Boston real estate agent David Bates on Wednesday illustrated the challenges that Hub buyers face because of the region's low inventory of available homes by citing certain properties that went for well above their asking prices. One such home was the single-family at 79 Coolidge Street in Brookline.
As you can see by the only available listing photos, the 2,445-square-foot, 3-BR, 1.5-BA wasn't much to behold. It was even described as a "tear-down," the sort of property bought as an investment, with a redevelopment or a major renovation in mind. In other words, it might go for relatively cheap (especially given its location and the likelihood that nothing too dense could be built in its stead). Well, 79 Coolidge traded in early May for $1,126,000—or $376,000 over its asking price. One reason for the titanic final tag? The 31 offers that came in. It's rough out there, folks.
· Signs of Low Inventory and the Mother of All Over-Asks [Curbed Boston]
· Over the Top! Offers Above Asking Abound in the Hub [Curbed Boston]