Banker & Tradesman says the ultra-luxury real estate market is red-hot, these days.
A total of 81 condos with price tags of $2 million or more were sold through October, 37 percent higher than the same period in 2006. Sales are even more brisk than the same months in 2005, when the Bay State housing market hit its peak, according to statistics from The Warren Group, parent company of Banker & Tradesman.
One of the interesting parts of this what it means about the suburban real estate market, as well.
Presumably, those who are buying in Boston had to sell their existing homes in the suburbs. And, presumably, many of those homes were also $1 million+ properties. Meaning, there were buyers for them, as well.
(Yes, naysayers will point out that many of these sales happen in buildings were the buyers put down deposits as much as two years ago. True, but you are overemphasizing those. The majority of those that bought $2 million+ units were “traditional” buyers, only entering the market this year.)
Hey, any sale is a good sale, even a $2 million sale. Plus, we need the property tax revenue, right?
Source: Condo Market Enjoys Life of Luxury – By Aglaia Pikounis, Banker & Tradesman (subscription required)
Contact me to find out more about Boston condos for sale or to set up an appointment call/text 617-595-3712.
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Updated: 1st Q 2018