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Ready to downsize to a condo? Not so fast

Posted by Leslie Anderson  September 6, 2013 03:01 PM

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A growing number of empty nesters are on the move again as the real estate market heats up, often choosing to trade in a big suburban home for a smaller house in town or a condo in Boston, Cambridge or other urban centers.

With prices rising in Newton and other western suburbs, older couples who were forced to put their downsizing plans on hold during the recession are now finding a changed market.

Yet some empty nesters are finding their biggest challenge now is not selling their house, but finding a place to move next, especially if they have their hearts set on moving across town, notes Lesley Palmiter of Keller Williams Real Estate in Newton.

“This generation of baby boomers is hit very hard by the fact there is no inventory and no inventory in the towns they want to stay in,” she said

Here's what condos cost in communities west of Boston based on median prices for the first six months of this year, according to the Warren Group. (Each of these communities logged at least 50 condo sales.)

Brookline: $500,000; Newton: $454,000; Acton: $379,450; Arlington: $349,000; Waltham: $323,000; Watertown: $319,500; Ashland: $257,000; Marlborough: $221,500; Natick: $220,000; Framingham: $133,900.

Ready to pick up stakes and move to the city?

Based on median prices for the same period, a condo will cost you $282,500 in Brighton, $355,000 in Jamaica Plain, $401,500 in Somerville, $493,000 in Cambridge, and $499,000 in Charlestown.

Scott Van Voorhis can be reached at sbvanvoorhis@hotmail.com.


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