Feb 28, 2008 2:41 pm US/Eastern
Mini Real Estate Boom In Some Mass. Communities
BOSTON (WBZ) ―
It seems like all we hear these days is gloom and doom when it comes to real estate sales. Despite record foreclosure numbers and declining home values, there are some pockets that are performing very well. High-end condo sales in Downtown Boston, for example, are up - and show no signs of slowing down.
The city is having its own mini real estate boom. Sales of condominiums priced at over $1 million were up an impressive 8 percent in 2007, compared to 2006. Experts say that market is showing no signs of slowing down.
"Remarkably, at this price point there is very little leverage," said developer Curtis Kemeny. "Most of these buyers have no mortgage at all and pay cash, or they have a very limited amount of mortgage on their purchase."
More than half of the condos at 285 Columbus in Boston are priced above the $1 million mark. Despite the fact that the building is still one massive construction site, one-third of the units are already sold.
It's the same story over at 360 Newbury Street. 54 luxury units, most priced over $1 million, and they all sold out in 12 months.
"It does indicate that the more affluent people are continuing to do well and that theory is trickle down will help us all," said Tim Warren of financial data publisher The Warren Group. "Yet, some people are finding that hard to believe right now."
While January saw a record number or foreclosures, Downtown Boston is not the only community seeing prices increase. Not only were values up in Brookline and Lincoln for 2007, the median price for a single family home in those communities crossed the $1 million mark.
According to statistics from The Warren Group, home values are also on the rise in the following communities (2007 median price):
Lincoln $1,096,250
Brookline $1,050,000
Dover $945,000
Newton $745,000
Belmont $680,000
Sudbury $640,000
Duxbury $610,000
Hingham $605,000
Boxboro $595,500
Provincetown $594, 500
Wayland $563,000
Westwood $553,750
Andover $539,900
Lynnfield $524,000
Check My Town's Median Housing Price Change
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