Real estate today: Real estate is ‘smoking hot’ in JP

March 29, 2013
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Judging by the real estate market, Jamaica Plain is very desirable place to live. Real estate agents say they are receiving multiple offers on homes and that rents are skyrocketing.

“The market is smoking hot in Jamaica Plain,” said Maureen McElroy of Jamaica Hill Realty.

She said there is a high demand for both apartments and condominiums. McElroy said she recently had an open house for a condo where 50 people showed up and there were three offers.

She also said for every apartment on the market, she is getting 15 to 20 perspective tenants.

Colleen Scanlan of McCormack & Scanlan Real Estate echoed McElroy sentiments.

“It’s very hectic,” she said of the market.

Scanlan said she is receiving more than one offer over the asking price for homes and remarked there is a shortage of inventory.

“I wished I had more single-family homes [to sell],” she said.

Scanlan said if people are able to, they should buy, as she is “shocked by what people are paying for rent.” She said she has seen rents between $2,200 and $2,500 for a two-bedroom apartment.

There is a wide margin in choices in JP when it comes to buying. Between March 14 and March 21, the least expensive home sold in JP was a one-bedroom condo at 59 St. Rose St., which went for $219,900.

The most expensive home sold during that period was a seven-room house at 60R Sheridan St., which includes three bedrooms and three baths. That sold for $1.05 million.

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