Is the downtown Boston real estate market bad? This from one of our readers, yes we do have readers and they ask questions.
No, the downtown Boston real estate market is not bad. Yes, it took a hit from the pandemic. like many other industries. Why some downtown Boston real estate investors think it’s bad is that people are unable to sell homes that they have only owned for one or two years and make a huge profit as they had planned.
This aspect of the downtown Boston real estate market is shifting, to a more normal market, which has caught some off guard. It is also bad that some Boston condo buyers got into homes using questionable mortgage programs that caused them to be overextended and now they need to sell but are finding that they owe more on their homes than they can charge for them.
We could blame the lenders for all of it, and they are responsible for some of it, but I know people who will not follow sound money management advice when they are pursuing their dreams, and these people are responsible for their debt.
It is also bad for the downtown Boston real estate owners that owe more on their homes now than they did when they bought them because they used their equity as a piggy bank to finance their lifestyle. Now they need to sell maybe because of a job change or for some other reason. The house is on the market and overpriced because they don’t want to bring money to the closing. They sometimes do not understand that buyers will not pay more for a home just because the seller owes money on it.
For flippers and speculators life is not as easy as it was two years ago. Life has also gotten more difficult for the “hobby” Boston real estate agents who dabble a bit, although the business has never really been what I would call easy for anyone, it is now getting even harder. Working on a 100% commission basis is not for wimps.
It is an especially good time to buy a Boston condo for sale with these historic low-interest rates. For people who want a place to live and can stay in it for 5 to 15 years, they may be able to buy low and sell high. They will have a place to live too.
Honestly, the sky is not falling. People with a little common sense should be able to buy and sell real estate now and in the future with the greatest of ease. People planning on making a quick buck will have to redefine quickly. Real estate is still a great investment.
Billionaire investor Sam Zell told CNBC this week that corporate leaders have a role to play in helping U.S. cities stave off a serious economic decline in the wake of the coronavirus pandemic and summer of social unrest.
“It’s going to require leadership. It’s going to require leaders of all the companies to come back to their offices and lead the people and create the opportunity,” Zell said on “Squawk Box.” “Hiding out in the Hamptons or hiding out in Vermont or wherever doesn’t make any sense and is counter-productive.”
The Boston Midtown condo real estate district is comprised mostly of luxury high-rise condos but there is also a residential mid-rise building called Beacon Hill condo on the edge of the Boston condos for sale.
This downtown Boston real estate is one of the most desirable areas to live in due to its waterfront location but also because it is perfectly positioned to take advantage of public redevelopment improvements within the district brought upon by the North End Visionary Plan and the downtown Boston real estate market.
Please browse below for more information on including all condos for sale and a detailed guide on each residential building within the neighborhood.