Boston Has a Bubble—But not the Way you Think
Since this time last year, the feds bailed out Bear Sterns, IndyMac collapsed, and it’s pretty much even-money on whether Lehman Brothers or Amy Winehouse will kick the bucket next. Don’t even get me started on Countrywide.
George Soros, who made a square billion predicting the collapse of the Pound Sterling in the early 1990s, said we’re looking at a catastrophic bear market. Even Martin Feldstein, the man behind the spend-now-earn-later-ethos of Reaganomics, predicted a fairly serious economic slide in the foreseeable future.
The government even stated it will bail out the two largest mortgage lenders in the history of the known universe, Fannie Mae and Freddie Mac, should the need arise. Oh, and to top it off, the Dow is down over 3,000 points since this time last year—that’s 23% for those of you playing at home.
So, how can it still cost $460 a month to park your car downtown? How is real estate in Back Bay still going for $750 a square foot? Is a somewhat debatable drop in high-end condo sales the worst this impending economic catastrophe has to offer the Hub?
Boston must have some sort of Simpsons Movie style-bubble protecting it from all this. That, or the inevitable credit-crunch shoe has yet to drop. Your call. Here are some Back Bay homes around that $750-per-square-foot mark:
239 Comm Ave #53
Back Bay, MA 02116
2 Beds, 2 Baths
1,215 sq. ft.
$865,000
$712/sq. ft.
231 Marlborough St
Back Bay, MA 02116
5 Beds, 4.5 Baths
5,552 sq. ft. (big!)
$4,400,000
$793/sq. ft.
166 Beacon St #4
Back Bay, MA 02116
2 Beds, 2.5 Baths
1,701 sq. ft.
$1,499,000
$881/sq. ft.
Open Houses: Make it a Roof Deck Sunday
