After record highs in 2015, Boston condo prices expected to continue to rise
Real estate data firm LINK found that condo prices, especially in downtown Boston, were record breaking in 2015 – and are supposed to only keep climbing.
“It’s almost as though we’re approaching Manhattan prices,’’ Debra Taylor Blair, president of the real estate data firm LINK, told The Boston Globe. “Demand for urban living is high.’’
Blair’s comments come after LINK reported that the median price for condos in many of the downtown Boston neighborhoods rose almost 10 percent in 2015 from the previous year.
The Globe added:
“Prices for luxury condos — buildings with concierge service and parking — climbed at double that rate, to a median of $1.75 million. That translates into nearly $1,200 per square foot. And four in 10 condos sold above asking price.’’
In fact, condo prices are rising even faster then the area’s other housing, which the Globe attributes to empty nesters coming into the city and to a small supply of available condo units.
Recently, Boston was ranked the most likely city empty nesters will move to in 2016.
Read the full Boston Globe story here.
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