2023 Real Estate Observations (Duxbury, Cohasset, Chatham: noise, bridge, creek)

[UNC4Me]

Originally Posted by msRB311

Oh honey I have friends that make millions, heck billions too. People in their mid 30's working at non profits don't fit the bill for that. The people next door to me aren't making millions at their day jobs. It's called generational/inherited wealth. Many people in MA have that.

Are you saying the 30 something’s next to you have to make millions to afford their home? I doubt that unless it’s a very pricey home. If it’s anywhere close to 2 million, that’s affordable for many on their salaries alone in a HCOL/high salary place plus a decent down payment. No rich parents necessary. In fact you said in your prior post it could be their income. Maybe they vacation at their parents homes because it’s free and they’re frugal not because they’re going to get a check from the folks to fund their lifestyle.

And sure, inherited wealth is around. Does it account for a majority of home purchases? No.

[UNC4Me]

Originally Posted by msRB311

It's funny how people on this forum are so quick to defend people and say oh but they probably are high earners, because this is MA...meanwhile looking up to see how much they took out on a house and judge based on that.

I just think a lot of people here are nuts for what they have spent on a basic b*tch home. I'm sure people in other states might think the same about me.

You never answered my question about the homes you said people overpaid for in 2019 and 2020 that you considered “bad” buys because they paid over ask. How much are those homes worth today? I never think of homes I buy as investments. I have actual investments for that. But, if I did I could say I’ve always made a good buy based on purchase, carrying and improvement costs versus sale price down the road. If these buyers can say the same or if they just simply love their house and neighborhood for the quality of lifestyle it delivers, that seems like a good buy to me.

[msRB311]

Originally Posted by UNC4Me

Are you saying the 30 something’s next to you have to make millions to afford their home? I doubt that unless it’s a very pricey home. If it’s anywhere close to 2 million, that’s affordable for many on their salaries alone in a HCOL/high salary place plus a decent down payment. No rich parents necessary. In fact you said in your prior post it could be their income. Maybe they vacation at their parents homes because it’s free and they’re frugal not because they’re going to get a check from the folks to fund their lifestyle.

And sure, inherited wealth is around. Does it account for a majority of home purchases? No.

I looked them up on linkedin and I don't think it's their income. There are some very spoiled people out there thanks to mom and dad. Wake up. I think you're naive to think generational wealth isn't a big thing around here from leaving someone a business to leaving someone a home on nantucket.

[UNC4Me]

Originally Posted by msRB311

I looked them up on linkedin and I don't think it's their income. There are some very spoiled people out there thanks to mom and dad. Wake up. I think you're naive to think generational wealth isn't a big thing around here from leaving someone a business to leaving someone a home on nantucket.

You actually stalked them on Linked In to try and guess their income? Wow. Why not just focus on if they’re nice people and good neighbors and let them worry about their personal financial matters? They may have rich parents that pay for their entire lives. They may have inherited 10 houses. They may have won the Lottery. Maybe they had lots of equity in a previous home. Or they may have earned every dime. Regardless of what is true, it personally affects you how?

[id77]

Originally Posted by massnative71

New Corvette Z06s are going for around $110K right now and often going above MSRP. I can afford it. Should I buy it?

If you think it's worth spending the money on, yes. If you don't, no.

There are people who will trade $130k to drive a Z06 just as there are people who will trade $1.1 million to live in that particular home in that particular town. It doesn't become desperation until it leads to an extreme action, such as taking on a mortgage that is unsustainable for the buyer. If the Z06 buyer is still easily meeting all their obligations and then some having forked over $20k over MSRP, it's fine. Sucks for the people who can't afford to do that, but that's the free market working as designed.

[msRB311]

Originally Posted by UNC4Me

You actually stalked them on Linked In to try and guess their income? Wow. Why not just focus on if they’re nice people and good neighbors and let them worry about their personal financial matters? You seem unusually invested in other people’s business. They may have rich parents that pay for their entire lives. They may have inherited 10 houses. They may have won the Lottery. Or they may have earned every dime. Regardless of what is true, it personally affects you how?

I did. They're good neighbors, I never see them lol. They always seem to be at parents Chatham and FL place.

[UNC4Me]

Originally Posted by msRB311

I did. They're good neighbors, I never see them lol. They always seem to be at parents Chatham and FL place.

Good for them. Not all kids want to spend time with family.

[massnative71]

Originally Posted by UNC4Me

Then maybe you can’t afford it based on the downsides. But someone who makes a lot more than you probably can with no downsides. That’s why any advice anyone get here is useless. The poster is replying through their personal financial lens and their personal beliefs. Neither has a thing to do with the viability of a purchase for another.

And what makes you think all these people buying the overpriced homes "can't afford it based on the downsides" (or worse)? You can't have it both ways. Nobody in this thread has ever suggested that "nobody" can afford these purchases. It's those assuming that all of these buyers "can", and getting super offended at any suggestion that maybe some are getting in a little over their head.

[massnative71]

Originally Posted by id77

If you think it's worth spending the money on, yes. If you don't, no.

There are people who will trade $130k to drive a Z06 just as there are people who will trade $1.1 million to live in that particular home in that particular town. It doesn't become desperation until it leads to an extreme action, such as taking on a mortgage that is unsustainable for the buyer. If the Z06 buyer is still easily meeting all their obligations and then some having forked over $20k over MSRP, it's fine. Sucks for the people who can't afford to do that, but that's the free market working as designed.

But not all people buying that Z06 or $1.1 million dollar home is "easily" meeting all those obligations. That's what people here are failing to grasp.

[msRB311]

Originally Posted by UNC4Me

Good for them. Not all kids want to spend time with family.

what makes you think the parents are there