Seaport condos see cash buyers dominate

22 Liberty is a luxury development of 104 condos in the Seaport neighborhood in Boston and The Bates Real Estate Report has analyzed the First sales at 22 Liberty. Perhaps the most interesting fact in this analysis is that about 60% of the transactions had no mortgage involved – in other words cash buyers.

In addition to the analysis by David Bates, I have calculated that the average price paid to date is just over $3 million and the average price per sq.ft. is $1,568.

Naturally, I then looked at sales over $3 million in 2015 on the North Shore. There have been just 10 sales this year (with 3 of those in Marblehead) of Single Family Homes with an average price per sq.ft. of $685, or well under half the Seaport average. And all of these were on or overlooking the ocean.

And if you want a condo, two 2,000 plus sq.ft. oceanfront condos in Swampscott sold for an average of $575 per sq.ft.

Different markets, different buyers, but it does seem to me that there is some extraordinary value on offer on the North Shore today.

If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.

Read How should I choose the broker to sell my house?

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

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