Boston, located in Suffolk County, in northeastern United States, is one of the largest cities and capital of the Commonwealth of Massachusetts.
The city of Boston boasts of an integrated culture and diverse areas including very expensive and elite areas to the most affordable. Boston proper is made up of 21 neighborhoods including well-known areas such as Back Bay, Beacon Hill, Jamaica Plain, Roslindale and West Roxbury.
Tracing the history of the real estate market in Boston by five years, in the year 2005, an increase in interest rates led to average sales price increasing by 5% as against a 13% increase in 2004. According to Freddie Mac, the average 30-year fixed rate was 5.87% with 0.6 points, a plunge from the 16%-17% interest rates in the eighties. Low interest rates have led more and more people to buy homes, hence supporting the rising prices in the Boston real estate market. This also coupled with the low unemployment rates have further fuelled the over active Boston real estate market. In the year 2005 moderate average price increased by 5%, median sales price saw a small increase of 1%. The average price per square foot increased by 7%. According to LINK, a listing information network condo sales in Boston real estate market increased by 36% in 2005.
The Back Bay area in the year 2005 saw an increase in the average price square foot by 12% from 2004 and a 24% increase since 2003. Average sales price increased by 16% from the 2004 average and median sales price jumped by 21% from the 2004 average and a 35% increase from 2003. Condos sold 17% more than in 2004 averaging 73 days on the market than the 88 days in 2004. 62 Studios were sold in 2005 with a 1% increase from 2004. 235 one bedroom flats were sold with an increase of 10% in the average sales price since 2004. 270 two bedroom flats were sold in 2005 and the average sales price crossed the 1 million mark marking an 11% increase since 2004. 87 three bedroom flats were sold.
Beacon Hill area in 2005 showed a real estate market slowdown as the average sales price dropped by 2% from 2004. 35 studios sold in 2005. 123 one bedroom units were sold marking an increase of 1% in the average sales price since 2004. 67 two bedroom units and 29 three bedroom units were sold in 2005.
South End saw a moderate decrease in the average sales price of 1, 2, 3 bedroom units.
Downtown the average sales price increased18% from 2004, median sales price increased by 17%, average price per square foot climbed by 17%.
Business 2.0 magazine, during the housing market crisis named Boston as a bubble proof market, in its November 2006 issue. The sluggish market saw the average sales price decrease by 8% in 2006 from the 2005 average, the average price per square foot decreased by 3%. Condos sold but the sales decreased by 41%.
Back Bay prices remained strong in 2006 inspite of larger marketing time. Average sales price saw a 5% decrease from 2005, 86 studios sold, and 188 1- bedroom flats were sold, 190 – bedroom units 60 3-bedroom units sold.
Beacon Hill real estate market remained sluggish.
South End market slowed down as average sales price decreased by 4% but the Down town market increased as the average sales price increased by 3%.
In the year 2007, the Boston real estae market remained strong even as the national markets cooled considerably. The booming technology job market and low interest rates kept the Boston real estate market chugging along. The average sales price increased by 17%.
With reference to the Boston MLS, as of March 2008, 523 single family homes ranging from $ 85,000 to $125,000 were sold, averaging 147 days on the market.
2199 condos were sold with prices ranging from $ 25,000 to $ 115,000. According to MLS the sales in the first quarter of 2008 was, 38 single family homes were sold averaging a price of $185,000, averaging 126 days on the market and usually selling for 89% of the original asking price. Also sold were 172 condos and 37 multi family homes.
The Boston real estate listing service provides listing of all available real estate regions wise with the help of an area map. Boston real estate listing also provides links to various web resources for information on homes, mortgage loans, refinancing, real estate agents, and closing costs. As a buyer you can search and access thousands of homes by registering on the MLS website. You can view photos of various homes, search for new construction, fixer uppers, price reductions and foreclosures. You can save the homes in a personalized list for viewing at leisure. As a seller your home is listed with a number of photos, open house is advertised, also a 360 degree virtual tour. You also receive a comparative market analysis. The Boston MLS, ZIP Realty etc. are a few listing services.
The city of Boston, fiscal tax rates for residential property is $10.97 per thousand dollars of value and the Boston real estate tax rate for commercial, industrial property is $ 25.92 per thousand dollar of value. Property can be assessed to obtain the correct tax due to it. Abatement is a reduction of property tax based on correction of the property’s assessed value. The City of Boston offers a Tax Assistance program such as Personal Exemption, Residential Exemption and Tax deferral for the elderly.
The tax package (H.R. 5720) passed the Ways and Means Committee in April, creating a $7500 tax credit that would be taken in full on the tax return for the year of purchase of the property. The Senate Legislation (H.R 3221) will provide a temporary tax credit for individuals who purchase a principal residence between 1st April 2008 -1st April 2009.
The Greater Boston Real Estate Board was founded in 1889 and since then is the leading advocate of all sectors of the real estate industry. Boston real estate board boasts of a membership of 2500 real estate professionals. The Board has 5 major domains, they are:
Boston real estate agencies are mostly listed on the Internet by area. Click on an area of your choice and the important real estate agencies operating in the area appear on the page. You can go through their profiles and choose the one suitable for your needs. Boston real estate agencies deal in homes for sale, rentals, and list local real estate agents; provide mortgage quotes, home values, price reductions and also foreclosures. Boston real estate agencies help in relocation and their staff is helpful till the conclusion of your business.
Boston real estate news is the premier source of online information about commercial real estate in Massachusetts. Boston real estate news covers all trends in the market from leasing, sales, finance and all issues concerned with real estate. Boston real estate news also summarizes the week’s important news from the Boston Globe, Boston Business Journal, Boston Herald, Banker and Tradesman.
Boston real estate group is a leading real estate agency covering the areas including Beacon Hill, South End, Downtown, Cambridge, North End, and South End among other neighborhoods. Boston real estate groups deal in rentals, buying and selling of real estate, and professional advice rendered by their expert staff covers all issues of real estate.
The Wall Street Journal has identified Boston as one of the cities in the US where it is advantageous to rent than to buy. Despite the sluggish markets rentals are prospering as employment in the technology sector increases bringing in more and more techies who need a place to stay. Rents have increased by $100-$200 since 2007 and Boston also has a large base of rental units. The demand for apartments for rent is up by 10% since 2007. An average 1-bedroom unit which rented for $2,355 now fetches $2,530. Even in areas like Commonwealth Avenue a 1-bedroom unit rents for $2,400 as compared to the $1800 it fetched before.
According to Coldwell Banker Residential Brokerage, the single most expensive rental in the market is a 4-bedroom, 6-bath penthouse for $30,000 a month. Luxury rentals are steadily holding their own and their rents range from $3000 to $30,000.
Boston boasts of a variety of rental options, from student rentals to multi-family homes, condos and luxury residences, lofts and studios. Renting too is not an issue as you can find something within your budget.