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n2doc

(47,953 posts)
Wed Jun 13, 2012, 12:02 PM Jun 2012

It's more expensive now to buy a condo in Massachusetts than a single-family home.

Condos now tops in price

It's more expensive now to buy a condo here in Massachusetts than a single-family home.

If that is surprising to you, it certainly was to me when I took another look at the most recent price report by The Warren Group, publisher of Banker & Tradesman.

The median price of a condo in Massachusetts rose to $280,000 in April, up 3.5 percent from April 2011.

That's a good $5,000 above the median price for a home here in Massachusetts, which stood at $275,000 in April.

The Massachusetts Association of Realtors shows a similar trend, though it pegs the median condo price at $273,000, a shade under the median home price of $282,450.

Overall, condo sales were up 10 percent, year-over-year, in April. Meanwhile, as demand has risen, supply has fallen, with the number of units on the market falling more than 20 percent over the past year, MAR reports.

http://www.boston.com/realestate/news/blogs/renow/2012/06/condos_now_tops.html?p1=Well_MostPop_Emailed2_HP

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It's more expensive now to buy a condo in Massachusetts than a single-family home. (Original Post) n2doc Jun 2012 OP
I predicted this at the collapse. WingDinger Jun 2012 #1
Is the main reason for this that condos tend to concentrate in dense, coalition_unwilling Jun 2012 #2
Yeah, some people don't like to travel to work... snooper2 Jun 2012 #4
Not in the area that I live rox63 Jun 2012 #3
Then on top of that you, you have ot pay the conod fees... YellowRubberDuckie Jun 2012 #5
Location, location, location FarCenter Jun 2012 #6
 

coalition_unwilling

(14,180 posts)
2. Is the main reason for this that condos tend to concentrate in dense,
Wed Jun 13, 2012, 12:06 PM
Jun 2012

and high-priced, urban areas whereas homes are spread over urban, suburban and rural?

I've heard that new assistant profs at Harvard U. usually cannot afford to buy in either Cambridge or Boston and must buy housing further out. Not sure whether that is still the case.

 

snooper2

(30,151 posts)
4. Yeah, some people don't like to travel to work...
Wed Jun 13, 2012, 12:45 PM
Jun 2012

One of my co-workers found a single family home with a guest house but it is 45 minutes outside downtown Boston where work is. She didn't care about the drive, being from Texas we drive all over the place. It would have cost her more than she paid to get an old brickstone(on edit brickstone/brownstone whatever you call those ) in downtown area and have a fraction of the land/space.

rox63

(9,464 posts)
3. Not in the area that I live
Wed Jun 13, 2012, 12:38 PM
Jun 2012

I wish my condo was worth more than a house. Then I wouldn't be stuck underwater.

Edit to add: I suspect most of these high-priced condos are either around Boston, or in a few select pricey towns.

 

FarCenter

(19,429 posts)
6. Location, location, location
Wed Jun 13, 2012, 01:12 PM
Jun 2012

And condos would tend to be newer construction than single-family homes in MA. Zoning and other regulations tend to restrict homebuilding in MA, compared with other parts of the country. Most new single-family homes built during the pre-2008 boom were built in the south and west, not the midwest or northeast.

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