We’re already halfway through 2019 which means it’s time to take a quick look back at how the Boston condo for sale market is doing and my local Beacon Hill apartment rental market.. From slow growth to fast-moving fraudsters, here’s my outlook om what Boston condo buyers/ sellers and Beacon Hill apartment renters should know about real estate in and around Downtown Boston
The growth and speed of Boston condos for sales is slowing
After years of median Boston condo for sales prices with increases in single and sometimes double digit gains is slowing. The Boston condo for sale market stabilized a bit. As of this posting, the median home price has grown just slightly this year, with prices falling in some market sectors. It’s not an alarming change for those who have been in the Boston condos for sale business for a long time, but it was surprising to see such a quick slowdown after the headline-grabbing buyer frenzy we saw just three years ago in the downtown Boston area.
Beacon Hill Apartment Rentals are moving FAST
Anyone who has rented for any length of time knows the mantra, “The only constant is change.” Four years ago in Boston, the mayor declared a “Affordable Boston apartment rentals market in crisis” Basically outlawing short-term rentals, while watching rents increase by 6 or 7 percent every year. Since then, about hundreds of new apartment have been built, especially in the Boston Seaport District. But the impact has been minimal in my neighborhood of Beacon Hill. I’ve noticed a rapid increase in apartments being fetched off the market in record time. And if you’re looking for a Boston Beacon Hill apartment under $2,000 per month, good luck.
Wire Fraud is on the Rise.
Email scams are nothing new, but what is new is the level of professionalism that scammers have risen to in order to get their hands on Boston downtown condo buyers’ money. Local news sources reported on some of those scams this year, and we just want to reiterate the take-away point: Don’t trust emails asking you to wire money, even if they look like they came from your lawyer or real estate agent. Always call to verify.