2022 Real Estate Observations (Boston, Cambridge, Quincy: 2014, loft, wedding)

[newenglandgal123]

Originally Posted by robr2

Um yeah - I'm living in an expanded Cape that would probably sell for $900K.

But that's beyond the point - there are no banks out there lending where PITI is 60%.

Speaking of expanded capes, this one ended up selling for $200K+ over list just about a year ago at $1.841M. New owners were apparently ok with taking an approximate $100K loss after only a year of ownership as it just sold for $1.75M. I guess money really is no object to some. Either that or maybe there were some unfortunate financial or familial circumstances. https://www.realtor.com/realestatean...3_M34691-52756

[yesmaybe]

Originally Posted by MikePRU

I know you've started at least one thread about your situation but I don't recall the details. Have you considered buying a small condo to build some equity?

IIRC she said she re-upped her apartment shortly before getting the job. And it's Marlborough and expensive so it's not like you'd have people busting down the door to take over the lease.

[Moh1988]

https://www.zillow.com/homedetails/8...56489560_zpid/

950$ in mid June,,, 2 months later, and it's now 799$!
I'm surprised HOA is only 300$ in Lex :P

[Moh1988]

https://www.zillow.com/homedetails/8...59978931_zpid/

And this gem in beautiful Chelmi for 750$!
I mean I know I can't compare Lex to Chelmi (just because of the distance to Boston) but man I would never settle for a piece of garbage just because of the commute! I refuse haha

[thinkingotherthings]

Can someone please explain how this house went pending at 1.75M? https://www.redfin.com/MA/Watertown/.../home/11698131

I mean it's a nice house but it's not stunning; comfortably sized but not enormous. Put the same house in Belmont, Newton, Winchester, etc., then sure, but when did Watertown start hitting these prices?

[msRB311]

Originally Posted by thinkingotherthings

Can someone please explain how this house went pending at 1.75M? https://www.redfin.com/MA/Watertown/.../home/11698131

I mean it's a nice house but it's not stunning; comfortably sized but not enormous. Put the same house in Belmont, Newton, Winchester, etc., then sure, but when did Watertown start hitting these prices?

Welcome to MA.

Looks like it sold for 778 in 2015 and has had quite a few updates since then. Watertown is close to Boston and cambridge so I guess this is what people are willing to pay. I lived there in the 2000s and it was nice back then. I always thought it was kind of undervalued.

[bricka]

condos are the new starter home.

older small houses are now the elite starter home.

why?

because it's uneconomical to build homes smaller than 2,500 sqft anymore. homes that used to be considered starter homes are now scarce (no more being built).

the fact that they are scarce is probably also contributing to their increase in price.

example: married couple wants to start a family and leave the city but stay close enough to commute, they want a yard but they don't need a big house (they can't afford one anyways). the only option for them is no longer being made. so... they pay a lot of money for the few that are left.

[matrix5k]

Originally Posted by bricka

condos are the new starter home.

older small houses are now the elite starter home.

why?

because it's uneconomical to build homes smaller than 2,500 sqft anymore. homes that used to be considered starter homes are now scarce (no more being built).

the fact that they are scarce is probably also contributing to their increase in price.

example: married couple wants to start a family and leave the city but stay close enough to commute, they want a yard but they don't need a big house (they can't afford one anyways). the only option for them is no longer being made. so... they pay a lot of money for the few that are left.

Condos have always been starter homes. But people want a SFH with a private yard and garage these days.

[WestieWhitie]

Originally Posted by bricka

condos are the new starter home.

older small houses are now the elite starter home.

why?

because it's uneconomical to build homes smaller than 2,500 sqft anymore. homes that used to be considered starter homes are now scarce (no more being built).

the fact that they are scarce is probably also contributing to their increase in price.

example: married couple wants to start a family and leave the city but stay close enough to commute, they want a yard but they don't need a big house (they can't afford one anyways). the only option for them is no longer being made. so... they pay a lot of money for the few that are left.

Developers are not charities, they will only build what’s profitable.

[jayrandom]

Originally Posted by matrix5k

Condos have always been starter homes. But people want a SFH with a private yard and garage these days.

People have wanted SFHs for at least a few generations. Nothing about “these days”.