Are Boston condos a good investment?
Rental prices in this historic neighborhood are starting around $1,895 per month and rising to over $10,000 per month. According to industry experts at Boston Common, the condo market in Back Bay, and across Boston in general, is booming.
Is flipping a condo a good investment?
Flipping condos can be a great way for new real estate investors to get started. The property purchase price and renovation costs are often cheaper, the risk of unforeseen structural problems is far lower, and there tends to be less direct competition from other investors.
Are condos selling in Boston?
Through July 31, there had been 8,192 condo sales in Greater Boston year to date — a 52.5 percent increase over 2020, and far more than any year in recent memory.
Are condo prices dropping in Boston?
The drop in inventory came as 771 condo sales closed in Downtown Boston last quarter, according to the report, up 17% from Q4 2020. The average condo sale price totaled $1.4M, up 13% from the prior quarter and 12% from Q4 2020.
Is Boston real estate market slowing down?
The inventory of available homes for sale in the Boston metropolitan area is down 24.3% since December and 43.6% below January 2020 levels, according to Zillow data. And the inventory of new homes hitting the market in January was down 25.5% from two years ago and 25.2% below December’s count.
What to know about flipping condos?
Apartment flipping involves purchasing a condo unit in an apartment building or the entire apartment complex and renovating it so you can sell it for a profit. The main objective is to make improvements so that prospective tenants are willing to pay a higher rental rate, which in turn boosts the property’s income.
Why is Boston real estate so expensive?
Boston has more people who need housing than housing solutions, meaning there’s a large demand for housing with only so many available homes. Between 2010 and 2020, Boston’s population increased by 58,000 people. The city didn’t plan for such a dramatic increase and struggled with where to shelter everyone.