You’ve heard the saying “cash is king.” Well, I guess it also applies to the Boston real estate market.
According to a new Otis & Ahearn study, more buyers are paying cash for properties in the Boston proper area. The number of buyers who paid cash for Boston condos accounted for nearly a third of all downtown sales in 2009.
Boston condos purchased with cash ranged from a modest $185,000 to a $9.3 million penthouse.
According to a recent article from The Boston Courant: The trend is being driven in part by bank lending requirements that are turning otherwise simple transactions into ordeals for even the most credit-worthy borrowers, downtown brokers contend.
Source: The Boston Courant. Sorry no link to The Boston Courant is avail.