A column written by me appears in this week’s South End News.
This week, I discuss the state of the local real estate market.
Although there are areas of weakness within the city of Boston, the core neighborhoods of the South End, Back Bay, and Beacon Hill are doing quite well. There have been no foreclosure deeds filed with the Suffolk County Registry of Deeds for these three neighborhoods during the past several months; sales volume in all price ranges remain steady (albeit, at a slower rate than during the past three years); and inventory levels are not inflated – owners who need to sell are able to sell, at close to full asking price …
… Based on my analysis, there are approximately 200 units available for sale in recently finished or nearly completed condo projects currently. Yes, some of the buildings just completed are having a hard time of it, based on the length of time they have been finished and the number of units they still have for sale. But, I think it’s fair to see those as pockets of weakness, not a sign of any sort of general malaise. Again, the data supports the idea that sales remain strong and inventory remains flat.
The biggest threat to you, as a homeowner, and to all of us, as members of our community, is instability. Fear of the unknown feeds on itself. Uncertainty can lead to shortsighted planning and ill-conceived (and poorly-executed) initiatives. Specifically, I’m speaking of government bailouts and their like. It’s open for debate whether tax rebates and interest rate freezes are “in the best interests” for our country. I’d much prefer everyone waiting six more months in order to see what happens, next. But, the odds of this happening seem slim. Just about every day you read of a new initiative aimed at pleasing (appeasing?) one group or another.
Source: Don’t panic – real estate market not so bad – South End News