Real Estate – Heating Up; From the Top
The pendulum of activity has begun to swing in favor of the higher end property (700k+) within Boston city limits. In the last month alone, there have been sixty properties at or above $700,000 to go under contract. This number doubled that of February, in which we saw only thirty units go under. It is difficult to pinpoint what has caused the sudden upswing within this price demographic. A common belief is that the “stabilization” of the housing market has drawn the attention of these buyers. For a long period of time, the 700k+ sales market was frozen in time. The buyers for this price point were holding on to their money and waiting for the dust to settle on the recession. Well, it seems the dust has settled in to dirt. From January 1, 2010 through February 1, 2010 there was ONE property in Boston to go under agreement in the 700k+ price range (fast forward two months)… and we have seen SIXTY go under contract within the last 30 days. This is a very good sign and will have a domino effect on the lower price points as time moves on.