The Boston Condo Market has been on a mega rebound over the past few weeks. Downtown inventory rates have dropped significantly and prices are still climbing. Many Boston condos that we have been tracking over the past few weeks have went under agreement at full or over asking price showing the stability & possible frenzy in the 2007 Boston real estate market.
Last week we all read about the real estate frenzy going on in Manhattan right now. Is it the buyers who have been waiting for the bubble to burst over the past 18 months and now are faced to purchase now or rent for another year? Is it the low interest rates that are still active in our marketplace? What is causing this new renewal of the Boston real estate market?
New condo developments in Boston are also on the hot seat. With even more projects coming up this shows the lack of luxury condo properties or full service condos. We are glad to see more of this type of condo property being built as it is the wave of the future. The Back Bay, Beacon Hill, Brighton Allston, Charlestown, Chinatown, Fenway, Leather District, Midtown, North End, Seaport, South Boston, South End, Waterfront and the West End in Boston are all hot and downtown Boston will continue to boom.
Not surprising, some immediate suburbs like Brookline, Newton, Medford & Quincy are also picking up on this trend. Traditionally these markets don't cater to the full service young professional, however, we are seeing all new types of luxury condominium properties popping up around the skirts of Boston also.