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Old 03-20-2014, 07:37 PM
 
76 posts, read 106,322 times
Reputation: 20

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Quote:
Originally Posted by Beachcomber4 View Post
Did they do anything to gain that value?
That's the point about real estate: if a location is desirable, you don't have to do anything to see a gain. As the economy grows, people (or businesses) have more money to spend, but the amount of land hasn't changed.

Of course, marginal land (my favorite example is high desert in WY) doesn't gain much in value at all.
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Old 05-01-2014, 11:26 AM
 
Location: Winchester
229 posts, read 382,514 times
Reputation: 202
Reviving this thread.

51 Ministerial Dr, Concord was listed at $650K and sold for $750K!
This is the first time, for this price range in Concord, that I saw a whopping $100K over listing price. Has anyone gone to this property? What makes this SO SO desirable?
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Old 05-01-2014, 01:21 PM
 
Location: Needham, MA
8,525 posts, read 13,906,155 times
Reputation: 7908
Here's another interesting example . . .

61 Whittier Rd, Needham, MA 02492 - Public Property Records Search - realtor.com®

An agent in my office sold this house in 2010 and the current owners have done nothing to it. I understand the house is currently under contract for over $900K (it was listed for $800K).
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Old 05-01-2014, 01:30 PM
 
Location: 42°22'55.2"N 71°24'46.8"W
4,848 posts, read 11,751,074 times
Reputation: 2961
Quote:
Originally Posted by 3cents View Post
Reviving this thread.

51 Ministerial Dr, Concord was listed at $650K and sold for $750K!
This is the first time, for this price range in Concord, that I saw a whopping $100K over listing price. Has anyone gone to this property? What makes this SO SO desirable?
The key here is the fact that it was EXTREMELY underpriced to begin with and might be a bargain even at $750k. Assuming the condition is as nice as the listing indicates, every comparable house I saw in Concord last year was priced at $775k and up.
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Old 05-01-2014, 01:30 PM
 
1,203 posts, read 1,803,086 times
Reputation: 1205
I just don't get it...people paying these beyond insane prices.

I admit, I probably never will. All I can say is better them, then me
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Old 05-01-2014, 02:37 PM
 
Location: Ohio
2,310 posts, read 6,791,974 times
Reputation: 1949
Yeah, I've seen quite a few houses that are now on the market for a lot more $$ (1 even sold for 100K+ more) compared to when I saw the same property listed for sale previously (within last 6-7 yrs) while I was househunting. And most of them look like no or little improvements were made by the current owner.

And my neighbors whose houses are exactly the same as mine both sold theirs recently with multiple offers at above the asking price.

I just think everyday that I'm lucky to have bought something before this round of price spike....not that the market wasn't pretty hot already 1.5 yrs ago when I bought, but it's much more crazy now.
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Old 05-01-2014, 03:24 PM
 
Location: Needham, MA
8,525 posts, read 13,906,155 times
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Quote:
Originally Posted by mmyk72 View Post
Yeah, I've seen quite a few houses that are now on the market for a lot more $$ (1 even sold for 100K+ more) compared to when I saw the same property listed for sale previously (within last 6-7 yrs) while I was househunting. And most of them look like no or little improvements were made by the current owner.

And my neighbors whose houses are exactly the same as mine both sold theirs recently with multiple offers at above the asking price.

I just think everyday that I'm lucky to have bought something before this round of price spike....not that the market wasn't pretty hot already 1.5 yrs ago when I bought, but it's much more crazy now.
I got my current home under contract two years ago this July. I'm so grateful that I'm not in the market right now (or even last year). I got in just under the wire it seems. Sometimes I wish I had bought a year earlier when prices were a little lower.
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Old 05-01-2014, 03:39 PM
 
Location: Ohio
2,310 posts, read 6,791,974 times
Reputation: 1949
Quote:
Originally Posted by MikePRU View Post
I got my current home under contract two years ago this July. I'm so grateful that I'm not in the market right now (or even last year). I got in just under the wire it seems. Sometimes I wish I had bought a year earlier when prices were a little lower.
You know, buying a house is like buying gasoline.... you buy it when you need to (unless you're an investor). The buyers of today will probably say... "glad I bought in 2014" a couple yrs from now.

If someone tries to 'time' the market as in thinking "everything is over-price...I'll wait for the market to drop like a lead ball", there is a good chance they will keep sitting on the sidelines and say to themselves, "no way I'm paying $XYZ for something as small/old/ ugly/etc (take your pick) for this or that". Then in a few years, they price themselves out altogether when the same amount money buys even less house.
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Old 05-01-2014, 04:48 PM
 
Location: Winchester
229 posts, read 382,514 times
Reputation: 202
So we all know that the $650K range is super competitive (we even had a recent discussion on why this is the threshold for many buyers).

I'm just curious. What about the $900K to $1 million? How many offers does a house at that price range usually get (think Lexington, Winchester, Concord, Needham, etc.)?
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Old 05-01-2014, 07:02 PM
 
Location: Massachusetts
6,301 posts, read 9,585,524 times
Reputation: 4797
It's crazy, around my area Acton, luxury freestanding townhouses with only 2 BR are selling all over the place for anywhere from $550 to $750. They are selling pre-build. i could understand if they were at least 3 BR, but 2 BR. Huge square footage for only a 2BR residence, and I believe none of the newer ones are 55+, which is the usual argument. Very curious who buys a 2BR townhome at this price point.
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