Welcome to my first Blog post about the Boston Real Estate Market. I intend to check in with you somewhat weekly, with my insights, trends and tips on the happening in the downtown Boston market, including Back Bay, South End and Charlestown. Boston has remained remarkably resilient during the recent economic downturn due for the most part to our strong economic base.
So “how's the market” is what you all want to know. For the most part the fall market was weaker than most would have hoped for. The economic and political turmoil have taken a toll, but we have by no means been affected as bad as other parts of the country. The most recent S&P/Case Shiller Index has the Boston market down about 1.2%. In the Boston markets we are seeing a decreased volume, and stabilizing prices. No one expects prices to rise anytime before we see some significant economic recovery. I will have statics to back this up in a later post. As is typical over the holiday season, we are seeing a decrease in inventory.
The Boston Luxury Market is robust, for more see Boston Magazines article on the upper end luxury market. For the rest of us who might not have 4 mill burning a hole in our pocket, the market is very unpredictable. We see well priced units coming on the market with multiple offer, and other properties sit and lag. Buyers are clearly looking for a bargain.
When you have a chance please feel free to check out the new re-design of my website. I’m really happy with how it turned out: chrisremmes.com There is information on some of the Luxury Buildings in the Back Bay as well as a run brief description of the neighborhoods in the downtown Boston Real Estate Market that I work in. I’d love to hear your feedback on both the new website and on the BLOG!