It’s a seller’s market.
“[Luxury] inventory is down 35 percent from a year ago; there’s less to choose from,” said Richard Ferrari, president and CEO of brokerage for Douglas Elliman in New York City and the Northeast Region. While there’s a shortage of new construction, mostly, Ferrari said, people simply aren’t selling.
“In the past when prices went up, owners cashed out, but that isn’t happening right now,” he said.
In Cambridge, the frenzy persists. “People feel comfortable in Cambridge in terms of COVID because there are large houses with yards,” said Victoria Kennedy of Gail Roberts, Ed Feijo & Team at Coldwell Banker. “Buyers are going through properties with architects, looking to put more money into them, so prices will get even higher [when they turn over].”
Those who relocated to second homes during the pandemic are back in town and looking to upgrade, contributing to the surge in demand. “They want extra home offices for themselves and their kids and a place to put their gym equipment,” Kennedy said.
As for luxury real estate in the Back Bay and Beacon Hill, Kevin Caulfield, managing director at Compass, notes that according to the Multiple Listing Service, three times as many homes costing $10 million or more sold/went under agreement in 2021 compared with the year prior.
His predictions for the spring market?
“I’m hoping this latest wave of COVID won’t affect it.”
Here’s a look at four stunning luxury properties that have hit the market in Boston and Cambridge:
Year built 2008
Square footage 2,600
Baths 3 full
Taxes $45,470 (2021)
Last sold for $4,850,000 in 2018
Listing agent contact info Joshua Trinh, Gibson Sotheby’s International Realty, 556 Tremont St., Boston, 617-426-6900, gibsonsothebysrealty.com
Tall windows and a private balcony, all with city views looking south, line the open living space in this corner unit at The Residences at Mandarin Oriental, Boston. A gas fireplace anchors the seating area, while a sleek kitchen with Poggenpohl cabinetry and chef-grade appliances sits behind the airy dining area. A backdrop of custom cabinetry leads to bedrooms on either end of the home. Five-star amenities, including the hotel spa, can be an everyday experience. (As of press time, this property was under agreement.)
Year built 1867
Square footage 4,026
Baths 3 full, 1 half
Taxes $40,768 (2022)
Last sold for $2,450,000 in 2010
Listing agent contact info Bradford Sprogis and John Neale, Sprogis & Neale Real Estate, 679 Tremont St., Boston, 617-262-1504, sprogisneale.com
No need to move to the burbs: This renovated single-family Victorian has it all. The parlor level includes a chef-worthy kitchen with an island. Two bedrooms and a study grace the third floor, while the primary suite on the fourth provides access to the hot tub on the roof deck. Store bikes, strollers, and 1,200 bottles of wine at street level, where you can also host an au-pair. The garden level family room opens to the yard and two covered parking spaces with a heated surface.
Year built 1895; converted 1985
Square footage 4,383
Baths 2 full
Taxes $26,090 (2021)
Last sold for $1,325,000 in 2005
Listing agent contact info Lawrence Shevick, Coldwell Banker Realty, 399 Boylston St., Boston, 617-266-4430, coldwellbankerhomes.com
Musicians, artists, and creatives alike will appreciate this live/work loft with 13-foot ceilings, original brick, and Carolina pine beams. The expansive open floor plan includes a restaurant-style kitchen with an eight-burner range. There is plenty of sun thanks to two walls of windows and a skylight. A sweeping, curved staircase leads to a cottage-like structure that houses the primary suite, a kitchenette, a den, a custom-built sound studio, and access to your own rooftop terrace.
Year built 1920
Square footage 4,345
Baths 4 full, 2 half
Taxes $13,854 (2021)
Last sold for $306,000 in 2000
Listing agent contact info Lance Greene, Greene Group at Compass, 1100 Massachusetts Ave., Cambridge, 617-999-5658, greenepropertiesgroup.com
NEXT WEEK LUXURY IN THE BURBS