As we start 2020, Boston real estate brokers are asking themselves what the new decade will bring to the Boston condo housing market. recently, there have been fears due to the upcoming 2020 elections and the recent Iran conflict that the downturn condo market could be impacted, but this has been offset by a strong Boston economic data, specifically the recent job reports, which found that Boston had a healthy fourth quarter job report. Conditions still look favorable for sellers who plan to list their properties in 2020. With regard to owners of condos for sale in downtown Boston, they’ll likely enjoy plenty of interest from potential buyers, but some sellers may find the process a bit more difficult than they anticipated.
The Condo Association Financial Status
This is a factor that can make or break a sale of a Beacon Hill condo. If the purchasing process was smooth for you when you bought your condo, it probably had a lot to do with how the homeowners association was managed at the time. At some point, your Boston real estate broker or mortgage loan officer furnished condominium documents to the bank, and underwriters and determined it was safe to lend based on the condominium documents and financial balance sheet/reserves. However, this is not always the case, underwriters may have questions about the financial well-being of a condo association and order a full condo appraisal, which means the inspector will take a look at the condition of the common areas and amenities to make sure condo funds are being used as they should be. If there not, this could cause trouble for the Seller.
High Condo Fees
Boutique Midtown condo towers that offer state-of-the-art gyms complete with yoga instructors and 24-hour concierge service will invariably charge hefty condominiums fees which could deter some Boston condo buyers
Foreign Midtown Condo Buyers
Back in 2008, foreign buyers from Europe, Asia, and Latin America flocked to downtown Boston in search of Midtown condos. Some of them arrived with suitcases full of cash, and others purchased multiple units through the clever formation of corporate structures. In 2020, foreign buyers will be facing more scrutiny and restrictions than ever, and this makes selling Boston downtown condos a little more difficult than it used to be.
The Competitive Climate
Due to the strong economy, the downtown Boston real estate market can become very competitive. Many Midtown condo Sellers are becoming very creative in marketing there properties, one common practice is hiring someone to stage the property so it looks like it could be on the cover of Architectural Digests magazine. Yet another seller may invest in an hors d’oeuvre spread to entice prospective buyers. You may not think these details will matter much as long as you keep your price reasonable, but they tend to have a significant effect. Bottom line, you and your broker need in today’s market to invest money in marketing your property so you can stand out from the crowd.
Selling your Midtown condo can be a stressful experience, so it’s a good idea to hire an experienced Downtown Boston Broker like Janet Lamb to take care of all the the new challenges and details in marketing your condo in 2020. If you have a Midtown high rise condo for sale such as Millennium Place, reach out to Janet Lamb to help guide you through the process. You can contact her at 617-721-9504 or email her and set up an appointment to discuss how she can help.
