Will the downtown Boston housing market and economy be booming in 2021?
Don’t count on it. Here’s why: I know a young couple who purchased a Boston Beacon Hill condo for sale a year ago. They were approved of a mortgage based on both incomes and pushed their buying power to the limits.
You probably can guess the rest of the story, because of the pandemic one of them lost their job. Now, they want to sell. But they’ll be lucky if they can break even. With Beacon Hill apartment vacancies at a record high and the downward trends of rents, their options are very limited.
How best to describe it? Think of a really big hangover, such as from downing a few too many at a truly wild wedding, and then not wanting to look at, sniff, or even think about alcohol for months afterward. That’s what some Boston condo owners are going through right now, in the next few months, perhaps years we’ll find out how many over-imbibed during the housing-market frenzy.
Filed under: Bottom’s up!