Covering the Boston condo for sale market is never just about the bricks and mortar — it’s about the personalities at the center of the wheeling and dealing.
The beginning of the year is an opportune time to pull back the curtain on the turbulent times in the survival of Boston independent real estate offices. Independent residential brokerage, steered it through the Great Recession and fought off such competitors as Compass, which made a big foray into downtown Boston,
Now, it’s @properties that’s eyeing the Boston condo market. The company brokered about $24 billion in deals last year and bought the real estate arm of luxury auction house Christie’s.
It was a rough year for the independent residential brokerages, a profitable 2021 where almost everyone made fat profits was followed by a sobering 2022. Surging interest rates hobbled the housing market. Tanking brokerage stocks forced executives to forget about growth and focus on expenses.
Even the high-flying Boston condo market, which bucked national trends during Covid, is seeing a slowdown.
A lot of my colleagues express doom and gloom about the 2023 Boston condo for sale market.
One major concern moving into 2023 is the recent lawsuit that could eliminate buyers agencies that could be decided in late 2023 if not sooner. If this comes to pass (which is a possibility) the turbulent times of 2022 of independent brokerages will continue into 2023.