Boston Luxury Real Estate Prices in the SuburbsApril 5, 2014
Prices of Boston luxury real estate homes did not suffer much during the economic downturn. However, the suburban real estate market took a nose dive, even in the more affluent suburbs like Wellesley, Weston and Concord, etc. Properties in Weston or Wellesley that commanded prices well above $15M were reducing asking price to historical lows. For example, a Boston luxury home in Wellesley was reduced from $14.5M to $9.5M, and we are seeing more drastic reductions in Weston.
Prime Time to Buy Suburban Boston Luxury Homes
Now that the market is getting stronger, prices are inching up in the suburbs, but they’re still nowhere near where they use to be. It is a good time to buy incredible properties. The only problem is that buyers who want to present offers are looking at comparative sales in the marketplace.
Unfortunately, due to the sluggish residential market and the low volume of suburban transactions in the last couple of years, comparative sales are challenging to find. Buyers simply have to trust the overall market and sales from previous years when the market was much stronger. Real estate agents can perform a quick market study based on a stronger economy.
That said, the economy is getting stronger, and Boston luxury real estate sellers are becoming less flexible and more firm on their asking prices. Sellers should realize that even though the market is getting stronger, it is in their best interest to negotiate with a good prospective buyer, especially if their property has been on the market long enough. Inflexibility won’t help in the short or long run.
Contact me to find out which high end homes are available in the suburbs now.