23 Neighborhoods: a boston real estate blog by Michael DiMella
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Open House at Stunning South End Home with Wine & Hors D'oeurve

 
8 Claremont Pkkitchen2

Special Thursday Night Open House

We would like to cordially invite you to attend a special open house at a stunning home in Boston's South End on Thursday night. Accompanied by wine and hors d'oeuvre, come enjoy a relaxing evening while exploring one of the finest homes in the neighborhood.

The 15 Most Expensive Homes in Boston 2010

 
Back Bay luxury condo on Commonwealth Ave

In 2010, there were 423 homes (single family and condos) in Boston sold for over $1 million equaling a total dollar value of $824,000,000.

That is UP 61.3% from 2009.  Surprised?  I am.  So much for the "great recession", at least for the $1M+ market segment.

But hey, 2009 was a dismal year, so the luxury market being up comparatively in 2010 is no surprise....right?

But....2010 was UP more than 23% compared to both 2007 and 2008 as well.

Let's have a look at the Boston luxury market stats (data from MLS): 

Top 10 Luxury Condos in Boston

 
2 Avery St - Unit 25E

Since the luxury market is back alive and kicking again this year so far, I thought it was only fitting to spotlight the top 10 Boston luxury condos available for sale now.  Here they are in order of price, from low to high, with a photo and quick blurb from the MLS listings.  If you want more information on any of these spectacular residences don't hesitate to contact me:

Just how accurate are the Boston real estate market stats in the news?

 
boston condos median prices

Generally speaking, the stats reported are perfectly accurate.  Reporters get their stats and market info from reputable sources who release monthly housing data like The Warren Group or the Massachusetts Association of Realtors

Boston Condo Throwdown: Bryant Back Bay (post-auction) vs. 45 Province and more...

 
303 columbus kitchen

[This is a guest post from Todd Mikelonis. Contact Todd with any questions.]

Foreclosure in Regatta Riverview hits the market at $110K less than last asking price

 
Regatta exteriorBanks all work differently when trying to sell their REO (bank-owned foreclosures) property, but they all have the same end goal: To sell the property quickly and try to get the best price they can.  Like normal sellers, banks are not just going to give away money, they need to recoup their costs as well.  That being said, when they bring a property to market, it is often after many months of holding and maintaining the property through the foreclosure process so they often prefer to get the property sold very quickly - which is why many foreclosures sell for a discounted price and can present opportunities to savvy buyers.


As an example of a foreclosure in the Boston area being listed at a discount to the market, we are just about to list a bank owned property at the Regatta Riverview Residences in Cambridge that literally has had a $110,000 price drop!  It was last listed pre-foreclosure for $539,000 and the bank just gave us their new listing price of $430,000.  Whatever the motivation is for them to get this property off their balance sheet, apparently the bank truly wants to "unload" this condo. 

Boston luxury condo market slows to a crawl (but what does that mean?)

 
Boston luxury condo median price vs sales

This is the fun time of year when all sorts of 1st quarter real estate sales data is released (at least if you're "into" real estate data like me!).  Some sources are better than others, but as I have repeated time and time again, what is being reported in the news may not be completely representative of the market or of a particular market segment.  Hopefully, if you're a regular reader here (and if you're not, why not?! subscribe here) you can see that I try to present any market data in as clear and specific way possible so you know what particular segments of the market are doing. 

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