The Boston Condo Market has seen a huge rally in recent weeks. Center inventory rates have dropped significantly and prices continue to rise. Many Boston condos we’ve been tracking for the past few weeks have been agreed to at full price or above the asking price, showing the stability and potential frenzy in the 2007 Boston real estate market.
Last week we all read about the real estate frenzy that is happening in Manhattan right now. Are they the buyers who have been waiting for the bubble to burst for the past 18 months and are now faced with buying now or renting for another year? Is it the low interest rates that are still active in our market? What is causing this new renovation of the Boston real estate market?
New condo developments in Boston are also on the sidelines. With even more projects looming, this shows the lack of luxury condo or full-service condo properties. We are pleased to see more of these types of condo properties being built as it is the wave of the future. Back Bay, Beacon Hill, Brighton Allston, Charlestown, Chinatown, Fenway, Leather District, Midtown, North End, Seaport, South Boston, South End, Waterfront and West End in Boston are hot and downtown Boston will continue to boom.
Not surprisingly, some immediate suburbs like Brookline, Newton, Medford, and Quincy are also embracing this trend. Traditionally, these markets don’t cater to the young full-service professional, yet we are also seeing new types of luxury condo properties popping up in the foothills of Boston.