Boston Mansions Crossing the $1 Million Mark
Luxury homes across New England are showing signs of rebounding from our housing bubble mess a few years back. Mansions that were falling well below their market value have inched over the $1 million mark once again. The most expensive house on the market in a while has been a single-family home that spend about 3 years on the market and sold for about $16 million. There is number of reasons why mansions under $1 million have started to grow in price again, and for some this is reason to celebrate.
One of the reasons the home market is rebounding for mansion owners is stocks are on the rise, boasting confidence in other markets. If the stock market stabilizes and folks start viewing Boston as a robust real estate market, instead of a wobbly one, mansions will continue to rise above the million dollar mark.
Home Buyers or Home Owners
Another bright spot in Boston’s real estate market is the Weston hilltop mansion. his beautiful home was on the market for four years but sold for $15.6 million. This mansion was one of the most expensive properties on the Boston real estate market in years. The big take away from all of this is to realize that the luxury home market is on the rebound finally. People who were once scared to buy are back and they’re spending millions. The only downside is homeowners aren’t getting as much as they’re asking, but that’s a plus for home buyers.
Imagine having to spend $30 million purchasing a home and having to fix up your kitchen or bathroom. It’s what some luxury home-buyers are having to do to get anything near their asking price. This very thing happened not that long ago when 8 bedroom, 9 bathroom waterfront mansion in the beautiful gated community of Oyster Harbors went on sale. Philanthropist Rachel Lambert Mellon recently went just through this process when she was trying to sell her home and redesigned her kitchen for a staff of cooks, and all of this was done so she could get closer to her asking price.
Starting last year a new trend started emerging among the luxury market which might also effect the large mansions; McMansions. Smaller homes that still have all the benefits of a luxury mansion and can be produced one after another to keep costs low have home buyers lining up. A study among the National Association of Home Builders has home builders believing that 74% of the market wants smaller and more affordable McMansions. This same trend is running through the non-luxury home markets too. So it’s only normal that people who can live the life of luxury without having to spend mega-luxury prices will be attracted to McMansions.
It will be interesting to find out where the luxury market goes over the next year, because no one could have expected where we are today.