I’m not sure who told me this: “Galileo got it wrong. The universe does not revolve around the sun. It revolves around Boston.” I guess it goes without saying that Boston is a hugely popular place to live and a wonderful place to put down roots. If you are new to the market, here are some tips for downtown Boston condo buyers
1. Boston Condo Prices Are Plateauing, But There’s Still Competition for Affordable 1 and 2-Bedrooms
The days of bidding wars are not as plentiful as in days past. But don’t get me wrong one and two bedroom condos in Midtown/downtown Boston are still very attractive to homebuyers.
2. Subletting Is Not So Easy
If you’re thinking of buying a Midtown condo to sublet, you may want to think again. Mayor Walsh is cracking down on short term furnished rentals.
3. Smaller Buildings May Be Slower to Produce Their Due Diligence
Self-managed buildings can sometimes be difficult to work with, There are buildings in Boston that don’t have audited financials, budget records at all, or someone at the ready to provide the board minutes. This is not necessarily a red flag, it just creates more work for you and your lawyer.
4. Cash Buyers Are Out There
Don’t think cash buyers only exist in downtown Boston. They’ve infiltrated all areas of Boston from Midtown to Seaport District..
5. Inspections Are More Important
If you are buying a Boston Midtown high rise condo, a home inspection is a must