Many of the luxury condo buildings going up around Boston were built for retirees and aging baby boomers.
Many of these people are relocating from the suburbs, and, unfortunately, over the past several quarters, they’ve been unable to sell their current homes.
Therefore, things are in a holding pattern for many.
[A] slowdown in Boston-area house sales is crimping condo sales, which dropped 20 percent in the third quarter, compared with a year earlier, and pushed prices down 7 percent, according to Listing Information Network, which tracks the downtown market. “I can’t tell you how many times I’ve heard this story,” said Paul Turcotte, owner of Re/Max Destiny in Cambridge and Boston. “All these people in the suburbs want to move into the city, but they’re hung up because houses are staying on the market so long.”
Hopefully, over the coming six months or so, we’ll work our way through the inventory, and people will be able to get on with their lives.
The Boston condo market depends upon it!
More: Downsizing dreams delayed – By Kimberly Blanton, The Boston Globe