What does $4 million buy in and around Boston?

A prospective buyer looked at a $4 million listing in Marblehead recently and commented: “this house would sell for $18 million in the Hamptons.”

Well we’re not in the Hamptons, Dorothy, but it was an interesting comment and led me to look at what a paltry $4 million would buy today in different areas in and around Boston. The table below is in four sections: the North Shore, towns close to Boston, and then Boston SFHS and Boston condos:

Source: MLS, Oliver Reports

Source: MLS, Oliver Reports

While the houses on the North Shore and nearer Boston are similar in terms of both house size and lot size, the biggest difference is that those on the North Shore are generally ocean front properties. There are those, of course, who would point to the commute as another major difference. When we first moved to Marblehead more than 20 years ago my next door neighbor worked in Cambridge. When I suggested that his commute could not be a lot of fun he responded by saying: “yes, but in the evenings and at weekends I have this”, pointing to the ocean.

One other difference with the condos – condo fees. At the Ritz Carlton the fee is $3,752 – per month that is. Now for that money one could get an $800,000 mortgage – but you’d have to be willing to forego valet parking.

 If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated

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