What goes up must come down. It's the basic law of all markets.
That is, except for downtown Boston, where condo prices just keep on going up.
The average price of a downtown Boston condo is approaching $1 million, hitting $950,000, the Globe reports, citing new numbers just released by LINK, which tracks downtown Boston sales and prices.
That represents a 17 percent increase over the first three months of 2013.
So here's a fun game to play sometime if you have a copy of Banker & Tradesman's weekly real estate records in hand.Take a look at the "Boston" section - it basically covers downtown neighborhoods like Back Bay, Beacon Hill and the South End,
Then match up the current sale price with what the condo or, occasionally, house, sold for a few years ago.
There's the Beacon Hill penthouse with a roof deck with some spectacular views. The four bedroom unit at 96 Beacon just sold for $13 million after fetching just under $9.4 million in 2009.
Price appreciation of $3.6 million over five years is hard to beat.
But there are lots of other examples, though maybe not as eye popping, including:
- Unit 2 at 226 Marlborough St. just fetched $1.2 million after selling for $955,000 in June 2009;
- Unit 11 at 482 Beacon St. just sold for a little under $640,000, having previously changes hands in March of 1999 for $270,500.
- Unit E701 over at 181 Essex Street just sold for $722,000. The two bedroom previously changed hands for $538,000 in March, 2007.
Meanwhile, over in the West End, this one bedroom at 9 Hawthorne Place - you know, Charles River Park - for $445,000. It last sold for $358,500 in June 2009.
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