First let me state, that I didn’t come up with the title for this blog post. The Boston Business Journal did. From the Journal:
While the sales pace is arguably slow, there are condo projects like 285 Columbus that are beating expectations. The housing collapse that has ravaged some communities has only grazed the high-end market in Boston, and the success of some small, deluxe condo projects speaks to the thin supply and decent demand in choice locations. Developers are making concessions, to be sure, but they’re not giving away the store.
While there are a substantial number of condos on the market, developers are by no means resorting to fire sales.
The average Boston sale price for condos over $1 million in the first eight months of last year was $1.89 million, according to The Warren Group, compared to $1.81 million for the same time period this year. From January to August of this year there were 149 condo sales in the $1 million-plus range compared to 276 during the same period in 2008.
File Under: Bradley this one’s for you.