Weakness in Boston
After posting significant gains in ’04 and early ’05, the real estate market in and around Boston seems to be one of the weakest in the country now.
I would guess that there are a number of similarities between the Boston area market and the NY area market and that trends up in Beantown will eventually make their way down the coast to NYC and the Jersey Shore. The similarities include a local economy that is highly dependent of Wall Street, a lack of developable land, boomers heading out of state (as opposed to Florida or Arizona, where boomers are heading in state.)
“The Bay State’s once high-flying real estate market is rapidly losing altitude, sales numbers released yesterday show.
Condo prices are apparently peaking, while house sales plunged last month, the Massachusetts Association of Realtors reported.
The group said house sales fell 9.2 percent in November, dropping to 3,713 units last month from 4,089 in November 2004.
The condo market also showed signs of finally topping out after years of spectacular gains.”
More…
I would guess that there are a number of similarities between the Boston area market and the NY area market and that trends up in Beantown will eventually make their way down the coast to NYC and the Jersey Shore. The similarities include a local economy that is highly dependent of Wall Street, a lack of developable land, boomers heading out of state (as opposed to Florida or Arizona, where boomers are heading in state.)
“The Bay State’s once high-flying real estate market is rapidly losing altitude, sales numbers released yesterday show.
Condo prices are apparently peaking, while house sales plunged last month, the Massachusetts Association of Realtors reported.
The group said house sales fell 9.2 percent in November, dropping to 3,713 units last month from 4,089 in November 2004.
The condo market also showed signs of finally topping out after years of spectacular gains.”
More…
posted by Little_Silvered at 3:47 PM
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