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Old 06-15-2021, 09:11 AM
 
16,396 posts, read 8,198,277 times
Reputation: 11378

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Quote:
Originally Posted by BostonMike7 View Post
I wasn't either. I was single and happy living in apartments and accepted it as my future. I really thought there was no way i'd ever afford a home in metro Boston.


However, at the urging of my parents i did jump into the RE market. No idea what i was doing at the time but it ended up being a good move.
I didn't buy my first home until 2014 and it was with my husband. I really dont think I could get much of anything on my own salary.
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Old 06-15-2021, 09:17 AM
 
24,559 posts, read 18,259,472 times
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Quote:
Originally Posted by BostonMike7 View Post
I wasn't either. I was single and happy living in apartments and accepted it as my future. I really thought there was no way i'd ever afford a home in metro Boston.


However, at the urging of my parents i did jump into the RE market. No idea what i was doing at the time but it ended up being a good move.

At the peak of the market in 1988, I yielded to the "buy something" family pressure and bought a dirt-bag condo. I sold it a few years later at a 40% loss. This was long before "short sale" was possible. I accelerated the mortgage for several years and had to borrow against my paid-for car to settle up at the closing. That was a valuable life lesson. Don't buy anything you're not prepared to live in for at least a decade. I suspect that a bunch of people who bought sketchy condo conversions around Boston recently are about to learn that same life lesson.
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Old 06-15-2021, 10:17 AM
 
49 posts, read 38,601 times
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Quote:
Originally Posted by GeoffD View Post
FarmCoastLocal is writing from the perspective of the New Bedford-Fall River economic wasteland where the two cities have sub-20% college educated adults and the numbers on the better suburbs look like “emerging” metro Boston working class towns. There’s a huge divide between the white collar people, entrepreneurial owners, and the top trade people compared to the median and below. Sadly, that’s the demographics of most of the country. It’s easy to think that Massachusetts inside 495 is “normal”. It isn’t. At my 40th High School reunion, pretty much none of the top-10% of my class stuck around. We all fled to places with better economic opportunities. Most of the country is like that. I moved back because it’s a nice, affordable coastal place to retire while still having off-peak access to what Boston offers an hour away. If you’re not health care, law, owner class, or a top trade person, there’s not a heck of a lot of opportunity. I can certainly understand the post-apocalypse mentality.
This is a fair assessment. The post-apocalypse mentality line gave me a good laugh - hadn't thought of it like so, but you are very correct.

It is just a madhouse in Fall River/New Bedford for housing. Without exaggeration homes that couldn't sell in the lows 200s just a year and half ago are being sold in a week in the mid 300s.

I imagine some of these buyers are not from the area because some of these homes that are selling at a premium are not in safe neighborhoods/blocks. Those folks buying multi-families are in an especially rude awakening when they try to find reliable tenants, or get sick of the nightly fireworks.
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Old 06-15-2021, 10:22 AM
 
16,396 posts, read 8,198,277 times
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I see a house in Randolph for 749k and it's listed as a hot home

https://www.wsj.com/articles/the-hou...bnAZhgW1aCS4R8
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Old 06-15-2021, 01:01 PM
 
16,396 posts, read 8,198,277 times
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Well MA gained another billionaire:

https://www.forbes.com/sites/giacomo...h=3d2a72a42ee0

Won't help the housing market there.
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Old 06-15-2021, 01:21 PM
 
Location: Bergen County, New Jersey
12,164 posts, read 8,014,676 times
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Massachusetts had 10 billionaires in 2010. 20 in 2020, 24 in 2021... now there is 25?? Wow thats fast growth in the $B$ community.
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Old 06-15-2021, 01:36 PM
 
7,924 posts, read 7,814,489 times
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I'm starting to think we might see supplies screw up again.

We have a possible nuclear leak, a new surge in covid and a port problem all in the same area

https://www.marketwatch.com/story/co...ce-01623737785

https://www.scmp.com/news/china/scie...eak-traced-dim

the 3rd and 5th biggest ports in the world are jammed

https://www.cnbc.com/2021/06/15/chin...yed-goods.html

"Waiting times for vessels to berth at the Yantian International Container Terminal in Shenzhen have “skyrocketed” from an average waiting time of 0.5 days to 16 days, according to Shehrina Kamal at Everstream Analytics"

Remember way back when Bush put steel tariffs on? Harley Davidson couldn't make motorcycles. Even if it was 95% us made you can't remove 5% of anything and act like it can be made somewhere else at the drop of a dime.

Housing is going up I think due to lack of supply and some speculation. So if someone can just buy anything they will. I have a flipped house near me that was bought for 80K being sold for 200K in less than seven months. Yeah something happened with the buyer. Around the corner from me a house went from on the market, contingent and then back to on the market in less than a week? huh?!?

Globalization I think is falling apart. We aren't really done with covid and more has to be done at home but it's going to take some time. I also have to wonder about the borders with canada and mexico being closed. When they reopen does that provide more access to housing or not? Can you buy a time share or rental across international lines?
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Old 06-15-2021, 01:37 PM
 
Location: Westwood, MA
5,037 posts, read 6,923,971 times
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Quote:
Originally Posted by msRB311 View Post
Well MA gained another billionaire:

https://www.forbes.com/sites/giacomo...h=3d2a72a42ee0

Won't help the housing market there.
Eh.

The real problem for the housing market isn't the handful of billionaires, it's the thousands of employees. Too many good jobs is rarely a real problem, though.

On the plus side, if they ever sell their stock, Massachusetts will get some tax revenue.
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Old 06-15-2021, 01:49 PM
 
15,796 posts, read 20,504,199 times
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Quote:
Originally Posted by mdovell View Post
I'm starting to think we might see supplies screw up again.
Our supply issues never recovered from last year. Lead times and material sourcing is still an ongoing issue. I'm in semi, so this doesn't bode well for industries struggling with lack of chips.
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Old 06-15-2021, 06:19 PM
 
3,808 posts, read 3,139,335 times
Reputation: 3333
Quote:
Originally Posted by BostonMike7 View Post
Our supply issues never recovered from last year. Lead times and material sourcing is still an ongoing issue. I'm in semi, so this doesn't bode well for industries struggling with lack of chips.
It's certainly not limited to semis. I've heard issues from molders regarding med-grade raw plastics, fabricators/prototypers regarding raw materials (e.g., urethane-based foams), and our ME team is running into all sorts of issues with OTS components (motors, drives, etc.).

Add talent attrition after a nearly year long pay cut while productivity remained steady at the local site and it's shaping up to be a tough year for my employer and some of our clients.
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