Condo Prices Surpass Single-Family HomesApril 28, 2018
What we’re seeing in the Boston luxury real estate market is indicative of the demand for high luxury properties in major metro areas. Given the demographic trend and the convenience of condo living, it’s no surprise that the demand for Boston luxury homes is off the charts. Especially given that condo associations hire a management company to take care of the day-to-day maintenance, making it easy to live in these properties and relatively maintenance free.
And there are higher demands for condos in full-service buildings. These Boston luxury homes have even more amenities like 24-hour concierge services, garage parking and more “community” living that may be attractive to buyers who don’t mind paying slightly higher condo fees in exchange for having everything at their beck and call.
Most busy people would prefer to have a management company working for the condo association that takes care of their home, rather than spending hours on the phone addressing repairs, painting, plumbing, or fixing other issues that arise due to wear and tear. Bigger condo buildings even have a maintenance staff onsite. Given the comfort level, condos are more attractive to many Boston luxury real estate buyers, including families with children.
The higher demand makes condos more desirable and therefore, available at higher prices. All records indicate a dip in single family homes in Massachusetts and a surge in condo sales in 2017, compared to 2016.
The prices rise as the demand goes up. In Boston luxury homes, the price per square foot of high-end condos has been higher recently than single family homes. At the same time, if you are looking for a “deal”, the decreased demand for single family homes may be appealing. Contact me to find out what’s on the market now that may fit your needs.