Home Buying in Back Bay>Question Details

zamaluz, Home Buyer in Boston, GA

How do you view the recent prices on 1- and 2-bedroom condos in back bay when compared to the price drops?

Asked by zamaluz, Boston, GA Tue Jun 10, 2008

nationwide and even across Boston ?

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7
The best source for this is http://massachusettshousingprices.com/
0 votes Thank Flag Link Mon Nov 12, 2012
Most real estate agents give anecdotal answers to these kinds questions or thier opinions. There is a place you go and learn the truth about real estate home sales results, latest statistics and market trends for the greater Boston region and Back Bay in particular.

Visit http://www.BostonRealEstateReport.com
0 votes Thank Flag Link Tue Oct 21, 2008
There will always be areas that are insulated from a national market crisis. Like I said before, if you are looking into back bay you shouldn't focus on national trends, you should focus on back bay and the immediate surrounding areas similar to back bay (i.e beacon hill, brookline). Real Estate is hyper local and people make the mistake all the time of using national trends as a foundation for property values in a local area. Unless you are a national investors you should be focusing on the local numbers. Again, lucky for back bay it is one of the more insulated areas. The people who buy there have the luxury of being able to wait out bad markets so you won't see the back bay market flooded with units that need to sell NOW - like we are seeing in a lot of the suburbs and outskirts of the city. While there have been some small drops in sale price to original price ratios they aren't terribly significant enough to say it is a critical buyers market in back bay.
My point, take your time looking for some great deals but I wouldn't count on the back bay market getting any worse (prices dropping) because if the economy declines even more than it will you may see a little increase in inventory but not people looking to give away their properties because they are in financial doom. Good properties go quick, for example 31 Massachusetts ave #6-2 that was on the market for about a day and went under agreement. So, be prepared and ready to pounce on a good property/deal when it appears.
0 votes Thank Flag Link Thu Jun 12, 2008
Another thing to consider:

It's ideal to purchase at the bottom of a market (being defined as the point at which average prices stop declining). However, in this specific application, the average price of an area is irrelevant, what is relevant is the price at which you purchase a specific home.
Since there are a lot of people waiting for the market to bottom out, and assuming you will not be the first person to identify the bottom, perhaps you'll be able to get an even better individual price when there are less other players (buyers) in the market for you to compete with....

In reference to buy or wait... it depends on if you're renting or living at home. If you're renting.... and you are in the position to be able to purchase.... buy. If you're living at home.... financially speaking stay home... socially speaking, I guess it depends on your parents...
0 votes Thank Flag Link Wed Jun 11, 2008
I'm looking for a 2-bedroom apt in back bay, and I have my eyes on a couple of them. I'm just wondering if I should wait before buying, as the economy is headed south by all indications. The counterpoint would be that back bay is less immune to foreclosures and people selling out of desperation, so there's really no need to worry about the prices of those properties falling. Buy or wait ?
0 votes Thank Flag Link Wed Jun 11, 2008
I'm taking the term -view- here as more general, like a perspective...

Well the problem is that you are looking at averages of large areas, and comparing them to a specific section of a city.... even moreso, a specific section of a city where prices even vary by which block it's on....

If you look at some city data from the Case Shiller
http://www.spotlightre.com/blog/?p=139
you'll see how prices nationwide follow a general trend but still vary by location...

The drops you're seeing in average prices are because of the foreclosures, brought on by questionable lending practices, allowing people who should not have been able to buy (because they really couldn't afford it), to purchase homes.

There are not that many foreclosures to purchase in the back Bay....
0 votes Thank Flag Link Tue Jun 10, 2008
Just to make sure I understand the question, are you trying to find out how the back bay market currently compares to other markets in Boston in terms of pricing? I.e, see if back bay has been affected by the market slow down compared to other areas and if they are experiencing price drops?

hmm, I can't think of any site that does that. Real Estate is hyper local so each town is affected differently by a market slow down. Looks like an agent is going to have to help you with something like that ... Or at least someone with access to the MLS so they can do some on market snapshots for you.

If you want, I can do one for you no strings attached. I do this stuff all day so I have no problem helping you out. Find me if interested.

Good luck!
Web Reference: http://www.territoryre.com
0 votes Thank Flag Link Tue Jun 10, 2008
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