Thinking about buying Boston condos for sale to fix up and sell? Here’s what you need to know
In today;s Boston condos for sale market, the fix and flip in the Boston North End condo market is still going is still going strong, with many contractor-developers jumping into the game for a quick flip.
Boston condos for sale for the Fixer uppers
There are generally two categories of what you’d call “fixers” in the Boston North End condo market. The first is the contractor special—not habitable, needs an entire rehab and everything in between. Then there’s the habitable Boston condos for sale with a funky floor plan and bedroom expansion potential that could be transformed into someone’s dream Boston North End condo
Boston condos for sale that are fixers come on the market fairly regularly. But they aren’t for the faint of heart or inexperienced buyers. If you’re going to pursue a fixer, it’s good to know what to expect.
Here are some important things to know:
The more expensive the neighborhood, the higher the price will be.
Fixers often time show up on Boston luxury condo neighborhoods like Beacon Hill, Boston’s North End, or Charles River Park, and Boston Downtown. It’s often not about what the Boston condo for sale looks like now, but it what it can become.
The most popular fixers are Boston condos for sale with views.
If you’re looking to buy a Boston Beacon Hill condos with park views, you’ll have plenty of company when you submit your Offer.. Expect that multiple buyers will jump at the opportunity to be in that location and create their dream Boston Beacon Hill condominium
There are typically multiple offers on Boston condos for sale fixers
Most Boston condo fixers attract a combination of buyers aiming to do their own renovation and owner occupy, and contractor/developers looking to renovate and flip.
Cash sales and no contract contingencies are common in the fixer market.
The steeper the competition, the more likely that the prevailing buyer will have no sale conditions—such as financing and inspections—and will pay in cash.
Expect to pay well over the list price.
Like many Boston condos for sale, sellers and agents price fixers well below their target sale price. Make sure you’re factoring in overbidding if you expect to compete.