Boston’s luxury condo market is starting off 2010 in better shape, after suffering through a rocky couple of years.
In a way, high-end condominiums had the furthest to fall when the market crashed. Sales of condos priced over $1 million plummeted two-thirds in a period of months.
Tracy Campion sells units at one development, Bryant Back Bay. She said the crash rattled her clients, even the ones who pay with cash. "There’s still a lot of people with money out there," Campion said. "They’re just nervous, and they want to feel a sense that everything’s OK."
It may now be OK. Sales of high-end condos nearly doubled in January, thanks in part to two properties newly on the market: the 'W' and the Clarendon.
It has also helped that banks have made it easier to get the jumbo loans that finance such purchases. The big question now is whether sales can keep up this pace.
This program aired on March 15, 2010. The audio for this program is not available.