A Boston Buyer on the Current Market: 'This Is Just Stupid'

It is supremely difficult for prospective buyers in the Boston area right now. The inventory of available homes is cartoonishly low; bidding wars are common; and you never, ever know if the price you're seeing is the real price or a broker's ploy. As if we needed further proof of the difficulties, this missive landed in the always-discreet Curbed Boston Tipline inbox recently. It's in regard to Unit 3 at 46 Washington Street in Charlestown's gaslight district. It's a 2-BR, 2-BA penthouse spread over 1,031 square feet and comes with access to a common roof deck. It was listed a week ago through Hammond for $629,000. Our tipster fills us in on what happened next [emphasis ours]:

Not an uncommon story but have to stand on my soap box for a minute. My wife and I have put in a dozen offers all around Boston the last few months and been in several bidding wars always coming up short. We thought we finally had this listing below, offering $20K over asking and the listing agent advising we would most likely get the deal and even re-signed some documents they wanted changed. At the 11th hour someone came in with an all-cash, no-contingencies, over-$700K offer... I'll be watching to see the final closing price but this is just stupid. These people would have had the best offer with those terms even at our same offer price.

Perhaps you can relate? Share your own horror stories of the Greater Boston housing market. And good luck.
· Are Hub Sellers Asking Less to Get More? A New Era Dawns [Curbed Boston]
· Boston, It's Time to Admit You Have an Inventory Problem [Curbed Boston]
· Further Proof the Hub's One Big Condo-Bidding Warzone [Curbed Boston]