2023 Real Estate Observations (Weymouth, Braintree, Hingham: where to buy, inclusive, to)

[yesmaybe]

Originally Posted by newenglandgal123

Wow, looks like a multifamily or some sort of condo complex that you'd see someplace like Fitchburg or Weymouth.

I was thinking an addition gone wrong perhaps.

[matrix5k]

Originally Posted by redplum33

Too many (or too few) windows and they're spaced weird. Looks like a dump from the outside, IMO.

That one random small window.

[GeoffD]

Originally Posted by jayrandom

Realistically no one cares about any of this.

There aren’t any more people looking to move because either you’ve got a 2.5% mortgage you can’t leave or you’re renting and prices are sky high AND mortgage rates are in the 7s so even “starter” homes are unaffordable. Everyone is basically stuck where they are until something changed.

I’m not an economist, but I would have guessed the prices would have fallen with increasing mortgage costs. At least for now but the opposite seems to have happened. It’s insane.

Areas of the country that aren’t completely built out and with weaker economies are behaving differently.

It’s really expensive to build in Massachusetts compared to many other parts of the country. Labor costs are much higher. You have to meet energy building code. You need a real foundation. Zoning has frontage, lot size, and setback requirements that make lots expensive. Land is cheaper where I am 60 miles south of Boston but you’d still be hard pressed to build a 2,000 sf builder grade house for less than $750k. With 7%+ mortgage rates, the local economy won’t support it so new construction is mostly higher end homes that aren’t being paid for with W-2 money. With no supply of new construction, prices of existing homes keep going up since there is no inventory.

[Southshorebound]

Originally Posted by GeoffD

Areas of the country that aren’t completely built out and with weaker economies are behaving differently.

It’s really expensive to build in Massachusetts compared to many other parts of the country. Labor costs are much higher. You have to meet energy building code. You need a real foundation. Zoning has frontage, lot size, and setback requirements that make lots expensive. Land is cheaper where I am 60 miles south of Boston but you’d still be hard pressed to build a 2,000 sf builder grade house for less than $750k. With 7%+ mortgage rates, the local economy won’t support it so new construction is mostly higher end homes that aren’t being paid for with W-2 money. With no supply of new construction, prices of existing homes keep going up since there is no inventory.

My uncle is building a small house in Western Mass, and the cost of the environmental requirements is astounding. Regulations that looks great on paper have real-world consequences. For instance, he is required to install an electric vehicle charging station, despite not having an electric car. My neighbor's house burned down earlier this year and I can't imagine what it is costing to rebuild a house of a similar size.

[msRB311]

Originally Posted by Southshorebound

My uncle is building a small house in Western Mass, and the cost of the environmental requirements is astounding. Regulations that looks great on paper have real-world consequences. For instance, he is required to install an electric vehicle charging station, despite not having an electric car. My neighbor's house burned down earlier this year and I can't imagine what it is costing to rebuild a house of a similar size.

What?? So does every new house that gets build need an EV charging station?

It's become stupid and it seems like the builders and suppliers of materials are partially to blame for this as well.

It seems like people keep complaining about costs but everyone keeps buying/building.

[Southshorebound]

Originally Posted by msRB311

What?? So does every new house that gets build need an EV charging station?

It's become stupid and it seems like the builders and suppliers of materials are partially to blame for this as well.

It seems like people keep complaining about costs but everyone keeps buying/building.

Yeah isn't that incredible? My uncle isn't a rich guy, this is supposed to be his retirement house and these costs are killing his budget.

[msRB311]

Originally Posted by Southshorebound

Yeah isn't that incredible? My uncle isn't a rich guy, this is supposed to be his retirement house and these costs are killing his budget.

That seems awful. I can't imagine why someone who doesn't have an EV should be building a home that has one. Sad times.

[yesmaybe]

Originally Posted by Southshorebound

My uncle is building a small house in Western Mass, and the cost of the environmental requirements is astounding. Regulations that looks great on paper have real-world consequences. For instance, he is required to install an electric vehicle charging station, despite not having an electric car. My neighbor's house burned down earlier this year and I can't imagine what it is costing to rebuild a house of a similar size.

Looks like that's just Northampton. That's a pretty hippie place, isn't it? Maybe he should have built in some other town?

Does seem like Heat Pumps are somewhat popular with new construction. But that might be more developers cheapening out than any FF mandates.

[msRB311]

Originally Posted by yesmaybe

Looks like that's just Northampton. That's a pretty hippie place, isn't it? Maybe he should have built in some other town?

Does seem like Heat Pumps are somewhat popular with new construction. But that might be more developers cheapening out than any FF mandates.

I think in general the cost to do ANYTHING to your home is just very expensive these days. There are no deals to be had...you don't get a better deal by adding on an addition or renovating, you don't get a better deal by building new, and you don't get a better deal by buying a house that has been there since the 1800's. Deals are done as far as home ownership goes.

[newenglandgal123]

Originally Posted by msRB311

I think in general the cost to do ANYTHING to your home is just very expensive these days. There are no deals to be had...you don't get a better deal by adding on an addition or renovating, you don't get a better deal by building new, and you don't get a better deal by buying a house that has been there since the 1800's. Deals are done as far as home ownership goes.

We will be mostly a nation of renters at the rate this is going.