2023 Real Estate Observations (Beverly: nursery, heating, accepting)

[newenglandgal123]

Originally Posted by matrix5k

Okay. So are you going to cherry pick properties that sold for a high price and post them for the rest of your life here? Prices aren't coming down anytime soon. No one cares if you wouldn't pay these prices. And why do you keep dodging our questions? If the property was listed at 732k and sold for $0 over list, would you still post it? What would you suggest someone do if they were buying today?

If a property was listed at $732K and sold for $0 over list, I would have probably still posted this particular one. I mean come on a ~900 sq ft condo in Beverly for $732K? That's nuts.....to me anyway.

[matrix5k]

Originally Posted by newenglandgal123

Because, didn't you see one of my previous posts from yesterday? My overhead is so CHEAP. Why do I want to give that up right now?!

Dodged our two questions again.

[matrix5k]

Originally Posted by newenglandgal123

If a property was listed at $732K and sold for $0 over list, I would have probably still posted this particular one. I mean come on a ~900 sq ft condo in Beverly for $732K? That's nuts.....to me anyway.

The median home price of Beverly is $774.5K. So what do you suggest someone do if they want to live there? Rent forever?

[newenglandgal123]

Originally Posted by matrix5k

Dodged our two questions again.

What questions did I dodge? I answered all except oops forgot to answer you when you asked if I'm going to keep posting houses here that sold for way over list. Yes, if it seems outrageous enough to me then as a matter of fact I will!

[newenglandgal123]

Originally Posted by matrix5k

The median home price of Beverly is $774.5K. So what do you suggest someone do if they want to live there? Rent forever?

Median home price of what size/style home? This was a ~900 sq ft condo not a house. Renting is probably cheaper than buying that condo, unless they paid cash or put like 30+% down.

[newenglandgal123]

Ok, so quick math on that $732K condo, tells me renting would still be cheaper EVEN if they put 30% down! That's crazy.


The monthly PIMI plus HOA fee for that condo WITH 30% down would be ~$4200/month. That's out of a lot of people's budgets. I see rentals in Beverly now for around $2000/month.

[newenglandgal123]

Originally Posted by matrix5k

This one sold for 150k under list. What a bargain!

https://www.zillow.com/homedetails/2...ource=txtshare

It is a bargain. They got a 5 unit multi family that does not require 'affordable' unit rent so they can charge whatever the heck outrageous rent prices they want. It's Newton so you know they'll be high rents and easily cash flowing these units.

[gf2020]

Originally Posted by newenglandgal123

It is a bargain. They got a 5 unit multi family...

No, it's just the land and an approved project. You still need to build the condos.

[jayrandom]

Originally Posted by newenglandgal123

I'm not really flipping in the traditional sense. I buy properties that I actually live in for a couple years then sell them. When I think of flipping I think of investors buying a property, never living in it then selling it a few months to a year after purchase. The ones I buy are all my primary residence.

If you average less than 2 years in a home in the same metro area, you may be an accidental flipper, but that seems like what you're doing. I have no problem with this sort of flipping, especially if you actually improve the property.

Originally Posted by newenglandgal123

What questions did I dodge? I answered all except oops forgot to answer you when you asked if I'm going to keep posting houses here that sold for way over list. Yes, if it seems outrageous enough to me then as a matter of fact I will!

The question remains, "what would you do if you didn't already have a home?" It's a question I ask myself whenever I see a nearby house sell for double what I paid for mine in 2014. Or when I see a house that is ostensibly worse than my current house (town, location, size) sell for about the same or more. One conclusion I don't come to is "that person is acting irrationally (i.e. crazy)". They've chosen one of three not great options. The better option is still "buy 10 years ago".

[newenglandgal123]

Originally Posted by jayrandom

If you average less than 2 years in a home in the same metro area, you may be an accidental flipper, but that seems like what you're doing. I have no problem with this sort of flipping, especially if you actually improve the property.



The question remains, "what would you do if you didn't already have a home?" It's a question I ask myself whenever I see a nearby house sell for double what I paid for mine in 2014. Or when I see a house that is ostensibly worse than my current house (town, location, size) sell for about the same or more. One conclusion I don't come to is "that person is acting irrationally (i.e. crazy)". They've chosen one of three not great options. The better option is still "buy 10 years ago".

Well, I do ask this similar question as I want to move to a new location. The answer is not to pay $100K+ over list on something else though. It is to sell when I can make an acceptable (to me) profit on my current place and then find something else to buy that is an improvement over what I have now. That would be a place where I won't have neighboring property issues. It will never be a place that I'm spending $100K+ over list on, I can at least tell you that. However, due to the bizarre economic times we are in right now....my usual 1-2 year turnaround on properties might be longer this go around. As I mentioned before, I have CHEAP overhead and that is something that is really hard to give up at the present time. I can guarantee if I move I'll never have as cheap overhead for housing b/c the next one I buy I can say with 99.9% certainty will be more than the one I am selling. The spread between costs during previous years moves wasn't as grand as what it is today give the crazy market we are in where rates have more than doubled in a year and half's time.