In 2010, there were 423 homes (single family and condos) in Boston sold for over $1 million equaling a total dollar value of $824,000,000.
That is UP 61.3% from 2009. Surprised? I am. So much for the "great recession", at least for the $1M+ market segment.
But hey, 2009 was a dismal year, so the luxury market being up comparatively in 2010 is no surprise....right?
But....2010 was UP more than 23% compared to both 2007 and 2008 as well.
Let's have a look at the Boston luxury market stats (data from MLS):
Since the luxury market is back alive and kicking again this year so far, I thought it was only fitting to spotlight the top 10 Boston luxury condos available for sale now. Here they are in order of price, from low to high, with a photo and quick blurb from the MLS listings. If you want more information on any of these spectacular residences don't hesitate to contact me:
Generally speaking, the stats reported are perfectly accurate. Reporters get their stats and market info from reputable sources who release monthly housing data like The Warren Group or the Massachusetts Association of Realtors.
As an example of a foreclosure in the Boston area being listed at a discount to the market, we are just about to list a bank owned property at the Regatta Riverview Residences in Cambridge that literally has had a $110,000 price drop! It was last listed pre-foreclosure for $539,000 and the bank just gave us their new listing price of $430,000. Whatever the motivation is for them to get this property off their balance sheet, apparently the bank truly wants to "unload" this condo.
This is the fun time of year when all sorts of 1st quarter real estate sales data is released (at least if you're "into" real estate data like me!). Some sources are better than others, but as I have repeated time and time again, what is being reported in the news may not be completely representative of the market or of a particular market segment. Hopefully, if you're a regular reader here (and if you're not, why not?! subscribe here) you can see that I try to present any market data in as clear and specific way possible so you know what particular segments of the market are doing.