We’ve heard the advice so often it’s a cliché: The established, expensive neighborhoods are the ones that hold their value. But a look at closings signed from April to August reveals this economy’s truism: All bets are off. Areas like Back Bay and the Waterfront are struggling, although not as much, as their counterparts.
To the numbers, then. One excellent indicator of a neighborhood’s situation in the near future is how many closings are taking place there, because it measures both activity and ease of sale. And according to data compiled by LINK, between April and August the number of closings dipped both in Back Bay and the Waterfront, compared with the same period last year
Back Bay sales from 4/1/09 – 8/31/09 = 186
Back Bay sales from 4/1/08 – 8/31/08 = 254
Waterfront sales from 4/1/09 – 8/31/09 = 45
Waterfront sales from 4/1/08 – 8/31/08 = 141