We knew there was something to all these massive price-chops lately (including this one we told you about just yesterday). The Real Estate Cafe serves up a piping hot dish of cold water on reports of booming luxury sales in Massachusetts. Here are some juicer nuggets:
· Rather than looking at a 27 percent rise in sales over $2 million (an estimated 15 homes across MA); why not look at the 27 percent of single homes sold over $1.4 million during early spring for below assessed value?
· Or the 10 of 20 single family homes sold over $2.85 million during the same three-month period for more than one million dollars off their original asking prices?
· Or instead of focusing on offers accepted 3 to 10 percent below the last list price, cheer about sales more than 20 percent, 30 percent, or 40 percent below the original asking price (as shown in the graph above)? Really, what it all could mean at this point is that it is, in fact, too soon to tell where the uppermost of the Greater Boston market is going. The price-chops in particular could either be a series of isolated incidents that only look related on some snazzy blog; or a portentous signal of where the luxury market is headed price-wise. Right now, it looks like down. But how far down? And when?
· Luxury Home Sales: Mixed Signals, Spin Invite Satire, Monitoring [Real Estate Cafe]
· Old Massachusetts 'Governor's Mansion' Slashes Price $501K [Curbed Boston]
· $560K Carved Out of 46 Appleton's Pumpkin Pine Planks [Curbed Boston]