ASKING PRICES SURGE IN BACK BAY AND SOUTH END

A lack of inventory and the urge to live in two of Boston’s finest neighborhoods, the Back Bay and South End, are adding fuel to the competition among buyers as multiple offers and many sales way above the asking price have exceeded last year’s totals.

More homes sold for over asking price in the first part of this year in the South End and the Back Bay compared to a year ago. Of the 79 condos sold from January 1st, through April 15th, 42 units were sold above the asking price. That is 53%. One year ago, 36 units of the 115 sold were above asking price, or 31.3 %. The Massachusetts Association of Realtors reported just 488 condos available for sale in Boston, at the end of March, down from 648 units one year ago.

 

English: Back Bay, Boston, Massachusetts

English: Back Bay, Boston, Massachusetts (Photo credit: Wikipedia)

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MAXWELL@BOSTONLUXE.COM • CELL: (617) 543-7754 • OFFICE: (617) 267-4600 Maxwell Burke began his real estate career nearly 20 years ago doing appraisals with his father in Southern California and Northern Texas. He grew up in a family environment so oriented towards investment and real estate that to call his upbringing entrepreneurial would be a disservice. From his grandfather's multiple developments ranging from British Columbia down into Southern Mexico to his uncle's holdings in Portland, Oregon, Maxwell has been given a view not just of Boston real estate, but of American real estate. Maxwell and Drew Abysalh met in 2009 and increasingly consolidated their business models together culminating in their partnership in 2011. With over 300 real estate deals under his belt ranging from a standard rental to a $1.5 million condo conversion, Maxwell is a tremendous resource to help you realize your real estate dreams. Welcome to Boston Luxe - it's a pleasure to meet you. Google