'Tis no secret that the Boston condo market is off its rocker right now. Low supply and high demand ensure bidding wars and often extreme over-asks; and no amount of new development seems to dent the trends. Then along comes a unit such as No. 2 at 5 Eldridge Road in Jamaica Plain's Forest Hills section. The pristine-looking 2-BR, 1-BA hit the sales market back in late June for $299,900. Its price steadily dropped until it was asking $249,900 and promising a $1,400 credit to the buyer at closing (and there did not seem to be any mitigating circumstances beyond market pressures driving the price-chops or the incentive). A deal for the condo closed Friday.
The 773-square-foot spread finally went for $235,000—or more than $60K off its original asking. Take hope.
· Extreme Over-Asks in the Hub: Where They Happen the Most [Curbed Boston]
· Further Proof the Hub's One Big Condo-Bidding Warzone [Curbed Boston]
· What to Watch This Fall in Greater Boston Real Estate [Curbed Boston]
· Our Sub-Quarter-Mill Club archive [Curbed Boston]