For the first time in a generation, the suburbs are hot and the downtown Boston condo market is not, with unsold units piling up and the median sale price dropping. Is it simple caution caused by economic upheaval, or something more?
Has Boston’s ridiculously hot condominium market finally peaked? After rising for years, the price of Boston condos put under agreement actually fell in the first quarter of 2019 to $639,000, a drop of $10,000, or 1.5 percent.
The market remains firmly tilted in sellers’ favor, but is beginning to show signs of a correction while two record-setting ultra-high-end condominium developments scheduled to open this spring in Back Bay and asking prices for Boston condos continue to rise.
Are luxury condominium prices in Boston finally peaking? Or are they poised to take another big leap? Beats me. But I’d much rather be Millennium Partners, with hundreds of millions in the bank from sales at its new Downtown Crossing tower, than Dick Friedman, who is still two years away from delivering his luxurious 61-story Four Seasons tower.
