It hasn’t been hard to see that Boston luxury condos have been in high demand. Even people who aren’t in the market for a new condo know that prices are going up, as are new construction projects around the Boston area. A new piece by the Boston Globe confirms these suspicions and quantifies just how high the demand is.
Growing Sales
The temperature may be going down, but Massachusetts real estate is looking hotter than ever. Especially in downtown Boston. People from around the world continue to flock to the city looking for economic opportunities, and all these people need somewhere to live.
This reasoning is solid, the number of jobs available in the area is on the rise. According to the Boston Globe, The New England Economic Partnership is predicting that Massachusetts “will add about 200,000 jobs from 2015 to 2018 and the unemployment rate, 4.7 percent in August, will fall to an average of 4.1 percent by 2018.” It’s little wonder that people are doing what they can to move to Boston.
This is reflected in the condo sales figures. The Boston Globe also reports that luxury condo sales “grew by almost 8 percent” in the city’s 12 hottest neighborhoods. The president of LINK, the company behind these figures, is confident that this growth is here to stay. She states that “These are long-term trends.” Demand for condos is high and things are even more competitive in top cities, like Boston.
Increasing Prices
Most people can agree that it’s good that Boston luxury condos are selling at a high rate. It is a good sign of the city’s financial health and future prospects. However, with increased demand comes an increase in price. This is obviously good news for people who already own a Boston luxury condo, but it isn’t necessarily what people want to hear if they are looking to get into the Boston real estate market. However, this doesn’t need to be the case.
The increase in home prices can be a good thing for people who are looking to buy now because it means that any property they buy is likely to increase in value over time. It may be tempting to look for a cheap condo in a city where prices are falling but if you buy in that sort of environment you’re more likely to lose out over the life of your purchase.
The takeaway for anyone who is thinking about buying a Boston luxury condo is that prices are on the rise and it seems like they’ll continue to rise. With that in mind, it’s better to buy sooner rather than later.
No End In Sight
There are some who will look at these numbers and wonder if such growth is sustainable. No one knows the exact course Boston real estate will follow, but we can look at the trends driving the current market and see if they are likely to hold out in the future. The fact is that Boston’s growth is driven by its booming industries and there is little reason to think that demand for the work being done in Boston will decrease.
Boston is driven by the health and tech industries, two fields that are growing at rates that reflect the growth of Boston real estate. As long as the city continues to offer jobs it’s likely that the number of condo sales will continue to increase, along with condo values.
Live in Luxury Real Estate: Boston Luxury Condos Specialists
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A native Bostonian, I am passionate about real estate and love working with people. I specialize in the Boston luxury real estate market and have worked with many C- level executives and high net worth individuals. I also enjoy working with new home buyers as well as buyers moving to the city from the suburbs, and did this myself several years ago.
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