2021 Real Estate Observations (Boston, Somerville, Fitchburg: driveway, remodel, brick)

[OutdoorLover]

Originally Posted by WestieWhitie

Off to grab some powerball tickets…

LOL, good idea!

[WestieWhitie]

Originally Posted by OutdoorLover

LOL, good idea!

With my lucky $2 bill, no less!

[jayrandom]

Originally Posted by OutdoorLover

This isn't remotely in my reach, but a big place in Newburyport on the Merrimack River is up for sale for $5M in Newburyport. It's a lot of money, but given that condos over a million dollars aren't unusual - and there you're basically getting an apartment, this place is by comparison a bargain: over 11,000 sq ft with impressive build quality, on nearly 8 acres of land, 500 feet of waterfront on a choice location on the Merrimack river, with a deepwater dock that can support a large yacht (up to 80ft). Nirvana for someone with excess cash.

https://www.nshoremag.com/northshore...terfront-land/

There seems to be a ceiling above which places seem like a "good" value, relatively speaking. By that I mean, that place looks easily 5 times better than where I live now but is far less than 5 times what I paid for my current place.

We noticed something similar in 2014 when were looking. At least in our town, there was a really big jump in what you could get above about $1m. It seemed like the rule of thumb was "don't spend > $1m in Westwood" and maybe above that people just looked in Needham or Newton or Dover or wherever. I didn't look as much in other towns, but I get the sense there were similar thresholds (with different amounts) in other places.

[GeoffD]

Originally Posted by missionhill

One of the best outcomes of Proposition 2-½ is that not as many older folks on fixed incomes have to sell their houses. I don't know if anyone's looked at it but I'd guess that fewer old people sell and move in Massachusetts than in other high cost states like New York and New Jersey where the property taxes can be $25-30K or more a year.

Prop 2 1/2 and no state income tax on Social Security income were part of my calculus 12 years ago. The mill rate here is $9.40 because of the oceanfront vacation homes and Mall Hell. I know I won’t get taxed out of my house. I’m well beyond rational commuting distance to the Boston job market so real estate prices for anything a vacation home buyer wouldn’t want have always been reasonable. I sold the Vermont condo I had owned for 26 years and bought one in Colorado partly because Vermont has a state school property tax and my ownership costs were about to double. The Colorado ski resort has a county property tax but it’s absurdly low because of the ridiculous number of expensive vacation homes. My effective tax rate is about $2 per thousand.

[yesmaybe]

https://www.redfin.com/MA/Natick/21-.../home/11664089

Got another Flip, this time in Natick. Acceptable location but shockingly people don't want to pay 750k for a tiny house with no driveway. They just cut it to 700k. Only been on the market for 10 days so far.

[bricka]

Originally Posted by yesmaybe

https://www.redfin.com/MA/Natick/21-.../home/11664089

Got another Flip, this time in Natick. Acceptable location but shockingly people don't want to pay 750k for a tiny house with no driveway. They just cut it to 700k. Only been on the market for 10 days so far.

phenomenal location but that double yellow line with no driveway and a super steep hill makes it almost uninhabitable unless you want to bike everywhere

[BostonMike7]

I was wondering why the listing photo was taken at an upwards angle. Then I decided to take a look on google streetview.

https://www.bing.com/maps?osid=d7f1b...=2&form=S00027


Wow. How do you make that work? No driveway. No parking and your yard abuts a railway.


Sold for $360K back in Feb, and looking at the pre-remodel pics, this is probably the most original home I've seen in a while. Most of it seemed 1940's-1950's vintage

[id77]

Originally Posted by BostonMike7

I was wondering why the listing photo was taken at an upwards angle. Then I decided to take a look on google streetview.

https://www.bing.com/maps?osid=d7f1b...=2&form=S00027


Wow. How do you make that work? No driveway. No parking and your yard abuts a railway.


Sold for $360K back in Feb, and looking at the pre-remodel pics, this is probably the most original home I've seen in a while. Most of it seemed 1940's-1950's vintage

What would that same house with a driveway in that location go for today? If that difference is more than the cost to put in a driveway (~$100k to build up a level plot on that hill?), then it becomes attractive.

Comps in that area with a garage/driveway look to be in the $850-900k range.

[BostonMike7]

Originally Posted by id77

What would that same house with a driveway in that location go for today? If that difference is more than the cost to put in a driveway (~$100k to build up a level plot on that hill?), then it becomes attractive.

Comps in that area with a garage/driveway look to be in the $850-900k range.

I don't think I would. I don't see that as a $900K house.


This one is up the street and seems VERY similar in terms of proportions and even exterior. But level lot, driveway, 100 more SF and it's a dead end street.

The remodel isn't as nice however but this one's been on the market for 102 days with a $40K price drop to $600K.


https://www.redfin.com/MA/Natick/2-T.../home/11663943

[id77]

Originally Posted by BostonMike7

I don't think I would. I don't see that as a $900K house.


This one is up the street and seems VERY similar in terms of proportions and even exterior. But level lot, driveway, 100 more SF and it's a dead end street.

The remodel isn't as nice however but this one's been on the market for 102 days with a $40K price drop to $600K.


https://www.redfin.com/MA/Natick/2-T.../home/11663943

Although it looks like the siding is on the verge of falling off and it's leased out (though just for another month), that price still seems stupid low for something not moving. I wonder what's hiding beneath the paint on that one.