The latest from Lili about Boston Real Estate.

Boston Luxury Real Estate is Expensive, Regardless of Area

July 25, 2015 |

If you are thinking of moving to Boston and are hoping to find a deal, you’re in the wrong city. Boston luxury real estate prices keep going up and have especially soared in the last 12 months with no end in sight. Suffice it to say don't get discouraged as long as you lower your expectation by a few notches. You can start by shortening your “wish list."

One thing you cannot change is the Boston luxury homes price range and your budget. You have to be able to work within a budget which makes sense to you and that's affordable. What you can purchase in one Boston neighborhood may not be enough in other area of the city. I've had clients who ONLY want one particular street or area of the city and are willing to wait years to get what they want. If they are working with a set budget limit, simply waiting won't help.

Boston luxury real estate properties don’t get any cheaper. If you could buy (x) property, for (x) $$ amount today, waiting to get that “perfect” property that has all you wished for will no longer be the same price, but much higher in the future.

I love it when people say “we’re in no hurry, we'll move when we find something." This is all good if your budget is limitless and you don’t care about rising Boston luxury homes prices. I have had clients who have searched for real estate for two or three years and spend triple the amount they originally planned, which is fine only if you're not budget dependent.

However, there are buyers who are borderline unrealistic. They insist in wanting to be on one particular building or block , size and orientation, but they have a very set budget. Granted , they can wait, but what are they waiting for to change? Prices? Not happening, unless the economy collapses worldwide. Seriously, you can’t expect to buy something two years from now for less than today regardless of where it's located in the city, especially in the best Boston neighborhoods or high end buildings.


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