LuxBeat Local Real Estate Professionals discuss rumors, facts and opinions on Luxury Real Estate in Boston, MA and Providence, RI

Over the recent months luxury condo owners in Boston are finally coming to the realization that even the high end market is not recession proof.  Although we are not technically in a recession(2 Straight Quarters of negative GDP), we are falling towards one very quickly.  Jumbo loans are very hard to come by and if you are able to find one, you could be paying upwards of 6.75%-7%.  A flood of condos have come on the market at the new Mandarin Oriental.  Not one re-sale, in the last 4 months has gone under agreement. We are also starting to see prices at The Ritz-Carlton Boston come down as well. Units that were once $4,000,000+ are now 20%-30% off original asking. It is my professional opinion that the prices at new construction buildings like The Residences At The W, The Clarendon, Mandarin, The Bryant, and 45 Province will all need to re adjust their pricing in order to kick start slowing sales and battle the upcoming economy slowdown and the seasonal winter slowdown. If you are a cash buyer, now is an ideal time to be in the market for a luxury condo in Boston.