As the weather warms up, the season moves into full swing for Boston’s most lucrative spectator sport: real estate. People swap stories at bars and parties: I hear he paid six-fifty for a one-bed condo, there’s a basement studio in Davis asking four hundred grand, a ramshackle Victorian can’t be had for under a million. Every Sunday afternoon, it’s time to browse the open houses, whistling at prices and dreaming of appreciation, refinancing, and that ultimate luxury, off-street parking.
The statistics are familiar to anyone by now: the average median price for a single-family home in Cambridge passed half a million dollars last year, and three hundred grand for a condo. Somerville sold its first million-dollar single-family home this year. There are only two communities inside route 128 where a condo can be had for under $250,000. Prices keep rising, bids keep coming in over asking price and within days of opening. Winter is normally slower in the real estate market, but not this year, when the market barely paused. After all, this is a market which saw a penthouse condominium sell within fifteen minutes. For five million dollars. In cash.
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