The Boston condo for sale market has spoken
Why would someone buy a Beacon Hill condo studio for $500,000?
One reason might be that they think they can sell it next year for $600,000.
A more common reason is that someone bought it an hour ago for $550,000.
Of course, this applies to more than Boston condo for sale market. Why buy a Birkin bag for more than $25,000? Because someone else did.
The only thing worse than losing a bidding war by a few dollars is winning one by a lot.
All of this makes sense until it doesn’t. The “market” is very smart about any given moment in time, but not always particularly smart about the future.