Owner Occupied 16.93 %
Renter Occupied 32.97 %
With Mortgage 479
Without Mortgage 380
Median Value with Mortgage $698,850.00
Median Value without Mortgage $916,950.00
Median Housing Costs per Month $2,286.00
With Mortgage 9.44 %
Without Mortgage 7.49 %

Beacon Hill Education Statistics

No High School 37
Some High School 448
Some College 339
Associate Degree 94
Bachelor’s Degree 1,733
Graduate Degree 1,764
Never Married 2,381
Married 1,759
Separated 34
Widowed 101
Divorced 346
Never Married 46.92 %
Married 34.66 %
Separated 0.67 %
Widowed 1.99 %
Divorced 6.82 %

Means of Transport to Work in Beacon Hill

Car 566
Bus or TrolleyBus 148
Railroad 88
Bicycle 73
TaxiCab 22
Walk 1,484

 

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