Back Bay’s condominium marketplace inventory is shrinking as several major projects continue down a path of selling their inventory.
By all appearances, inventories are shrinking and market stability is returning as compared with the difficulties that arose in recent years with the recession and all of its accompanying problems.
The Beal Company, which built the Clarendon, has 102 condos in the Back Bay.
Company officials said last week 90% of those units are sold with only larger family type units available.
The W, one of the more talked about upscale residence condominium projects in the city’s history, has 123 luxury units, among the most extravagant in the city.
According to its owners, 67% of those units have been sold to date. Another 7 are under reservation.
At 45 Province Street there are 137 units.
The project’s owners are reporting 58% of the units have been sold.
With inventories declining, pressure will be placed on upward pricing – with many of the condo units in these projects selling for $1200 a square foot or higher.
At some point, new condominium projects will be necessary to meet rising demand.
The Back Bay’s vibrant condominium market and steady prices reveals the strength of the real estate market-place overall.
The recession is not effecting Back Bay real estate to the extent that it has changed peoples’ lives in many other parts of the state and the nation.
Back Bay residential and commercial real estate values remain strong and are growing incrementally as the economy slowly recovers.
The success of the local condominium market proves this.
Did you buy Face Book stock?
If you are one of many investors in the Back Bay who bought Face Book stock you are wondering this week why exactly you did such a thing.
The stock has tanked since its IPO came out two weeks ago.
For many younger investors buying into Face Book was an emotional move much more than a strict business move.
Face Book has panache. It has almost 1 billion users. It is likely to grow into one of the most widely used tools in the history of mankind – in fact – it is already that.
What is left is to harness the value of all those users and to make money from them.
That’s the early rub.
That’s why the stock has tanked – that and the fact it came out poorly and was subject to the fickleness of Wall Street.
What should have been one of the year’s biggest winners is one of the year’s biggest losers.
If everything is equal, the price will come back.
But everything isn’t equal.