The Boston residential real estate market is as strong as ever, in my opinion. (Okay, not as strong as ever, as strong as it was except for maybe 2004 & 2005.)
In outer areas such as Dorchester, Mattapan, Roslindale, Hyde Park, West Roxbury, and East Boston, things are slow, perhaps. But, downtown, things are hot.
At the very high-end, homes are selling fast.
According to the New York Times:
In the Boston area, for instance, the number of homes selling for at least $1 million plummeted to 619 in the first five months of 2006, from 773 in the period in 2005, according to DataQuick. But the number jumped to 711 in the first five months of this year.
Why are expensive homes selling?
It’s kind of obvious.
The article attributes this to three factors:
* Affluent families have realized more income gains and have gained more benefit from a rising stock market (and from past real estate sales). (Also known as the capitalist society phenomenon “the rich get richer”.)
* The weak dollar has increased buying power from foreign buyers (not as big a reason, in Boston, compared to NYC, and maybe SF).
* Mortgage rates and problems have had more impact on the low and middle income buyers.
The downtown office space market is on fire, as well. Boston is enjoying a very low vacancy rate, by historic standards. And, very little construction is under way, right now. It’ll be several years until the situation improves.
By David Leonhardt, The New York Times
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