Luxury Boston condos being bought, resold at huge profit
BOSTON (AP) — Luxury condominiums in one of Boston’s hottest neighborhoods that have never been lived in are being bought for millions of dollars then quickly resold at a huge profit.
The Boston Globe (http://bit.ly/1JB6OhN), citing registry of deeds records, says the condos are in the 118-unit 22 Liberty building on Fan Pier, a glass-fronted tower with sweeping views of the downtown skyline and harbor.
One unit bought for $4.6 million was quickly resold for $5.7 million.
A unit bought for $3.5 million resold for $4.3 million.
In all, six units were bought and resold before the building even opened.
Debra Taylor Blair, president of real estate data firm LINK, says she’s has never seen anything like what’s happening at 22 Liberty.
Developer Joe Fallon says “People recognized the special nature of this building.”
Information from: The Boston Globe, http://www.bostonglobe.com