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A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floorplans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the Boston real estate luxury market.

The Institute for Luxury Home Marketing (ILHM) explains:

“With quarantine concerns still top of mind for many luxury buyers, we see large, sprawling estates making their comeback.

For instance, the last six months have seen a resurgence in the buying of mega mansions and estate-size homes – specifically properties that offer space (both inside and outside), separate home offices, gyms, and private amenities such as swimming pools, yoga studios, and recreation rooms.”

This was not the case at this time last year, as the most recent Luxury Market Report from ILHM emphasizes:

“Exactly one year ago, we reported that demand for large properties, mega mansions, private estates, and luxury ranches had reduced significantly over the previous few years; especially from the younger generation of luxury property buyers.”

For today’s  Boston condo buyers looking for larger homes, steady increases in equity might be what makes a move possible. Leveraging home equity makes it easier to afford the down payment on a luxury home, and current low-interest rates are making mortgage payments more affordable than they have been in years. The report from ILHM also notes:

“Luxury real estate prices may continue to strengthen further into the third quarter, as the affluent continue to see large investment returns from the currently strong stock market.

Coupled with the low interest rates, the policies granting (and insisting) on working from home implemented by many employers, and the concerns of the pandemic, all translate to the affluent increasingly trading in their city lifestyle for a home that has it all.”

Clearly, today’s strong gains in home equity paired with record-low interest rates make fall a great time to move up into the luxury market to meet those changing needs.

Downtown Boston Real Estate and the Bottom Line

If you’re ready to gain some breathing room in a larger home, let’s connect so you have the guidance you need to find more space in the luxury home market.

Boston real estate for sale search

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Pet-Friendly Boston condo for sale.

Pet-friendly luxury condo for sale at the Ritz Carlton with a price reduction.

Back Bay luxury pet-friendly condominium with a recent price reduction.

Boston South End Condos pet-friendly for sale under $1,000,000.

Boston South End price reduction for the pet-friendly property.

Downtown Boston Financial District luxury condo with a  price reduction dogs and cats welcome.

Boston Waterfront pet-friendly properties with the reduced asking price.

To learn more about the Boston pet-friendly real estate market please feel free to call our office at 617-720-5454. You can also stop by our Beacon Hill office at 137 Charles Street, Boston MA.

 

Source: MLS

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Boston condo for sale in Charlestown.

One bedroom Boston condo for sale in Charlestown Massachusetts.

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New Boston condos for sale in Back Bay.

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View new Beacon Hill condos and townhouses for sale in all price ranges.

Today’s newest Boston condos for sale in one of the finest areas of Boston.

Boston South End condos and homes for sale, new to the market.

 

Source: MLS

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For more information on how to be a Boston condo owner please contact John Ford at 617-720-5454. You can also email at realtyford@yahoo.com

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Updated: 2020

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