Boston condo buyers: Don’t look at the current crisis as pessimists buy like an opportunist.
I had a conversation with Mona about the current Boston real estate market, and I mentioned this is a ripe time for an opportunist to buy a Beacon Hill condo for sale. What she said next surprised me, she said I shouldn’t use the word opportunist, it has a negative connotation.
If you buy an old painting at a garage sale for $10.00 realizing its true value and then sell it for $25,000. Are you an opportunist? if so, how’s that wrong? You gave the seller the price they asked for.
By the way, this could happen the other way around. Let me tell you a true story about a business blunder, where a company failed to be an opportunist.
Alta Vista a search engine company was given an opportunity to buy another search engine company but refused to pay a million dollars. That other company was Google, was the problem in the value of what Google had, or in Alta Vista’s recognition of that value, and not being an opportunist.
May 2020 – Median Boston condo sales price $625,000 down 7.5% versus May 2019.
There’s often a significant lag between when a crisis hits and brings down the perceived value of something useful and when the market recognizes its true value.
This is an opportunity for speculators and opportunists, who can buy before the market recognition happens.