2023 Real Estate Observations (Boston: windows, streaming, mcmansions)

[robr2]

Originally Posted by yesmaybe

https://www.redfin.com/MA/Marlboroug.../home/11621528

Mildly interesting in this house is that it claims that it's a one owner house built in 1972. Gives the vibe that it's an estate sale because of death.

It's not selling but that's probably more because they are asking for 800k in Marlborough. They just cut it 20k.

Ding ding ding.

[matrix5k]

Originally Posted by matrix5k

Mcmansions have been sitting for months now.

This one was listed in August.

https://www.zillow.com/homedetails/4...ource=txtshare

This finally sold last month. Listed for 1.9mil in March 22, sold for 1.45mil in April 23.

[matrix5k]

Originally Posted by newenglandgal123

Apparently this whole car loan thing has you pretty bothered.

Nah, you're the one that brought it up.

[massnative71]

Just drop it.

[newenglandgal123]

Originally Posted by matrix5k

This finally sold last month. Listed for 1.9mil in March 22, sold for 1.45mil in April 23.

20% down too...unlike some of the other mcmansions that have sold where buyers have put only 5-10%. I still wouldn't want a jumbo mortgage like that though.

[matrix5k]

Originally Posted by newenglandgal123

20% down too...unlike some of the other mcmansions that have sold where buyers have put only 5-10%. I still wouldn't want a jumbo mortgage like that though.

Tell us more about what you wouldn't want.

[newenglandgal123]

Originally Posted by matrix5k

Tell us more about what you wouldn't want.

I wouldn't want the biggest, most expensive home in the neighborhood which is what this one is. It's a monstrosity and looks way out of place in that neighborhood.

[MikePRU]

Originally Posted by matrix5k

This finally sold last month. Listed for 1.9mil in March 22, sold for 1.45mil in April 23.

. . . . and look!!! The Zestimate is $1,450,800. It's SO accurate. Amazing!!!! How do they do it?!?!?

Originally Posted by newenglandgal123

I wouldn't want the biggest, most expensive home in the neighborhood which is what this one is. It's a monstrosity and looks way out of place in that neighborhood.

Honestly in this current age of teardowns, I'm not so sure that old adage is completely reliable anymore. In today's world, there's just SO much redevelopment happening. Back when that advice was first coined, the world was still being built out. Today, I think you have to look at the aspects of the neighborhood and the rest of the homes in the neighborhood and decide "what is the likelihood that this neighborhood will continue to be redeveloped?" As a first mover in a redeveloping neighborhood, you get a discount on the price and as the neighborhood continues to redevelop your house will be worth more and more. It's not dissimilar to trying to figure out "what the next neighborhood in Boston to gentrify?" If you had bought a Brownstone in the 80's in the South End they were going for around $300K for the whole thing back then. Today that same Brownstone if renovated would be worth probably between $4M and $7M.

[msRB311]

I guess I have to wonder WHY is there so much redevelopment happening. This just doens't seem inline with many of our environmental initiatives lol. People are all about recycling their trash but have no qualms about tearing down a house or a forest to build a new one.

Please don't make excuses for this...we are not going in a good direction with some of this crap.

[yesmaybe]

Originally Posted by msRB311

I guess I have to wonder WHY is there so much redevelopment happening.

You can change the house but you can't change the location.