2021 Real Estate Observations (Boston, Attleboro, Woburn: 2013, condominium, construction loan)

[BostonBornMassMade]

Originally Posted by msRB311

Maybe a good house for the next mayor?

Would be a perfect landing spot for Andrea Campbell. That's sort of her neck of the woods. But it's insanity. Especially considering 433 of the 599 new units are HEAVILY subsidized Why would you want to be on the outside 27%? For developments in a nice location I understand, but this? I could get just as much house brand new build in Canton or Stoughton.

And there are larger, better homes in Sharon less cost: https://www.trulia.com/p/ma/sharon/2...67--2001361015

Waltham too: https://www.trulia.com/p/ma/walpole/...81--2511809982

[mdovell]

I looked up an old house I remember on the south shore that really stood out. Low and behold it looks like the land was sold back in 2015. They paid 200K for the plot (4 acres I think) and sold it for 100k. But the house on it now is worth 600k. Now this is a house that's literally next to a lumber yard with not much near it. The old house looked like something out of a 80s horror movie. You'd have to go slow to see it. The old Gemini site in springfield is going up for bid and this is the 3rd potential housing redevelopment (firestone and the strip clubs being others) year to date and this is before any interest rate increase.

While I don't think that master plans in mass have to be updated every ten years I have to wonder how much more space and density can be accomplished without rezoning at this point.

[masssachoicetts]

Why is it even priced so high. That Mattapn 965k home should be in the 500-600 range.

How is it even? f they bought the land and built it some time ago.. how is THAT much of a premium?

[BostonBornMassMade]

Originally Posted by masssachoicetts

Why is it even priced so high. That Mattapn 965k home should be in the 500-600 range.

How is it even? f they bought the land and built it some time ago.. how is THAT much of a premium?

The project did begin a long time ago but that home was only built in 2020. And I guess that plus 3200 square feet is supposed to equal 965k...? Wouldn’t be surprised if they call it JP, lol

[yesmaybe]

https://www.redfin.com/MA/Concord/53.../home/11587025

Here's one in Concord where I think they got a little greedy. Originally put on the market in June at $2.5M, down to $2M. The only thing I could see that is a little strange is that it mentions an in-law apartment. I could see that being a little offputting for someone willing to fork over 2 mill in the middle of a pandemic.

[msRB311]

I mean you can get a cheaper house in hingham or norwell. No idea who's want to buy that unless they literally have money to burn and just don't care.

[masssachoicetts]

Massachusetts just makes up prices, I swear.

2 bed 2 baths in a D rated neighborhood? 800k.

Even if I made 200k a year, im not sure I would waste money on the quality of homes at the price points they go for in this state. You can go to an equally nice, more diverse metro and pay half this much and get a better quality home in a way nicer area.. and not sprawl metros too. DC, Philadelphia, Chicago, Northern Jersey, etc.

One thing I noticed is that every metropolitan area has a relief area with lower priced properties. ie, I can go to Jersey City and get a small condo for under 199k. Lots on the market just outside NYC. Same in Chicago, DC and Seattle. But it seems Boston is uniformly expensive throughout the region.

[yesmaybe]

Originally Posted by masssachoicetts

One thing I noticed is that every metropolitan area has a relief area with lower priced properties. ie, I can go to Jersey City and get a small condo for under 199k. Lots on the market just outside NYC. Same in Chicago, DC and Seattle. But it seems Boston is uniformly expensive throughout the region.

What's the commute like from that part of Jersey City? You can find condos that cheap in GBA, you just will have a hard time finding a job within a commutable distance.

[GeoffD]

Originally Posted by yesmaybe

What's the commute like from that part of Jersey City? You can find condos that cheap in GBA, you just will have a hard time finding a job within a commutable distance.

Near the PATH, more like $299k for 300 sf. It’s less than 10 minutes train ride to the World Trade Center. I see 295 York Street with a 6 minute walk to a PATH station. Google shows 21 minutes door to door. You could get midtown in ~35 minutes. Times Square or Grand Central Station.

It’s all about transportation infrastructure. NYC is far superior to Boston. You can get a really fancy 2/1 wall of glass high rise riverfront condo with deeded garage parking, doorman, fitness center, pool, etc with a Manhattan view for $750k.

[msRB311]

I think that mattapan million dollar home highlights a lot of what is wrong with this city's housing market.