A Sign of the Times

September 25, 2012
By

There are presently five properties for sale in the Back Bay for $10 million or more according to Group Boston Real Estate.

At the top of this list is a single family home with 10 bedrooms and 26,000 square feet of living space available for $18 million. In second place is an 11 bedroom 9 bathroom 15,000 square foot single family available for $16.5 million.

The prices descend to a 17,000 square foot multi-family for $13.7 million to a 6 bedroom 8 bath 9800 square foot property at $12.5 million.

The fifth of the top five is an 11,100 square foot property with 8 baths. It is a single family and it is listed for $11.7 million.

There are 11 properties listed for $5 million up to $9.3 million with one at $8.8 million, three at $7.9 million to $7.1 million and two at $6.5 million to $6 million.

By themselves, this small grouping of properties selling at such high prices proves several things.

There are many people living in the Back Bay who can afford to purchase these homes. Many others from outside the city moving here can also afford them and the marketplace for them is not declining, it is in fact rising.

The rising marketplace for high end Back Bay properties pushes prices up for nearly everything else. Affordability always remains an issue with buyers of properties in Back Bay.

With so many properties with prices soaring toward the stars, lesser properties, that is to say, properties in the $1million to $3million region should fetch much more and so on and so forth all the way down the pricing list.

The bottom line is that Back Bay real estate has some of the most outrageously priced properties from the very top of the list to the very bottom of it.

And to think there was a time not so long ago when you could buy a nice townhouse in the Back Bay for $300,000 or $400,000!

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