Are There Enough Buyers for all the Ultra Luxury Condos Being Built?April 16, 2016
We keep seeing numerous high end luxury Boston real estate buildings popping up around the city, each one taller and more luxurious than the next with amenities galore. The question that real estate agents are asked over and over is, “are there Boston luxury homes buyers for these condos,” Or “where do they come from, what’s the typical profile?”
Needless to say, these ultra-chic condos can’t be sold fast enough. As long as there’s demand, there will be a supply for Boston luxury homes. Boston has changed its landscape over night with an abundance of multi-million dollar condos to choose from. Starting from the super luxurious 61-story Four Seasons at One Dalton with 162 units varying in size and price that’s not officially on the market yet, but many condos are already spoken for to “friends and family.” The new Millennium Tower is opening this summer with 422 condos (almost sold out) and reported sale of the penthouse with an asking price of $37.5M. Other developments are selling just as well, including The Innovative District/Seaport high rises: 22 Liberty with 120 condos and the new proposed Pier 4 with 100 luxury condos, not to mention the developer Joe Cronin’s 22-story Boston luxury real estate condo tower.
All in all, we are adding 600-700 new luxury units to the marketplace, and that is relatively low when you recognize how strong the demand is. More young families are staying in the city or moving back to the city from the suburbs, given the conveniences these Boston luxury homes offer. Empty nesters are selling big homes and moving into the city. City residents are either down sizing or buying larger condos and opting for new full service buildings. Then we have the foreign investors/buyers who are attracted to invest their money in Boston, due to the nature of its strong real estate industry. Buyers are diverse and demand is super strong. Call me if you’re interested in making a move.