2021 Real Estate Observations (Lynn, Watertown, Lynnfield: short sale, motels, new construction)

[massnative71]

Originally Posted by bugelrex

But aren't these the best owners? they pay gobs of property taxes and use ZERO services!

And I'm OK with that. Other cities have done similar, it seems to work out well for the residents.

[GeoffD]

Originally Posted by bugelrex

But aren't these the best owners? they pay gobs of property taxes and use ZERO services!

Vacation home owners are the best owners. Anywhere I’ve lived, the school department is the dominant part of the town budget. Every multi million dollar oceanfront home in my town reduces my property tax bill. Even better, a lot of them are on private roads in gated communities where the Department of Public Works doesn’t have to pave or plow.

[GeoffD]

Originally Posted by robr2

I meant the highlighted part. If it were an Irish name, would you have mentioned it?

I’ve had most of my sports medicine done in the Wang Building at MGH. Those evil Chinese billionaires.

My sister has lived in Vancouver since the 1980s. The houses on either side of her and the one across the street were sold for $3+ million, scraped off the lot, and replaced with new construction. Vancouver insists that they keep the same square footage and has strict height limits. It’s all China money with people buying passports to have a bolt hole. They adopted a big nonresident property transfer tax to try to slow it down and tax empty nonresident houses at a higher rate but it hasn’t impacted prices much.

It’s a big disincentive to maintain your house since you know it’s going to be demolished immediately after you sell it. At their income and wealth level, anywhere else, the kitchen and baths would have been gutted ages ago.

[msRB311]

But if they're avoiding/escaping paying taxes then how is that ok? Kind of feels like the cops who commit OT fraud everyone has such a problem with. When Chinese people steal money I guess it's ok though. Cops- they betta pay for it

[robr2]

Originally Posted by bugelrex

before anyone accuses you of being racist... your statement above actually "mostly" true

And it's probably the same as many cash businesses.

[msRB311]

Originally Posted by robr2

And it's probably the same as many cash businesses.

Nope it's not. I know people that own much more successful restaurants with higher quality food than my cousin's wife's family (I can also only imagine the amount of health problems the regulars that frequent this take out dive must have) and they're not buying houses by the dozens. They pay their taxes.

[yesmaybe]

Originally Posted by bugelrex

But aren't these the best owners? they pay gobs of property taxes and use ZERO services!

IIRC China has strict policies about taking money out of the country. But that curiously doesn't apply to assets like real estate. You'd think they would at least rent out the properties if they were looking to get dollars.

[GeoffD]

Originally Posted by msRB311

Nope it's not. I know people that own much more successful restaurants with higher quality food than my cousin's wife's family (I can also only imagine the amount of health problems the regulars that frequent this take out dive must have) and they're not buying houses by the dozens. They pay their taxes.

I get cash discounts for local services all the time. The tree guy down the street gives me 20% if pay with $100 bills. The mechanic who works on my boat and dinghy motor in my driveway gives me a cash discount. A water heater replacement got a lot cheaper. Self-employed people pay 15.3% in Social Security & Medicare taxes. Another 5% in state income tax. Plus Federal. There's a huge off-the-books grey economy. The local ex-state rep here has always had a cash-only family farm stand. He got bagged for using city bus mechanics on his farm and was doing Federal jail time for it. They got a court order to drill open some safe deposit boxes and found over a million in cash. That's from the farmstand business.


Just because you have a W-2 job and can't game the system doesn't mean anyone self-employed or a small business owner doesn't do it. It's certainly not limited to freakin' Chinese restaurant owners.

[msRB311]

I didnt say it was just limited to chinese restaurants. It's also the nail salons and convenient stores they run

[bugelrex]

Originally Posted by msRB311

. When Chinese people steal money I guess it's ok though. Cops- they betta pay for it

Its not a race thing, many many small business which deal with cash do this. You also pointing out a few bad apples. Bad apples are in every single profession