Like he** I'm going to pay these prices! (Boston, Worcester: power lines, new home)

[gf2020]

Originally Posted by massnative71

This only applies to those in it for the long haul. Somebody like OP, single in their 20s. His life has a high probability of changing in the short term. Could get a new job. For all we know will get married and have kids in +/- 5 years. He's not gonna want to remain in a condo in Lynn or Lawrence, and in that short time he could easily end upside down and/or lose ground in markets like that. We saw that happen in 2009. Those who bought in those places were "stuck" for a long time.

My son is in the same position as the OP. Buying now still can make sense. In all likelihood, my son will get married within 5 years. If the value of the condo goes down, and you want to move elsewhere, you can hold on to it and rent it out. Not sure why you are always so negative. If we all had perfect hindsight, we would have sold our houses in early 2005, lived in a van down by the river for 5 years and then scooped up distressed property in 2010 and sell it for a huge profit now, but that's not how it works. You buy a place because that's where you want to live.

My wife and I bought our first house in Lynn in 1995, 30 year mortgage interest rates were over 7%, we didn't think anything of it. We sold that house in late 1998 and started building a new house in Newbury, we moved in to a 2 bedroom apartment with our 2 year old twins for a year while the house was built. We bought our current house in Lynnfield in 2005 thinking we would quickly sell the Newbury house. Wrong. By summer 2005, the Newburyport market had already slowed dramatically (hard to imagine now) and our house just sat. We ended up carrying 2 houses for 16 months. Cost us over $40,000 in real money in additional interest payments on a bridge loan. That's money gone, never to be seen again.

In hindsight, the best financial decision would have been to just stay in the Lynn house for 26 years and sell it now, for over 3X what we paid for it. At the time, however, that's not what we wanted to do. Internet keyboard jockeys can play coulda, woulda, shoulda, all day long, but that's not how real people live.

[simplexsimon]

I wonder how people who make less than the OP feel.

[BostonBornMassMade]

Originally Posted by msRB311

As a lifelong resident I'm kind of glad we're not building more than we already are... i feel like we're overpopulated with not enough space as it is. Also seems like there's been a lot of new buildings that have gone up as it is...i recently moved to a town on the south shore and I've been disappointed by the amount of trees and woods i've seen come down in my neighborhood to put in two new homes in just the past year. I like trees.

For anyone who has taken the train to work or drives in the greater boston area..we do not need more people here. The jobs need a new home.

You’re your own worst enemy. Old time locals are glad we’re not building more because they want to live in an imaginary hamlet..but at the same time bemoan prices. It doesn’t make any sense. There is abundant space it’s just utilized terribly.

Your argument is to favor trees (Massachusetts is one of the most wooded states in the US, we don’t really need to preserve these trees) over economic development and housing affordability. Which is how we got in this mess in the first place. It also just not how any economy hopes to work. Anywhere. You preserve what you can and build.

In reality far far far more of MA needs to be built out like North Jersey or inside 128. That development intensity should be extended close to 495, if we want affordability. But MA has too many NIMBYs for that too happen.

[msRB311]

I definitely don't want MA to be the next NJ.

[masssachoicetts]

Originally Posted by sawyer2

It impacts the 'trading up' market also - people are not leaving for similar reasons.

Originally Posted by msRB311

I definitely don't want MA to be the next NJ.

Nj development Is wayyyyy different. Most of nj developed in the 50s-70s giving it poor apparence. I'm in NJ now and it's way different.

Most of MA development would be central to Boston, transit oriented and multifamily. Nj is just sprawly SFH

[massnative71]

Originally Posted by gf2020

My son is in the same position as the OP. Buying now still can make sense. In all likelihood, my son will get married within 5 years. If the value of the condo goes down, and you want to move elsewhere, you can hold on to it and rent it out. Not sure why you are always so negative. If we all had perfect hindsight, we would have sold our houses in early 2005, lived in a van down by the river for 5 years and then scooped up distressed property in 2010 and sell it for a huge profit now, but that's not how it works. You buy a place because that's where you want to live.

My wife and I bought our first house in Lynn in 1995, 30 year mortgage interest rates were over 7%, we didn't think anything of it. We sold that house in late 1998 and started building a new house in Newbury, we moved in to a 2 bedroom apartment with our 2 year old twins for a year while the house was built. We bought our current house in Lynnfield in 2005 thinking we would quickly sell the Newbury house. Wrong. By summer 2005, the Newburyport market had already slowed dramatically (hard to imagine now) and our house just sat. We ended up carrying 2 houses for 16 months. Cost us over $40,000 in real money in additional interest payments on a bridge loan. That's money gone, never to be seen again.

In hindsight, the best financial decision would have been to just stay in the Lynn house for 26 years and sell it now, for over 3X what we paid for it. At the time, however, that's not what we wanted to do. Internet keyboard jockeys can play coulda, woulda, shoulda, all day long, but that's not how real people live.

Real people make poor decisions all the time that come back to bite them later. I do not think it's being an all out downer to acknowledge that in this unforeseen housing bubble, it's a poor decision to buy a condo in an undesirable area if you cannot commit to at least 5-10 years. Of course you disregard that if it's your only option, and you NEED a place to live NOW. But OP is already living with his parents, and rents have cooled down a bit if he wants to go that route.


And not everybody is interested in renting their property out, that in itself can be a major headache, responsibility and money pit.

[Shrewsburried]

Originally Posted by masssachoicetts

Nj development Is wayyyyy different. Most of nj developed in the 50s-70s giving it poor apparence. I'm in NJ now and it's way different.

Most of MA development would be central to Boston, transit oriented and multifamily. Nj is just sprawly SFH

Developers can go vertical and maintain the 'woodsy appeal' in metro west towns. Impact on schools and tax base become a legitimate concern ... and aren't pure NIMBYism.

[massnative71]

Originally Posted by Shrewsburried

Developers can go vertical and maintain the 'woodsy appeal' in metro west towns. Impact on schools and tax base become a legitimate concern ... and aren't pure NIMBYism.

Overreliance on local property taxes for school funding leaves a huge disincentive for towns to add housing. That needs to change.

[msRB311]

The other thing to consider is that birthrates are down everywhere. People are simply having less kids these days. The Boston area is likely to notice this in years to come...or maybe not...maybe we will just have people migrating here for jobs and won't notice a population decrease.

Others have mentioned we already are going through a population decrease. Can't say i've noticed that and I'm not sure I believe it giving the housing demands.

[masssachoicetts]

Originally Posted by Shrewsburried

Developers can go vertical and maintain the 'woodsy appeal' in metro west towns. Impact on schools and tax base become a legitimate concern ... and aren't pure NIMBYism.

No offense, schools are the least of MA concerns. I went to a D rated school district and am getting a PHD. Literally don't care about how an A rated town has schooling concerns and their kids may not get into MIT or Princeton.

If the trade off of affordable housing is slightly lower schools... Il take it anyday