mondoboston.com

Posted by Pam on March 1st, 2008 in real estate market

Well, the dollar continues its dramatic drop against the Euro currency. Last week that put the exchange rate at about $1.52 dollars for 1 Euro. Of course, many Americans are saddened by this turn of events. Vacations to European destinations are going to be a lot more expensive. But for foreign buyers buying in Euros, now has never been a better time to shop in Boston.  For instance, this very quaint, very characteristic 2 bedroom apartment  of about 100 square meters in pricey Beacon Hill costs $659,000 but only 434,000 Euro. In Rome, that figure might buy you an apartment on the periphery, but not a quaint apartment in the best part of Rome! Or perhaps you want more space, (223 square meters), a river view, a roof deck, and lots of Old World charm. You can buy a $3,300,000 mansion for 2,172,911 Euro. And if you’re coming from England with pounds, it becomes an even better deal. Perhaps you want just a cute pied-d-terre that doesn’t call for maintenance or worry. For just $349,000 or 230,000 Euro you can find a 45 square meter apartment in the heart of the city. Also, please keep in mind that these are ASKING prices, not actual sale prices. Homes in downtown Boston traditionally sell at around 95 percent of asking price, but the sales price can also be much lower, depending on circumstances and whether you’re a cash buyer who doesn’t need a mortgage. However you look at it, it’s definitely a moment to consider buying in Boston.