RISMEDIA, March 21, 2007-The Boston real estate market is as hot as it has ever been. Sunday open houses have been jam packed and a multitude of 'over asking' offers are creating a buzz in this downtown real estate market.
This past week condoDomain.com, the Boston based Internet marketing firm for condo developer's toured a dozen open houses to witness the commotion.
"From new construction condo developments to re-sale open houses, the condo market seems to be back and bigger than ever," said Anthony Longo, founder of condoDomain.com.
Longo himself joined in on the frenzy and put an offer in on a unit in Boston's South End. However, his $5,000 above asking offer was not good enough and the condo was put under agreement later that day.
This weekend there were numerous reports of condos that went under agreement for above asking in Boston.
"It makes sense, the individuals who waited and did not purchase last year are now in the market and with very low inventory they are battling to get into the market," said Longo.
condoDomain.com's nationwide network of real estate agents and bloggers also chimed in noting condo markets such as Seattle, San Francisco, Manhattan and Atlanta were experiencing similar trends.
Last week, condoDomain.com put out a report detailing condo buyer demographics in which they had taken a poll on in the previous month. The statistics noted that the average condo buyer was searching for their new condo online. These online condo demographics stated that condominium buyers were young professionals (46%), looking to purchase and move into it the unit as a primary residence (78%), and they want to move into a high-rise (45%) under $450,000 (73%).
For more information, visit www.condoDomain.com.
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