Bigger Boston Luxury Homes and More Square Footage Are Better Yet Again?June 14, 2014
Oh yes! Now that the recession over, the idea of downsizing has completely gone out the window. Boston luxury real estate buyers are looking for larger spaces and more elbow room. Needless to say that they don’t mind paying more either.
The Current Real Estate Market is Not Boring
As the demand for larger Boston luxury homes increases, real estate developers are creating larger square footage properties to satisfy the new, insatiable demand. The high rises that were built around the city in the earlier years, were only catering to the sweet spot of the market demand, which was 2200-2600 square feet. Not anymore.
Developers of the new Boston luxury real estate projects are re-evaluating the scope and the sizes of the units based on demand they are seeing in the marketplace. The two and three bedroom condos of yester-year are being replaced by four and five bedrooms, or creating the possibility of combing adjacent units, if buyers so desire.
The same is true for houses and/or new real estate construction in the suburbs. Mega mansions that have been on the market for a long time, are beginning to sell left and right. Even the idea of having additional “wings” added to these mansions have current appeal.
At least we know Boston luxury real estate is not boring. This market proves that demand for residential product changes based on economy, and buyers adapt accordingly and hopefully choose to invest wisely. The most important takeaway, whether you're searching for large or small condos in the Back Bay or Beacon Hill, or mega mansions in the suburbs, is to make sure to do your homework first.