OMG its crazy what is happening in the Newton/Brookline real estate market. Brookline prices are now like swanky Boston condos, and Newton prices are now Brookline prices…I have a client who bought a condo at 45 Province in Boston a year ago for around $1,175 a square foot, condos in that building are now selling in the $1,600 a square foot range. I am beginning to think a dog house will cost a 100 grand in Brookline and the insanity continues into Newton.
So what’s selling? pretty much anything priced under 1.4. If it’s cute and staged — it’s sold. Homes between 1.4 and 1.9 are slightly tougher to sell. There are some great deals out there and honestly I don’t understand the rationale behind why a buyer would so over pay for a house that’s adorable but will never be anything more than adorable. Look at the stats I put up below! I took these from MLS, there are 75 homes on the market and there are only 15 under 1 million dollars!
Sellers, the time is now! This is a supply and demand business and there is no supply. Buyers, get yourself a broker (ME) and try not to get caught up in this frenzy. Run some numbers, check what you are paying on a price per square foot basis AND if you do not have the cash to pay for a house DO NOT give up your mortgage contingency. I suspect we will some appraisal issues in the near future. If you are not gutting a house DO NOT give up an inspection contingency. There will ALWAYS be another house.
|Report Run: 3/14/2014 10:56:03 AM
Property Type(s): SF
Snapshot Date: 03/14/2014