Wow, $206K over list! (Boston, New Bedford: buying a home, college, to live)

[Remy11]

Demographics change over time and places may become gentrified but perceptions last. I'm sorry but you're never going to find old-money, blue blood types whose families have lived in the area for generations choosing Dedham over places like Andover and Lexington. New people coming from out of state may think differently but that's not the case for people who are from here originally. They have ideas in their head of what historically has been considered exclusive and there is little that will change their minds. A coworker of mine grew up in Andover. Her family has a lot of money and they've lived there for years. She was looking specially at all the fancy towns in the area to raise her young family and ended up choosing Rye, NH. Another college friend grew up in Lexington and her sister now has a home in Lexington to raise her family. My friend was saying even though her brother in law was pushing for up and coming places like Reading and Burlington, her sister refused to live anywhere else because of the prestige of Lexington.

[bostongymjunkie]

I've always known the prestigious Andover to be N. Andover - not Andover. For whatever perception is worth...which ain't much. Andover is often mistaken to be it's more upscale neighbor. I'm sure it's reputation has been lifted in recent years but it was always considered the more working and middle class Andover.

[GeoffD]

Originally Posted by Remy11

Demographics change over time and places may become gentrified but perceptions last. I'm sorry but you're never going to find old-money, blue blood types whose families have lived in the area for generations choosing Dedham over places like Andover and Lexington. New people coming from out of state may think differently but that's not the case for people who are from here originally. They have ideas in their head of what historically has been considered exclusive and there is little that will change their minds. A coworker of mine grew up in Andover. Her family has a lot of money and they've lived there for years. She was looking specially at all the fancy towns in the area to raise her young family and ended up choosing Rye, NH. Another college friend grew up in Lexington and her sister now has a home in Lexington to raise her family. My friend was saying even though her brother in law was pushing for up and coming places like Reading and Burlington, her sister refused to live anywhere else because of the prestige of Lexington.

Sure. I owned a big house on an acre up on the hill in Winchester. I lived in Andover years ago. There wasn’t much “old money” in either town. Pretty much nobody was from there. And their blood wasn’t particularly blue. They tended to have college educated parents who made sure they launched properly but that’s not old money and blue blood.

[msRB311]

I think people have had to change their perceptions a bit over the years as well

[Remy11]

Originally Posted by GeoffD

Sure. I owned a big house on an acre up on the hill in Winchester. I lived in Andover years ago. There wasn’t much “old money” in either town. Pretty much nobody was from there. And their blood wasn’t particularly blue. They tended to have college educated parents who made sure they launched properly but that’s not old money and blue blood.

Are you from Mass originally tho? I am and I've always heard of Andover as being an old-money town for as along as I can remember. It's definitely up there with places like Hamilton, Wenham, Beverly Farms, and Magnolia.

[GeoffD]

Sure. I’m a native. I had a couple of brothers from Andover on my dorm floor in the 1970s. They were middle class I moved there in 1982. I found my apartment through a dentist on Main Street my father went to dental school with. He was GI bill just like my father, not old money. Back then, Andover had townies. It was a socioeconomically mixed town shifting to a professional bedroom town. My friend Abby grew up on Chestnut Street. Her father was an engineer. My friend John did well in tech startups and has a big house on several acres on Central Street. He grew up in a little ranch in Lexington that I’m sure has been torn down. My Killington next door neighbor had a house at the country club. He was from upstate New York. He didn’t grow up wealthy. That’s representative of people I know in Andover. Successful professionals and executives. None of them old money.

In Winchester, I shared my driveway with the Vice chair of Bank Boston. That was old money but pretty unusual. My other neighbors were all corporate and first generation affluent. The previous owner of my house was a retired Russian engineer who fled the German invasion.

[Remy11]

Get out, Geoff! I was convinced you were from VT for some reason but maybe that was because of the UVM connection. You proved me wrong! Interesting—I always thought it was old money, but it sounds like I stand corrected. I have to ask—were you a LANAM Club member?

[bizcuit]

Originally Posted by porterhouse

Why exactly is a Cape a less valuable home design? Plenty of very nice Capes in New England and some people actually seek them out. I have seen some stunning Cape renovations.

I feel like there are a lot of people in this thread who felt special when their Zillow value crossed $1MM, and somehow think Dedham is beneath and devalues them. It actually takes me think Dedham might be a good place to invest.

News flash. Million dollar homes in this area are a dime a dozen and not remotely notable anymore. Owning one isn’t a status symbol. Sorry to bruise fragile egos. You’re not as house rich as you thought, and your exburb isn’t everyone’s idea of heaven.

I, personally, love capes.

My little house (a ranch) has gone up in value here in Northampton about 100K, maybe a little over, so nowhere near the craziness of the Eastern part of the state. Still, I am very glad that I was able to buy it for what I did three years ago. I feel well settled here now and glad that I don't have to house shop during this market! I do watch a real estate site out of curiosity and it is just crazy these days. Luckily it's just entertainment for me, I feel for people who are so desperate to find something right now.

I do fantasize about retiring to Maine, so I look at the real estate market there too and it sure seems just as crazy. I wonder about the people who are overpaying for some of the homes there, how much these properties will hold their value when a correction comes (assuming it does come). Eastern MA has a better change of holding decent value, IMO.

[msRB311]

I think a triangular shape house would be increasing in value around here with no issues. The type of house really doesn't matter but as others have pointed out a cape style house or a ranch style house are typically more modest style homes.

[bostongymjunkie]

Even an isosceles?