looking to downsize (Boston, Lowell, Cambridge: real estate, to rent, loft)

[blitziedog]

Hi, We are a couple of empty nesters in Acton. Due to high taxes and no further need for schools, we are looking to downsize to a smaller house or townhouse in a different community. It would be good if it had access to Boston. It is really Boston that we like, not MA. But living in Boston is not financially realistic. Any suggestions? Thanks.

[brightdoglover]

If you were open to a modest condo (not a townhouse) you could probably afford to live close in, like Brookline or Arlington or Cambridge. Ah, yes, Arlington. Perfect.

[thisiswater]

Hi Blitzie - Just a note from neighbors in Carlisle. DH and I are doing the same thing however our dd is flailing a little in college and it's hard to move when she's not stable. So, we struggle to figure that out and any advice, input about moving while the kids are still in college most welcome.

I don't know about you but the thought of purging most of 27 years worth of **stuff** feels great to me ... until I really start to sort things out. Ugh.

Anyway, our options are opened up because we're going to rent. I wouldn't buy in this market -- not yet. Here's what we're considering: City: Beacon Hill or Back Bay. A urban loft in Lowell or Haverhill or ... a charming old place in Marblehead.

HELP! :-)

[mandh]

I dont have any real advice. Just a qn.. why do you say that you wont buy in this market. People keep telling us this is great time to buy.

BTW, I just dont like Lowell all that much.

Good luck.

[LeavingMA]

Ayer is a little further out than Acton in regards to Boston, but not much. The nice thing about Ayer is it has a very low tax rate and many people from the metro Boston relocate there because of that.

[thisiswater]

mandh - the reason we're not buying real estate now is that there is already a glut, if we decide to sell in 5 years, there will be that much more inventory. These are my opinions, not my fact. We bought our first house when we were in our mid 20s - if we had stayed, that would be one thing. I just don't want to have to wait 10 years to break even, and that's assuming the economy improves. Also, after so many years of taxes and maintenance I just feel like I want to be free of all that.

When we first moved to MA, we nearly bought a house on Pope Road in Acton. Asking was about 600K. It sold for in the high 3's. Had we done that our net worth would be so far less than zero and we wouldn't have a prayer of ever recovering. I don't think people think beyond the "oh, prices are so low now, it's a good deal..." Prices have been inflated for so long that no one knows what anything is worth. Very scary times.

Still, I'm really looking forward to living in a great charming space!

[gidgette]

Should consider looking to move to the suburbs. Can get alot more for your money in the suburbs and not so pricey as downtown. There are alot of places with access to transportation. Take your time and good luck