During the same recent Bloomberg interview in which he dropped the bombshell of a $40 million sale at Back Bay’s under-construction One Dalton, developer Richard Friedman also noted that “probably 90 percent” of the tower’s condo buyers are American and of those “almost all Bostonians.”
Why is that significant? Because the 180 units at the 740-foot One Dalton, destined to be the region’s tallest primarily residential tower, start at $2.5 million.
The reality that most of its buyers hail from the area underscores a fundamental often overlooked in the Boston housing market: It’s not just the perennially low supply and the equally annual high demand—it’s that a lot house hunters are quite comfortable with gobsmacking prices.
One Dalton’s sales figures so far also put further lie to the pseudo-trend that foreigners are a big presence in the Boston housing market.
As for those relatively few foreign buyers at One Dalton, Friedman estimated that perhaps one hailed from China and a handful each from Europe and the Middle East. There have been no buyers from Russia, a nation that has become omnipresent in the New York luxury market (where foreigners really do buoy sales).
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