When evaluating the downtown Boston condominium market, you may notice most of your options are between historic buildings in areas such as Beacon Hill or Back Bay, or perhaps in newly built high rise towers in Midtown or the Seaport area. In this blog post will compare the advantages and disadvantages of each.
In some downtown Boston condo markets, condominiums tend to be more expensive than single-family residences in most areas of Massachusetts such as high rise condos in Midtown that can run north of $40M. This is also the case in the historic district of Beacon Hill.
From my 20 plus years of experience there are buyers who go for the most recently completed condos, and they’re often ready to pay prices above what the market suggests. If your intention is to move into a condo that will yield equity in less than a year, these units won’t provide this advantage unless the market heats up to the point of being irrational. Especially with luxury condo prices well above $2,000 per sq ft territory.
With older Beacon Hill condo units, your options for improving the interior and common areas will be more likely than a modern Seaport condo or a Midtown high rise condo.
If the building you’re evaluating has some historic value, acquiring an older condo could be worth the risk, but waiting for its value to rise will require patience, and even then, the purchase may be risky. If your condo is in a building that will be ultimately designated a place of historical significance, the city and nonprofit organizations may become interested in financing the restoration of the building.
If you’re, considering buying an older condo or any type of Boston real estate, downtown is definitely the place to look. For outstanding advice on the downtown Boston real estate market, call one of our agents, give us a call today at 617-720-5454.