Click here for instant Brookline Real Estate Blog Updates!

 Subscribe in a reader Share on Facebook

Add to Google Reader or Homepage Subscribe in Bloglines Add to Technorati Favorites


Welcome to your constantly updated resource for news and views on the Brookline Real Estate market. Here you will find commentary and statistics to explain the daily changes in the Brookline specific housing market.

Whether you're looking for an estate in Cottage Farm, a condo in Brookline Village or are just stopping by please feel free to read along and comment at will. If you are interested in speaking about renting an apartment, buyer representation or listing your home please feel free to contact me.

Tuesday, May 20, 2008

Wall Street Journal - MUST READ

Where Home Prices Are Holding Up -

Nearby communities are a mixed bag. Condos in suburban Brookline, one of the most desirable Zip Codes -- 02445 -- are down about 8%, while neighboring 02446 is up nearly 7%, for example. Among city neighborhoods, Dorchester is down across the board by as much as 25%, yet Jamaica Plain and West Roxbury are each up between 7% and 9%.
This is a wonderful article (link above) that might send people off on a "look how great things are" streak. HOWEVER, we absolutely must first dig deep into the numbers.

Why is 02446 up 7%? How is it different than 02445? Why is Brookline doing better than Boston?

1) 02446 is "up" because it has a larger diversity of housing supply. The median and average prices are only a sign of what has sold. We can extrapolate what has not sold from here. The "low end" property, for this discussion I will classify that as a condo below $450,000, in 02446 (North Brookline including Coolidge Corner) is not selling. When you remove sales from those price points, more expensive property is selling which moves the average, but the average is not indicating how comparable listings are being affected.

2) 02445 is down because it has more "upper end" property. The condos tend to be larger and have less turnover. There is a larger concentration of single family homes, and I would say this neighborhood is a more "standard" representation of the global marketplace. It is rare to find a $300,000 condo in 02445 because those neighborhoods are not as immediately accessible to public transportation (Washington Square and Brookline Village excluded).

3) Brookline is doing "better" than Boston for a number of reasons. We've frequently run through them here, but tops is the relative suburban nature of the town combined with the immediate proximity to Boston. Just as critical is the immense strength and performance of the Brookline school system. Finally, as has been seen across the board, those with significant "buying power" are not being hurt by new mortgage regulations and the "credit crunch" as much as the youngest professionals or those on a fixed income.

If you would like a more concise break-down of these numbers as they apply to a specific situation, please contact me.


top 10% awardAwarded Top 10% in the Nation for Consumer Satisfaction by the Internet Consumer Group
more info

Subscribe via email

Enter your email address:

Delivered by FeedBurner


The views expressed on these pages are the opinion of the author and any public contributors. They do not substitute for the advice of a legal or financial professional. These opinions are not representative of any firm or business. Please always consult an attorney, financial professional or sign a contract with a Buyer Agent or Seller's Agent for specific advice.