A front page article in today’s WSJ divides the residential real estate market into two halves: low/moderate priced homes, and the upper end. The Journal observes:

Housing is fast dividing into two markets: Sales of low- and moderately priced homes are picking up and values have stopped falling in some parts of the nation. But on the upper end, sales remain mired in a deep slump and price declines are expected to accelerate.

“We’re in a ‘trade-down’ environment for the first time since the 1930s.”

-Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley.

The article also stated that: “Sales of existing homes priced over $750,000 accounted for 2.3% of all sales in the first quarter of this year, compared to 4.4% of the housing market in 2007”

There is, however, little doubt that the upper end of the market has not seen improvement here in Boston. Sales at the high end of the real estate market are soft to say the least. That is partially a function of limited availability of credit and buyer concern over employment.

Comparing the first 6 months of 2008 to 2009 on Boston condos priced $750,000.00 and up.

Number of sales from January 1, 2009 thru June 30, 2009
Boston luxury condos sold – 195
Average price per sq ft – $779.00
Avg days on the market – 134

Number of sales from January 1, 2008 thru June 30, 2008
Boston luxury condos sold – 382
Average price per sq ft – $827.00
Avg days on the market – 103

So what are your thoughts? Do you think Boston is in a trade down market?

File Under: “Look honey, formica counter tops”

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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