The Boston condo market has had a big rally in recent weeks. Downtown inventory rates have dropped significantly and prices continue to rise. Many Boston condos we’ve been tracking over the past few weeks have been trading at or above asking price, demonstrating the stability and possible frenzy in the Boston real estate market in 2007.
Last week we all read about the real estate frenzy that is happening in Manhattan right now. Are they buyers who have been waiting for the bubble to burst for the last 18 months and are now faced with buying now or renting for another year? Are low interest rates still active in our market? What is causing this new renewal of the Boston real estate market?
New condo developments in Boston are also being targeted. With even more projects to come, this shows the lack of luxury condo or full-service condo properties. We are pleased to see more of these types of condominium properties being built as it is the wave of the future. Back Bay, Beacon Hill, Brighton Allston, Charlestown, Chinatown, Fenway, Leather District, Midtown, North End, Seaport, South Boston, South End, Waterfront and West End in Boston are hot and downtown Boston will continue to boom.
Not surprisingly, some immediate suburbs like Brookline, Newton, Medford, and Quincy are also catching on to this trend. Traditionally, these markets don’t cater to the young, full-service professional, however, we’re also seeing all the new types of luxury condominium properties popping up outside of Boston.