I’ve have been hearing over and over again how hot the market has been. Well, that is changing! While normally this is a slower time of the year, what is happening now is a little bit of a surprise when you listen to the national news and hear how crazy the market is in Boston
If you have ever walked past my office 137 Charles Street in the heart of Beacon Hill, you have probably stopped to glance at all the listings featured in our display window. What has changed in the window since last week? PRICE REDUCTIONS! Are we heading to a slowdown? No, I believe it is a combination of things starting with what is always a typically slow time the summer months June – August. The reductions are not so much a depreciating market but more of a whack on the head for listing agents that overpriced many units. Sometimes when inventory is low and things are slow, an agent will “buy a listing”. What does this mean? If an agent is competing with another, there are some who will give the seller an unrealistically high value in hopes that will be enough to sway the seller to choose them… a VERY bad practice, but I see it all of the time. In fact, I just lost a $975,000 listing partially for this very reason. (The other part was the agent told the seller that his firm is stronger internationally and that they could attract “Chinese buyers.”) This is so 2018! Those days are pretty much past and in reality, there have been very few Chinese investors buying in Boston. In addition, when you have a strong internet presence like I do, you get seen around the world. The whole thing about their firm being better internationally is really smoke and mirrors!
Back to price reductions, here are a few examples:
48 Mount Vernon #2 – $8,995,000 reduced to $7,775,000
62 Beacon Street #1 – $4,290,000 reduced to $3,990,000
34.5 Beacon Street $=#4N – $3,550,000 reduced to $3,250,000
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