Saturday, March 04, 2006

Most Expensive Condo for sale in New England

The Boston Courant reported today on the most expensive condo in New England. The condo is located on Commonwealth Avenue in the Back Bay. The Boston Courant reported: While the values of high price condominums in the Back Bay have leveled off, a seven bedroom penthouse on Commonwealth Avenue has been listed at $13,995,000, the most expensive condo in New England.

The article went on to say: The luxury condo at 51 Commonwealth Avenue is more expensive per square foot at $1,555 than any in New York City. The priciest Manhattan property is an East Village townhouse listed at 16.5 million or $1,309 per square foot, according to Realtor.com

The Boston Courant then wrote about the housing market in general stating: The listing comes as home sales are down 18.4 percent in the last threee months compared to one year ago, according to the Listing Information Network (LINK), a downtown company that lists condos for sale.

From December 1 through February 28, the number of sales was 144 compared to 174 for the same period a year ago. Median prices fell to $645,000 in the last three months compared to $682,500 one year ago, according to LINK.

While condo sales under $1 million have lagged, luxury home sales have surged in the last six months. Since Labor Day, 29 homes in the Back Bay priced from 2 million have sold............

Still median prices have been flat at about 2.7 million.

The other factor that weighs heavily on a home's price is the number of days a unit is listed for sale. Since September, the average number of days on the market for homes priced above 2 million has increased to 263, up from 201 one year ago, a 30.8 percent increase.

The MLS Propery Information Network, the Shrewsbury-based company that lists properties for sale, found that the vast majority of luxury condominiums have sold far below asking price since January 2004.

The prices cuts ranged from a modest $99,000 off the asking price of $3,999,000 for a unit at 348 Beacon Street to a Whooping $1,240,000 price cut for a condo at 86 Beacon Street listed at $4,390,000.

www.fordrealty.net

14 Comments:

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Blogger paula said...

This comment has been removed by the author.

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