Posted By: Chris Thoman
With mortgage rates at an all time low and stories of 30 year jumbo mortgages with interest rates of under 5%, the luxury real estate market in Boston has been at a steady pace. Over the past 60 days, the city of Boston has seen 133 condominium units make it to the Under Agreement stage. Out of the 133, a quarter of them have been between $1 and $5 million. Historically, August is typically the biggest vacation months and one of the slowest months for real estate in the city, especially for high end luxury real estate. The numbers are proving history wrong.
Within the $1 million dollar-plus luxury real estate of Boston, 3 major neighborhoods have been neck and neck. The Waterfront community, with 15 units, has been the hottest neighborhood. The Back Bay is right on its heels with 11 units and not far behind that is the South End with 7. The average number of days on the market for luxury properties on the Waterfront is currently just over 120 days at 129, which is very standard for any normal market. The average price per-square foot is over $900 at $987 and caps out at $1,714. This is great news for the industry. Battery Wharf has taken the lead over all luxury properties up and down the Waterfront with 7 total units under agreement and the highest price per square foot. Battery Wharf is one of the hottest selling; it has hit the 75% mark and is closing in on 80% very fast.
Working within the high end luxury real estate sector of Boston, agents are typically working with a clientele that is tied strongly to the financial world and the real estate market of the United States. Even with the sluggish state of other areas in the economy and the job market struggling to recover, we have seen this clientele not deter from making moves in investing in residential Luxury Property.
Do not be the one to miss the Boat!! Contact CL Waterfront Properties, LLC today!