Trending in the Boston Luxury Condo Market
Trying to figure out where you want to live is always an interesting task. You spend time trying to balance out access to the things you desire with your expectations for amenities. On top of that you have to figure out the kind of place you want to live in. Some of us prefer country living for the open space and air, but many of us prefer the constant thrum of urban life. Every city has its own particular “flavor” that draws people to it. Boston is no different in this regard. The combination of history and culture makes it an attractive destination. That’s why plenty of people look into the luxury condo market. You can get space, access, and good amenities all in one package. It helps to know the local trends when looking into getting a new home though. We’ve got a quick look at some of the current trends so that you can compare it to the rest of your options when looking for a new place this year.
It isn’t exactly the easiest to find a place in Boston right now. The local luxury market has been rising for a while now with no sign of stopping. This has numerous effects on availability and access. Locals have been watching the market for a while now and hoping that it would trend downward. Both local and international factors keep conspiring to keep the prices higher. This is true for both smaller condos and family-sized ones. As such, you’d likely need to watch the market for a few months if you expect to get a “perfect” place at a reasonable price. You may need to wait even longer if you have a specific idea for what you want from a luxury condo as people are reluctant to let new properties enter the market given the comparatively low turnover rate. However, don’t let this be a reason that you sit on your plans and don’t act on them. Playing for more time in the luxury market may mean you won’t get close to what you want anytime in the near future.
Flexibility Is Key
The prevailing trend right now is that people moving through the Boston luxury market are flexible. They’re willing to work within the confines of the market to get something similar to what they want. It is currently all but impossible to get exactly what you want without an extreme amount of luck and a notable price tag. We recommend making a list of general aspects you want out of a luxury condo to help you narrow down potential options. If access is more important to you, you may be willing to sacrifice overall space to be closer to the things you enjoy. By contrast, you might be willing to sacrifice a little access to ensure that you have the kind of absolute privacy you’d prefer. A willingness to be flexible will help you pick good properties in the current market even if it is difficult to find something that matches exactly right. Expressing this flexibility will also make it easier to get help.
Most people looking to make the most of the current market are getting help. This means looking into local real estate agencies that can watch and snap up properties for you instead of you needing to watch them constantly. Local representation is the best in this case as they’re most likely to be able to get people to the location to secure a position in bidding for a property. We recommend doing research to find a reputable firm with a solid record for acquiring and securing properties. This will give you a confident group of people to help make your housing desires reality. We stressed flexibility as that will allow agents of a real estate group to point you at the most potential options until you find something that suits your tastes. You may even find a property you like more than your “dream” property if you’re willing to let the agents guide you to things that mostly match.
The major trends in the Boston luxury condo market are simply feeding into overall inaccessibility right now. It is hard to get the perfect place and too many people are giving up on it as a result. Prices remain high for the people who are flexible too. This means dealing with a local company is your best option to ride the trends to get the kind of place you would like faster. Keep all of this in mind if you’re considering moving to Boston and all should be well.