More homes being bought with cash

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Boston Homes being bought with cashWith tougher mortgage rules and buyers asking for lower prices, the real estate is becoming more of a cash economy as reported in the Boston Globe this weekend.

Homes paid with cash in Massachusetts has reached to more than a third of home sales this year with more and more home buyers opting out of the mortgage process.

August cash sales accounted for 34 percent of the residential real estate transactions.  Some of the areas with the highest percentages of mortgage-free deals include Roxbury, downtown Boston and Cambridge.   One of the most notable sales came from our offices here at CL Waterfront, which was the former Red Sox player Manny Ramirez’s $5.6 million condo at the Ritz-Carlton Towers, exclusively listed and sold by CL Waterfront President, Carmela Laurella.

If you are interested in purchasing or selling a luxury Boston or luxury waterfront home, please contact our offices today.