Boston a ‘Superpower’ in Global Luxury Real Estate
Like the normal real estate market, the global luxury real estate market exists in a state of constant movement. At one point, trends can move toward the direction of highs and lows. Boston Agent Magazine shed light on a report by Coldwell Banker's Global Luxury Program. The report mentioned caution on making month-to-month comparisons of market trends.
Boston identifies as one of the many places that are designated 'power markets' in the field of luxury real estate. Boston, according to luxury real estate specialist Kathryn Alphas-Richien, is propped up by a dominantly talented workforce. The education in the area is top-notch, and companies like Amazon, Blogen, and Vertex maintain a presence in the city.
She added that there are a lot of buyers look for in a luxury real estate hub--the different and unique culture, a city with history, and urban lifestyle. All of these meshes together perfectly in Boston. Aside from these factors, that they can still maintain their sense of privacy while living in the city makes it one of the most sought-after destinations in the market.
Boston is only one of the cities, though, and it faces stiff competition from the others. Mansion Global pointed out that cities like Manhattan could give it a run for its money. True enough, Manhattan's luxury real estate ended March on a winning note, but that doesn't mean that the troubles hounding it are far behind already.
Buyers tallied 27 contracts for homes that were sold at $4 million or more. That was during the week ending last Sunday, as tabulated in the weekly roundup for new and pending sales. This was the fourth week where such values were recorded out of the last five, with 20 or more sales being recorded. However, this was still low compared to the year before.
This year's record had 229 luxury homes for which contracts were made and signed. This was good for a 19% decline from the 282 deals that were made and signed the same period in 2018. When compared to the same period in 2017, however, it gets worse; the decline climbed up to a 24% value.
That being said, Boston seems to be doing well compared to Manhattan but is on track to equal other markets. This, according to Alphas-Richien, can be attributed to generational trends affecting the buying. People moving into cities looking for luxury amenities are driving luxury market sales, and Boston may actually benefit from this.