Over this long, snow filled weekend I plowed through a large amount of television stored on my DVR. I was watching some post Super Bowl Patriots retrospectives and was reminded how wrong the experts can often be. I heard former quarterback Trent Dilfer declare “they just aren’t that good.” He was talking about the Patriots after their loss to the Kansas City Chiefs in week 4 of the NFL season. A Comcast sports analyst asked coach Bill Belichick if the quarterback position would be reevaluated after the game. Hindsight being what it is, both men sound absolutely foolish.
All this reminded me of conversations I have had with friends, some in the real estate industry, some not. Invariably people tell me there is about to be a glut of luxury condos in the city of Boston. They cite the buildings sprouting up on the outskirts of the North Station/ North End neighborhood, the Seaport, Fenway and Downtown Crossing. The refrain seems to always be there is no possibility the city can fill these buildings nor afford the prices. I tend to argue with them but to no avail. They insist they are correct. Values will come down and condos will sit vacant.
Like many of the football analysts who wrote off the Patriots after less than 25 percent of the season was complete, I think anyone willing to state Boston luxury condos are a bad investment is opining without all the facts, data , or results.
If you’d like more information on the Boston luxury condo market please call me at 617-720-5454.