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Looking to buy a 1 or 2 bedroom condo in the city. Is it actually a good time for this? Most news I see focuses on the super hot market in the suburbs

Looking to buy a 1 or 2 bedroom condo in the city. Is it actually a good time for this? Most news I see focuses on the super hot market in the suburbs

Roopypoop

If you can afford it I say go for it. Unfortunately, the market for condos in Boston is overheated as well, and is really competitive depending on which are you are going to be looking. I bought a 3 bed 2 bath condo in Jamaica Plain back in 2013 for 420 and it is going to be listed soon at 699. That should kind of tell you how ridiculous it is now a days.


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butterywaffles9

Honestly even purchase price + national average I'd be fine with when I'd want to sell in 6-7 years. Imop, Im currently renting an apartment to live in and 100% of those monthly payments I'll never see again, and it's hard to imagine a worse investment than that, as long as condo prices don't go below what I paid...


bkervick

My friend just renewed his lease for rent in Southie and his rent *went down.* I've never heard of the rents going down in the 15+ years I've lived in/near the city. Corona and working from home and lack of action in the city has encouraged a lot of people to flee to the burbs. I don't know what the actual inventory of places is like, but just looking around I'm seeing a couple places relisted and price reductions. If you've got the capital, seems like a good time relative to how hot the condo market was for the last few years.


Itsnotjustadream

maybe but probably yes definitely no and absolutely 100% for certain. ​ If you're buying to have a place to live is a different perspective than buying to invest. Which one are you doing?


butterywaffles9

Looking to live in it! Would be open to renting out an extra room to a friend to help pay the mortgage and have company, but my primary goal would be to live there.


Protoclown98

Its tough to say and can be very market specific. If you lived in SF or NYC I would say yes 100%. I am not sure how the condo market in Boston holds up to that though.


Itsnotjustadream

If you're looking to live in a home than anytime is a good time to buy just be smart about your purchase especially if you're not in a rush. Compromise where you need to but remember this is your home.. or will be. Good luck!


grumpy_old_lady

I can only speak for Philadelphia -- the condo market in Center City has gone down in value 10-15% over the past 12 months. Will it continue to drop or go back up? Who knows. The best way to check how the condo market in your area is doing is to run a search on your home search site of choice (Redfin, Zillow, etc.) for condos you are interested in, and compare the stats to condos sold within the last 12-36 months with the same characteristics (sq ft., bedrooms, bathrooms) in that area/building. Condos are easier to benchmark because buildings tend to have many condos with the same floor plan, so it is easy to find an "apples-to-apples" comparison. Days on market for current condos also is an indicator -- if there is an abundance of condos are not moving to pending within 30 days, there is sufficient inventory. A word of caution on building equity, though. In Philadelphia, the condo market has not seen significant appreciation in the last decade or so, when there was a large condo build boom. Many condos are selling for the same or less than they were at any point over the last decade, and the ones that are selling for higher are not selling high enough to cover the HOA outlay. I would be wary of assuming that the condo will appreciate...


butterywaffles9

Thank you for your insight! I'm a bit wary of being burned by the market moving unfavorably after buying, but I also figure that if I can get mortgage+hoa for two or three hundred more a month than what I pay in rent (which in Boston is super high) then it would probably be better than 100% of my rent for an apartment going down the drain every month, you know?


taguscove

Big caveat nobody knows the future, but it's a great time to buy in the core Boston market if you want to live there. The prices are flat while all the suburbs have gone up 10-20% in the past year. Brookline, back bay, South Boston, South End, Beacon Hill. Great place to live and very unlikely you lose money in a 10 year time frame.


Proof_Contribution71

Never a good time to buy a condo


butterywaffles9

What makes you say that? All thoughts/insights appreciated


taguscove

It's a low effort comment. I would ignore it


Proof_Contribution71

You want insight? Sure mate. Your condo maintenance fees only go up. Your condo board's best friends are going to get all the reno contracts. I hope you like that board btw, or your life might be miserable. Your condo has a good chance of being stagnant in value and sometimes even depreciating. All of that trouble for something that does not go up compared to a house? Hard pass


butterywaffles9

Good pitfalls to be aware of, thank you. In the area Im looking houses are way more expensive, and I dont want the responsibility or need the space of a house at this time. Stagnant value can't be much worse than renting an apartment and all of that money going poof every month though...


Throw-a-way_ok

Good insight. People always bash condos compared to SFH, but a SFH isn't realistic for everyone.


dny6

Condos in the urban core of Boston do not stagnate in value.


Proof_Contribution71

True. But I gave you a broad statement and you answered with a very specific location. Some HCOL are ok for condos. They can be a slight exception (and only slight)


caper293

I lived in Boston. Condos are not cheap. Boston holds it value. It is a well sought city. Great jobs, great education, etc. but they don’t resell as well as SFH.


tonepoems

We are currently under contract for a condo on the Charlestown Navy Yard. I feel like specifically in the past few weeks, the prices have sky rocketed. North End properties (where we're renting now) are averaging $1,000 sq ft. There are lines around the block for open houses. I feel like the city is just as hot right now. At the same time, rent has gone down! In our latest lease renewal, they are not planning on raising our rates at all, which would make it our third year at the same rent.