In May, Boston condo buyers didn’t ask, “What’s the lowest the seller will take? Instead, they wondered how far over ask they would have to bid to beat the competition. As a result, Hub sellers accepted an unprecedented amount of extremely over-ask offers.
Fifteen months ago, putting in an offer for way, way more than list was unusual. Today, it’s so much a part of the way the Hub condo market does business that an extremely over-ask offer is about as surprising as a stale punchline: “And then the buyer offered a few hundred thousand over-ask and no soap radio, you know what I’m saying.”
My featured column in Curbed this week focused on the truly astounding over-ask ratios and numbers for May 2014, the most extreme over-ask month of them all.