Interesting post from Scott about the “W” towns.
Posted by Scott Van Voorhis
The luxury market is red hot right now. And the suburban epicenter for multimillion-dollar home sales in the Bay State can be found in the suburbs of Wellesley and Weston.
High-end sales have always been big in these two coveted suburbs. Now both towns are nearing the point where practically all sales are in the luxury price ranges, a new report by Wellesley-based Pinnacle Residential Properties finds.
A total of 274 homes were sold in Wellesley and Weston during the first seven months of 2014. Of these, just ten homes changed hands for $600,000 or less, with just three selling for less than $400,000.
By contrast, more than twice as many homes in the two W towns – 21 – sold for $3 million and up through the end of July, Pinnacle finds. (This five bed, eight bath manse, at 190 Pond Road in Wellesley, is now on the market for $5.2 million after a price cut of $100,000.)
Another 131 homes sold in the $1 million to $2 million price range during the same period in Wellesley and Weston, the report finds.
So as the W towns go, so goes the state? Well, not exactly. Still, luxury sales are on fire in upper income towns and neighborhoods across Massachusetts right now. The number of homes fetching $3 million and up has jumped by more than 30 percent compared to 2013, Pinnacle reports.
“It has certainly been a strong year for the trade-up and luxury markets,” writes Elaine Bannigan, the report’s author and owner and founder of Pinnacle Residential Properties.