boston-condo-market

This weekend I was confused by the wide range of observations regarding the economy/real estate market. For example some headlines from various newspapers over the weekend:

* Jobs lost in March 663,000
* Total jobs lost in this recession 5.1 million
* Unemployment 8.5%
* Small business owners face credit crunch
* Worse unemployment rate since 1983

Yet, with all the bad news reported by the newspapers my agents tell me that Sunday Open Houses from Back Bay, Cambridge and Brookline were very busy yesterday. Here’s another observation of the 8 properties that this office has currently under agreement 4 went into bidding wars, which were:

21 Beacon Street 4Q – Beacon Hill – MLS # 70883619
11 Joy Street #4 – Beacon Hill – MLS # 7086603
4 Phillip Street #3 – Beacon Hill – MLS # 7089050
15 Hawthorne Street – Davis Sq. Somerville – MLS # 7082006

The other 4 listings under agreement on average were within 96% of asking price. Is this just a fluke? A recession and real estate bidding wars?

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