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Boston’s mid-range crunch

Boston is supposed to be a buyers’ market, right? Well, buyers’ vs. sellers’ markets are very specific to precise location and price-range. We have be seeing a surge in high-end properties over the $1.5m mark. There has been a surge of luxury development in the downtown Boston area and buyers in this price-range are seeing they can pick up relatively good deals, especially if they are offering cash. All these new luxury properties are, perhaps deceivingly, raising the average and median price-per-square foot and sales price. It has become incredibly difficult to find a mid-range condo (under $500k) in the Back Bay and Beacon Hill as sellers use these luxury units as comparables. In fact, sales of downtown area properties under the $500k mark are down about 20 percent from the same time last year., while the actual number of listings in that price-range are down a whopping 53 percent. It is slim pickins’ out there folks!

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