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Redefining Boston Real Estate

LRG Boston Real Estate Blog

Boston luxury real estate as it happens

A Quickly Moving Boston Condo Market

By Joshua A. Golden and Craig Anne Lake

Real Estate in Boston is changing quickly

With rental rates on the rise, Boston is beginning to feel more like Manhattan. What we are beginning to see is a shift from renting to purchasing.   With inventory at all time lows, the rental market in Boston has become quite overheated, which in turn has driven rental prices up and inventories down.

Why is Boston so much hotter than other parts of the Country?

Look no further than the areas 40 Universities, dozens of hospitals, one of the country’s largest biotech communities, and of course, the huge influx of World renowned Financial Companies/Hedge Funds.  As these companies grow, so does the need for housing.

Furthermore, there is a growing trend for empty Nester’s who want to simplify their lives by moving into the city from surrounding Suburbs like Wellesley, Newton, Weston, Sudbury and Andover.  Combine that with a huge inflow of money from Asia and The Middle East and you have a recipe for a quickly moving market.

The problem has been the lack of inventory.  Due to the fact we have had a warm Winter, Spring buying has come early.
It is not uncommon to see multiple offers and sometimes bidding wars for well priced properties.

Our Advice

  1. Know the market.
  2. Know your budget.
  3. Do not hesitate if you see something you like because it could be gone tomorrow.
  4. Talk to your bank if you not a cash buyer and get pre approved.
  5. Most importantly, use ONE experienced buyers agent that knows the market.  Remember, a good agent has seen thousand’s of units and knows a good opportunity when they see one. Furthermore, they will assist you with the buying process.

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The Penthouse at Millennium Place Midtown Boston, $25,000
The Penthouse at Millennium Place
Midtown Boston, $25,000
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