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Old 02-05-2011, 01:35 PM
 
Location: Eastwood, Orlando FL
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So I watched the Boston condo episode in JP and Charlestown. Are these nice areas? Can a parent with a teenager get a nice 3 BR in these areas for under 750,000? They lokked nice on TV but I've heard iffy stuff about both places
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Old 02-08-2011, 09:08 AM
 
Location: Newton, Mass.
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Originally Posted by canudigit View Post
I've wondered many times how many of the people who were on that show pre-recession ended up losing their homes. It always amazes me how they will have set a limit on how high they can go, the realtor will show them a house $50,000 over their budget, and then at the end, they go, "Well, we chose the house with the big back yard that was over our budget," and they show them living there months later, happy as clams and without a care in the world. Of course, I realize that this is TV, but still, just once, wouldn't you like it to end like this:

(four months later): "Well, we realize now that we bit off more than we can chew. We are already getting behind on our payments, and the train station behind us that we thought would be convenient to live by is actually really, really loud and well-lit at all hours of the night and day and we can't get any sleep."

Uh-uh. Not on HGTV, where every day is sunny and every homebuyer is happy, happy, happy!
I did see one show on HGTV (something like "Sell This House!") where a couple with a young baby bought a giant new house in some Denver exurb before they even listed their house in Denver.

The realtor told them that, because the market had come down, they would have to list the house at less than they bought it for in 2004. They, of course, refused and carried two mortgages for a few months. Then they rented the old house to college kids who totally trashed it ("beach party" indoors, they had to rip out the carpet there was so much sand).

It cost them over $20,000 to carry that mortgage for the year, and they only brought in $3,000 in rent from the tenants. The repairs to the house cost $2,500 more than the security deposit they'd taken. They still refused to lower the asking price, despite being shown evidence of comparables. They acted insulted every time the realtor brought up the subject ("How can people offer so little for this house? I mean, when we brought our daughter home from the hospital, we brought her to this house."). They didn't want to hear that nobody was going to pay and extra 50 grand because of that, when they could get essentially the same house for a better price two blocks away.

The show ended with them finding new (hopefully more responsible) tenants and still refusing to go down more than 5% on the asking price. It was just sad to watch, but they put on a clinic on how not to handle real estate.
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Old 02-08-2011, 09:14 AM
 
Location: Newton, Mass.
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Originally Posted by JennyMominRI View Post
So I watched the Boston condo episode in JP and Charlestown. Are these nice areas? Can a parent with a teenager get a nice 3 BR in these areas for under 750,000? They lokked nice on TV but I've heard iffy stuff about both places
Both are nice urban areas within the city of Boston that have some more iffy sub-sections. I don't track the market super-closely, but I'd imagine 750K would be more than sufficient, at least for JP. The gentrified parts of Charlestown are pretty expensive because of the proximity to downtown Boston, but JP's only 15-20 minutes on the Orange line.

In Charlestown, closer to downtown is more sought after and Medford St is a bit more sketchy. In JP, the high-end area is "Pondside" (west of Centre St near Jamaica Pond, but there are many nice blocks between Centre St and the Orange line tracks. Sumner Hill (near Revere St, Greenough Avenue) is beautiful. The area up by Jackson Square, Hyde Square, Eggleston Square is grittier.
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