April 30, 2008
Just Because it’s Not Good doesn’t Mean it’s All Bad
CNN, one of the aggressive doomsayers in the recent housing downturn, brought us today’s harbinger the end is nigh: foreclosures spike 112%. This fact, by itself, is not a good thing, but it bugs me CNN focuses overwhelmingly on the negative aspects of changes like this.
Fortunately, other news sources, like the Wall Street Journal, show how drastically lowered prices from this oversupply of foreclosed homes can whip up a consumer frenzy, breathing life into the market.
So when you see that Boston’s real estate market dipped for the 23rd consecutive month, consider the state’s growing economy[pdf]. Eventually, the people churning up that income will find property prices drop to a level where they can’t resist buying.
How close are we to that point? I don’t know, but I wouldn’t steer clear of buying- I would just buy more conservatively. With that in mind, here are some price-efficient Back Bay homes.
274 Clarendon Street, #3
Back Bay, 02116
Beds: 1/Baths: 1
SQ.FT.: 686
$519,000
Redfin rolled out an upgraded website, adding forclosures and FSBO’s (For Sale By Owner) to the search listings. We don’t have lot of the former in Back Bay and Beacon Hill, but this FSBO on Clarendon looks like a gorgeously refurbished way to check out the new feature.
10 Charlesgate E, #504
Back Bay, 02215
Beds: 2/Baths: 2
SQ.FT.: 1155
$647,000
In terms of dollars per square feet and dollars per bathroom, it’s tough to beat this unit on the western fringe of Back Bay. While Back Bay purists scoff at the area, I’m a fan of this end of the neighborhood: it’s farther from traffic, closer to the Fens, and closer to Kenmore than the rest of Back Bay. And it’s closer to the Sox.
7 Hereford Street, #1
Back Bay, 02115
Beds: 1/Baths: 1
SQ.FT.: 641
$359,000
I featured it before, but I love this gem in the western part of the neighborhood. Great price per square foot, and as the floor plan shows, a tidy little layout. I’d take an elegant, efficient setup over a roomy, sloppy one any day of the week.
More of Cosmo on Back Bay and Beacon Hill
