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Dan, Home Buyer in Boston, MA

What is the near-term outlook for the high-end Boston loft market?

Asked by Dan, Boston, MA Sun Sep 30, 2007

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Jeff Persons’ answer
I would have to say that the short term view for the high end Boston loft market would be that prices will stay stable and maybe head higher next year. Property prices in the downtown neighborhoods like the Leather and Seaport districts have yet to give up a dollar. This strength is reinforced by the busy financial district where a lot of people work. In addition to that is our hospitals and schools of course which are the best in the world. These reasons in addition to Bio-Tech and High Tech have put a floor under these loft units. I think it will stay that way unless the country suffers a much longer downturn. If this recession does not let up, everything from Boston condos to bubble gum will simply have to get cheaper.
Hope this helps, Jeff Persons ABR
1 vote Thank Flag Link Tue Sep 28, 2010
There are too many lofts for sale in most markets. The high-end market is feeling the most from this buyer's market, as the number of high end buyers have dropped drastically. The risky mortgages which used to finance these deals are gone. Jumbo loans are difficult to come by.
You may find a good deal in a foreclosure.
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0 votes Thank Flag Link Tue Dec 18, 2007
There are many wonderful lofts in the Boston area. Your question is a difficult one to answer. Whether a property is a traditional condo or a loft, all market forces affect the "near-term outlook". How do you define "high-end"? Right now in Boston the "high-end" market, whether condo or loft, is doing very well, as the affluent are not affected by mortage rates and fluctuations in negatively percieved property values. In reality, despite the negative news reports, all of the properties I have sold in the last few years, and in particular this summer and autumn, have all sold above what they sold for last year. If you are smart, you will have saved at least 20% to put down on a property. If you have this amount, then you are ready to buy, and ready to negotiate for a property you want, need, and desire. The near-term outlook can be a series of guestimates. No one really knows. A few things are known however; you can write off your mortgage interest, and you are no longer throwing money away on rent. And there is nothing quite like owning your own property. It is the greatest feeling in the world. It is like being in love ... all the time. It is grounding, you call the shots, you don't have to answer to a landlord. And you build up equity, and your real estate portfolio too! (Please do your best to never sell your properties as you upgrade) A loft is a great property to hold onto and rent out, when you move on. A loft is a wonderful space to live, -- the near-term outlook in my opinion is not any different than a condo. The city has limited space for quality well priced properties. You need to work with a Buyer's Agent who has experience negotiating condos and lofts in the Boston market. A good agent who knows how to approach the parties in question and can make all the difference in winning you a loft at a good price so that you won't have to worry about when the perfect time to buy is. Have your agent show you many lofts in loft neighborhoods and new emerging loft neighborhoods, and you will begin to see which lofts are a good value, and you will be able to determine what the near-term out look is. There are many factors to look at. Keep it simple. Save your downpayment, find that ideal loft with your agent, and never look back.
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0 votes Thank Flag Link Sun Sep 30, 2007
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