Condos in high rise condo buildings are seeing their fair share of price reductions during corona, based on sales that have closed in the last 30 days based on Boston real estate sales data.
A larger proportion of high rise condos sold in the last 30 days saw a price chop prior to closing, in various locations throughout downtown Boston. But a majority of the reductions were concentrated in Midtown/downtown and Seaport area.
Condos in smaller buildings such as Beacon Hill or other historic neighborhood locations appear to be holding their values better. Buyers aren’t as quick to write offers on units in hotel-like properties where they have to share elevators and common areas with large numbers of residents.
Just because a property sees a substantial price reduction doesn’t mean it will sell for under the list price.
But that sale isn’t typical. What I’m seeing in the corona market are Boston condos coming on the market and either going into contract in the first week or two, or sitting on the market longer and undergoing price reductions.
The multi-million dollar end of the luxury condo market is also highly susceptible to reductions.
Condos seem to be sitting for 30 days or more before seeing a significant price reduction. So buyers, keep your eyes on those units that are passing the 30-day mark. Those could be good negotiating opportunities.
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