Boston Condos - Where can you find a good deal?
The real estate market for Boston condos has been as busy as the rest of the greater Boston real estate market - the first half of the year saw a rise in sales, in sale prices fueled by pent up demand, buyers trying to jump in a get a deal before the market recovers, and fantastically low interest rates.
Boston real estate is already one of the least affordable markets in the country, so with prices trending upwards, what's a first time home buyer with limited resources to do?
Try discovering new areas like the JFK/Savin Hill section of Dorchester that borders South Boston. This area has some great architecture that have been wonderfully renovated during the last 5- 10 years. Walk to the redline, beautiful beaches, dog parks, great coffee shops, international restaurants, minutes to the highways, and old-world, well-established neighborhoods - the amenities of this area rival those of the pricier parts of Somerville, downtown and the South End. Its the city lifestyle with every modern convenience at great prices.
But how do you know if buying at a "great price" is really a good value?
Predicting real estate values can be a lot like predicting the weather, and we know how that goes in Boston.
We can get an idea of trends, though by comparing activity over time. The following chart shows boston condo sales in the zip code 02125 - that JFK/Savin Hill neighborhood - in the first 9 months of 2011 and 2012.
In 2012, the list price and the sale price were both higher - in fact, there was a 5% increase. That's pretty consistent with greater Boston real estate sales this year - so we know this neighborhood is holding its value.
But that's not the whole story.
The following chart shows the average number of days on the market and the number of units sold.
Here the MLS data shows that more condos sold in the first 9 months of 2012 compared to 2011 - in fact 59 condos sold in 2011 and 69 have been sold so far this year. That's almost a 20% increase.
But what's going on with the days on the market? Its taken longer to sell in 2012? Here we get a sign of the times - many of the units sold in 2012 were actually put on the market in 2011 - so we've been playing catch up with the supply of condos. We had an over supply in 2011, and according to the above MLS data, we are catching up - as the supply decrease, prices go up - its basic economics!
So according to this MLS data, we are seeing a clear upwards trend in Boston condo values - in zip code 02125 in our example - although you can find something simliar happening in Boston, Cambridge, Somerville and beyond.
nd I just happend to know of a great boston condo for sale that has everything on the first time buyers wish list!
46 Newport St, Unit 1, Boston, MA 02125
MLS number 71429038
This condo has 2 good-sized bedrooms, 2 full baths, 2 parking spaces, gas fireplace, exclusive outside deck, gorgeous hardwood floors, beautiful kitchen, built-in sound system, walk 5 minutes to the redline, beaches, coffee shops, restaurants and more.
Open house weekend
Saturday, September 8 2:00 - 4:00 pm
Sunday, September 8 12:00 - 2:00 pm
I'd be happy to see you there!