There's no doubt that if you're someone who's contemplating selling your property, you're probably on the fence on whether you should list your property now - or wait until the heaping piles of snow have been thawed out to give prospective buyers a better opportunity to visit, inspect, and consequently offer a deal for your property. But, believe it or not, we're recommending that you list it as soon as you can. Why that is, we'll discuss below.
Let's start out with the city's skyline. If you've peeked outside your window in the last couple of months, you've surely seen the bevy of new deluxe residential towers that are taking shape on the Boston skyline. It's been a while since most Bostonians have seen this much construction cranes downtown - perhaps it was in 2006 or 2007 that the city saw this much action on the residential side. Sufficed to say, there has been no shortage of buildings going up however, they are mostly rentals. Only a few scattered projects have sprouted up here and there catering to buyers looking for brand new luxury residences.
And while two major new condo towers -- Millennium Tower and the Four Seasons -- are now under construction, they won't be open until 2016 and beyond. That means a tough couple years for buyers looking to snag a (luxury) condo in Boston, with soaring prices and fierce competition for the few listings on the market.
Obvious to most, it's an incredible tight market out there. New residential projects are on the way, but these towers - from Fenway all the way to Seaport and back to Back Bay won't be fully constructed and delivered before 2017 or 2018. In fact, the number of condos on the market downtown is almost miniscule. Just two dozen units are currently up for sale out of a total of 2,180 in the 18 most expensive condo buildings in Boston.
Across Back Bay, Beacon Hill, South End, West End, Theater District, Fenway, and the Seaport, the number of listings has fallen below 300, or less than a month's supply. Typically a market is considered balanced when there are six to eight months of unsold condos on the market.
Meanwhile, the new, 61-story Four Season tower, which just started construction near the Christian Science Plaza by Prudential Center, won't do much to help with the current inventory crunch in the short-term. The new 60-story Millennium Tower is farther along, with the new high-rise slated to welcome its first residents in the summer of 2016. Even so, already half of the towers 422 multimillion-dollar units have already been pre-sold, leaving just a couple hundred condos still up for grabs, and they're mostly top-tier penthouse multi-room units that not nearly everyone can afford.
Other new condo towers are also likely in the works, but still in the early planning stages. Among new projects in the early stages are plans for a 31-story "skinny tower" on Tremont Street facing Boston Common, with each condominium having an entire floor - that, as well, is for the deep-pocketed investor.
The shortage of condos for sale, in turn, is helping keep prices moving steadily higher. In those high-end downtown neighborhoods, condo sales of $1 million and up increased nearly 50 percent in 2014 through early November, according to analysis extracted using MLS.
With all of this, it is clear that condominium real estate is a commodity with high demand. There is no doubt the more inventory there is, the less price pressure there will be. But for now, the condo shortage reigns supreme and sellers are winning out the game. And that's why we recommend to sell and list now - snow or no snow.
David Paez has been successfully in the business of buying, selling, and renting homes for over seven years. He is actively aiding willing sellers in disposing their investments. List your home now and reap the financial rewards! Call David at (617) 549-9783 and schedule a no frills risk-free consultation and find out he can get you the most return on your investment.