A South Boston real estate story

A South Boston real estate story

A South Boston real estate story.

Janet Lamb in my office and her client in the last 90 days have been out bid on three Boston luxury condos, but not anymore. It was time to play hardball.

As the story was told to me, they submitted a full offer asking price for a luxury condo and the only major contingency was that we wanted a response within 24 hours (before the scheduled open house) after several delays the sellers agent contacted us and informed us that they wanted to wait until their open house before responding.  Janet and her client told the seller’s representative that this was unacceptable and requested a firm number that would seal the deal and cancel the scheduled open house.

The good news was we ended up getting an acceptable offer. The bad news was we offered more than $14,000 over asking. The sale is scheduled to close in April 2015. “I thought for sure if we waited until after the open house our chances of winning would be dramatically less,” Janet said.

Janet Lamb’s frustration is par for the course for the Boston luxury condo market that, with the exception of a few neighborhoods, the Boston luxury condo market is like the early 1990s dot-com boom and the run-up to the 2008 housing crash. Prices just keep going up and there seems to be no new inventory for the old Boston neighborhoods. And while bidding wars have long been part of buying a luxury condo in Back Bay and Beacon Hill they are now just as fierce in less fashionable areas such as our bidding war in South Boston.

In the Boston area the number of Boston luxury condos for sale is near record low.

Today, I have buyers bringing a check with them to the showing and if they like it we write up the offer right there at the showing.

 The combination of a growing Massachusetts economy, a soaring tech IPO market and foreign investors has made the Boston area a very competitive real estate market.

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Updated:   2018

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