The luxury market has proven to be a dominating trend in Boston’s high end neighborhoods such as Back Bay and the South End. Home sales have skewed toward higher-end clientele with the number of buyers in search for a luxury home steadily increasing.
In the past there have been some difficulties in the market due to the rising prices of homes and lack of inventory, but these factors have not proven to be worrisome with our recent home sales here in Boston. Actually, the average number of days that homes have been listed on the market is lower than it has been in the past. We have even seen certain properties that have spent longer time periods on the market drastically impacted by this current surge in buyer demand. In fact, just a few weeks ago, 74 Beacon Street sold for an outstanding $12.5 million, as Gibson Sotheby’s International Realty’s William Montero procured the buyer.
This single family home is one of the grandest on Beacon Hill and the entirety of Boston. It encompasses 8,450 square feet of elegant indoor living space with six bedrooms, an au pair suite, and six full bathrooms.
Some additional features this stunning home includes are:
- Eight fireplaces
- Wine cellar with cigar humidor
- State-of-the-art media room
- Wood paneled library
- Fully-equipped gym
- Elevator and a roof-top pool
- Private garden patio
- Two rooftop decks
- Three front balconies
- Three parking spots (one being a garage space)
Whether there are first-time or existing home buyers in search of making a move; we at Gibson Sotheby’s International Realty have seen a push in the sales of luxury homes. Some additional properties that we have sold over the past 12 months include:
- The Residences at Hooper Mansion Penthouse – $13.250M (Currently under agreement)
- The Mandarin Unit W12B – $11.950M
- 78 Beacon Street – $9.3M
- 476 Beacon Street Penthouse – $6.5M (Currently under agreement)
- 275 Marlborough Street – $5,607,500
- 15 West Cedar – $5.225M
- 23 West Cedar – $5.125M
With these recent sales, an ease in credit conditions, and existing home buyers downsizing while their children search for a home of their own, a great display of momentum in the market has been shown!