2023 Real Estate Observations (Quincy: school, gated, property taxes)

[MtPleasantDream]

Originally Posted by yesmaybe

https://www.redfin.com/MA/Lincoln/42...C/home/8549728

Condo in Lincoln that's "only" 379k. It is very close to the Hanscom Airport so I wonder how much that repels people plus it's got a very high HOA ($632).

Only 30 DOM so far, so we'll see.

Bedford seems to be a low-inventory place now. The SFHs are either above 4000sqft or below 1200sqft.

[robr2]

Originally Posted by yesmaybe

https://www.redfin.com/MA/Lincoln/42...C/home/8549728

Condo in Lincoln that's "only" 379k. It is very close to the Hanscom Airport so I wonder how much that repels people plus it's got a very high HOA ($632).

Only 30 DOM so far, so we'll see.

Interesting as some of the units in there are income restricted. I wonder if this one is as well?

[wolfgang239]

They are in the middle of a big Wastewater plant upgrade issue which will be close to $20k per unit. Probably the special assessment they're referring to in the notes, but definitely a big what if to a buyer. This unit has had the deed restriction lifted for income requirements. Easy ride to 128 but otherwise pretty isolated. Hanscom is also proposing a big hangar upgrade which might need to be disclosed to prospective buyers.

https://lincolnsquirrel.com/2023/01/...ty-assessment/

https://lexobserver.org/2023/02/16/p...t-feb-6-forum/

[yesmaybe]

https://www.redfin.com/MA/Lynn/71-Fe.../home/11539070

Since people were talking about The City of Sin, how about this place that just sold for 585k. I looked it up and buyer only took out a 250k mortgage so you're talking about 335k down. Does sort of look like someone trading up from a condo.

[newenglandgal123]

Originally Posted by yesmaybe

https://www.redfin.com/MA/Lynn/71-Fe.../home/11539070

Since people were talking about The City of Sin, how about this place that just sold for 585k. I looked it up and buyer only took out a 250k mortgage so you're talking about 335k down. Does sort of look like someone trading up from a condo.

Looks like a nice house but two thumbs down for being on a solid double yellow and in Lynn.

[MtPleasantDream]

California has a proposition 13:

Proposition 13, adopted by California voters in 1978, mandates a property tax rate of one percent, requires that properties be assessed at market value at the time of sale, and allows assessments to rise by no more than 2 percent per year until the next sale.

This is a way to protect old residents (or to rob new residents). In fact, some million dollar houses are only taxed a few hundred dollars per year.
Do you think Massachusetts should have something like this? I can foresee some "townies" will not be able to afford the taxes in the future.

[msRB311]

Originally Posted by MtPleasantDream

California has a proposition 13:



This is a way to protect old residents (or to rob new residents). In fact, some million dollar houses are only taxed a few hundred dollars per year.
Do you think Massachusetts should have something like this? I can foresee some "townies" will not be able to afford the taxes in the future.

I would think the townies (people who bought 20+ years ago have a very low mortgage rate compared to what most people have now. Townies still have jobs and in many cases professional jobs right? The houses worth millions now aren't exactly in places that have had people working low end jobs. They should be able to pay taxes

I think the people who bought homes over the past few years that stretched themselves thin, have a pricey mortgage, rising expensive tax payments, still have kids to send to college are the ones who could be hurting.

[MtPleasantDream]

Originally Posted by msRB311

I would think the townies (people who bought 20+ years ago have a very low mortgage rate compared to what most people have now. Townies still have jobs and in many cases professional jobs right? The houses worth millions now aren't exactly in places that have had people working low end jobs. They should be able to pay taxes

I think the people who bought homes over the past few years that stretched themselves thin, have a pricey mortgage, rising expensive tax payments, still have kids to send to college are the ones who could be hurting.

In certain towns, some people may have purchased/inherited their home before gentrification, and their wage or pension may not be able to support high taxes.

[newenglandgal123]

Originally Posted by MtPleasantDream

In certain towns, some people may have purchased/inherited their home before gentrification, and their wage or pension may not be able to support high taxes.

In addition to not being able to afford taxes, I see lots of homes with deferred maintenance so it seems many who are perhaps townies can no longer keep up with replacing the roof, fixing the faded, peeling siding, etc.

[msRB311]

Originally Posted by newenglandgal123

In addition to not being able to afford taxes, I see lots of homes with deferred maintenance so it seems many who are perhaps townies can no longer keep up with replacing the roof, fixing the faded, peeling siding, etc.

Yes, those things are very pricey these days for many people to afford in addition to everything else.