COGnitions

2
March 2016
COMMENTS (0)Market Trends

Off-Market Mayhem | By Jeff Hamilton

Since January 1, 2016, roughly 60 days ago, 16 condos have sold in the Back Bay and South End between $1 million and $2.5 million. This price range, which is “all the rage” for well to do older millennials (hoping to extend their stay in the city) and baby boomers (hoping to return to the city) has been an utter wasteland of inventory. Wondering what prior years looked like? Over the last three years, the first two months of the year have seen 29 units sold in 2015 (80% increase), 23 in 2014 (44% increase) and 36 in 2013 (125% increase) in this price range.

Of the 16 properties that sold in the first two months of 2016, nine of them sold at or above asking price. Frustrated would-be buyers are at their wits’ end trying to understand this market and, more importantly, trying to find a home that meets their needs. Here’s the kicker – unfortunately, the best opportunities to buy are not surfacing through the MLS. While insider trading is illegal on Wall Street it is welcome on Main Street. Consumers who have access to the best information are winning on two fronts – access and price.

In the last 45 days, COG has put three condo units under agreement that were not available to the market at large. Allowing our relationships to work for us, we’re pairing eager buyers with sellers who are more than happy to sell without the traditional time consuming and awkward sales process. Best of all, with only one intermediary in the deal, sellers are clearing more money and buyers are paying less to get what they want. Everyone wins!

So, even if you are not fully prepared to align yourself with a dreaded real estate agent, share your needs (purchase or sale) with me and I’ll work our client list to find the optimal match for you in a no pressure sales environment. I think you’ll be pleased with the result.