Good question from a commenter: Why are people buying condos in Boston, today, when the market has slowed, when prices, at best, have stagnated, and, more importantly, when the economy seems at risk of a recession?

So, I took a look at my list of current clients, and here’s what I found out.

Here are some buyer profiles:

Client #1: Young, married couple, dual-incomes, closed in July on the purchase of a 3-bedroom condo in JP, around $500,000. Moved from condo they owned in Brookline (they broke even, after commissions, on $340,000 sale). Reason for moving: Upgrade. Reason for buying vs. renting: Stability, quality of owned property vs. rental property.

Client #2: Overseas investor, looking for property in Boston to buy and then rent out, in the $250,000-range. Previously lived in Boston, when he attended BU. Reason for buying vs. renting: US real estate is cheap, compared to overseas, can make a profit, if not on rental income, then on capital gains, upon sale (he thinks).

Client #3: Family looking to move from west coast to Cambridge, sometime during the next year, in the $800,000 range. Reason for moving: Work. Reason for buying vs. renting: Stability, plus prices in Boston & Cambridge seem cheap compared to where they live now.

Client #4: Overseas parents buying for son, who will be attending BU. Reason for buying vs. renting: Cost of ownership is just slightly more than renting out an apartment, plus quality is better. Client contacted me following an article in the Financial Times in which I was quoted.

Client #5: I have no idea! He just signed-up without contacting me. Apparently, is looking for an investment property, under $250,000.

Client #6: Gay couple, live in Pennsylvania, looking to relocate, range up to $750,000. Reason for buying vs. renting: They currently rent a pied-a-terre, but want to settle down in Boston, plus one of the two is a real estate agent, and he thinks there is value in owning.

Client #7: You know, I should really look at my list, more closely. Ha ha. I have no idea who this guy is. I think he was just wandering around the Internet, looking at real estate. Interested in condos $250,000 - $500,000.

Client #8: Northeastern professor, looking to relocate with family, range up to $1.5 million. Reason for buying vs. renting: Stability, set down roots in the community.

Client #9: First-time homebuyer, up to $400,000. Will buy sometime during the next year, in no hurry, wants to see what’s out there and where prices go before committing. Reason for buying vs. renting: I never asked.

Client #10: First-time homebuyer, closing on September 17th, $360,000, on property listed at $390,000 (I know, right???). Reason for buying vs. renting: Pride of ownership, to build equity.

Client #11: Overseas buyer, looking for investment unit, closing this Friday, $420,000. Reason for buying: Properties in the US seem cheap compared to where he lives (London), plus he wants a place to move to, once he retires.

Client #12: Currently owns & lives in a high-end property, is looking for a bigger high-end property, perhaps in the same building (!?), up to $2 million.

Client #13: Moving to Boston, with family, looking up to $1 million. Reason for buying vs. renting: That’s what you do, in America.

Client #14: Overseas client, looking for two-bedroom apartment for sons, who will be attending college. Both are rugby players (visions of Beckham in my head). Looking under $260,000. Reason for buying vs. renting: Value, cheap US dollar, cost of owning vs. renting, plus … mother warns me that her sons can be loud, so we “need to find the right place.”

Client #15: First-time homebuyer, hasn’t decided when to buy. Looking up to $400,000, either right downtown, or in Brookline / Cambridge area. Wants to see where market ends up, prior to buying, plus wants more time to get a down payment. Reason for buying vs. renting: Pride of ownership, quality of owned-units, good place to park money. (This is a different client than above.)