In my recent post titled, “Mixed Signals in the Housing Market,” I quoted the Boston Globe’s concluding statement, which surmises, “The Greater Boston Market appears to have stabilized, and entered a period as a moderate seller’s market.” Well that was the whole housing market. In a recent data-driven Globe article fueled by data from LINK, The Listing Information Network, a private Boston company that tracks the downtown condo market, luxury housing buildings, defined as “those that offer concierge, valet, and other services and have more than 10 units,” sales are up over 50%, a sign indicating that faith in high-end real estate has been restored.
“Sales and median prices in the city’s full-service luxury buildings jumped by more than 50 percent in the first quarter of this year, according to data expected to be released today by Listing Information Network,” The Boston Globe‘s Jennifer B. McKim reports, “Buyers closed deals for 94 units in luxury buildings in the first quarter, a 59.3 percent increase from the anemic 59 deluxe condos sold in the first quarter of 2009, according to the data. The median selling price of $874,150 was 56.1 percent higher than the same time period in 2009.”
Clearly the first quarter of 2010 has been a lucrative one for frustrated realtors who were inhibited by the dismal 2009 economy. With overall condo sales having jumped 40.4%, it appears as if the entire Boston housing market is on the rebound, however, this is not indicative of the rest of our country, much of which is still making a slow recovery from our latest recession, especially in the luxury market. Celia Chen, a senior director at Moody’s Economy.com, said, “What you are seeing in Boston is slightly different [than the country as a whole,]’’ speaking of the slow recovery in high-end real estate in the nation’s overall housing market.
Boston has seen the recent completion of several new luxury developments including The W and The Clarendon, two Back Bay beauties that have helped boost Boston’s impressive sales figures. In the first quarter The Clarendon saw 19 of their 103 total units sold, the sales ranging from $780,000 to $4.8 million in the 33-story luxury building, according to Listing Information Network data. The W, the most recent installment of the international hotel chain, parted with four residencies in the first quarter, including a 518-square-foot studio sold for $345,000 and a $1.9 million three-bedroom unit, according to LINK.
All these numbers are signs telling us that, “there’s confidence back in the market which was totally lost last year,” a sentiment expressed by John Ford, a luxury real estate broker based in Beacon Hill, and he continues, “people have recouped their losses and are more willing to invest in real estate.” LINK also claims that another 19 buyers are under contract to close on W Boston condos this year, numbers that bolster the overall theme of this post, LUXURY REAL ESTATE IS BACK! (At least in Boston.)
Remember those luxury buildings The Clarendon and The W? Check out some gorgeous condos from these two luxury buildings, HERE, at CondoDomain, the online brokerage that refunds you with a portion of the commission!