2023 Real Estate Observations (Northampton: fishing, labor, extra)

[GeoffD]

Originally Posted by robr2

The requirement is to run a circuit and outlet for an EV charger. We’re looking at a couple hundred bucks which is nothing as part of a new house

Have you priced 6/3? Copper got expensive. A ground fault breaker so you don’t kill anyone. I’ll bet materials and labor are closer to $500. If you’re trying to build affordable starter houses, it’s death by 1,000 cuts. They got within a few weeks of making my town comply with the new Cape Cod Title V septic requirements. A nitrogen filtering system adds $5k to the cost of a small septic system. The more affordable land in my town isn’t on the sewer system. The code for wind here adds a bunch of cost. The thieves at regulated monopoly Eversource charge a fortune for electricity hookup. Comcast will want a pile of money to run coax to the house for broadband. The town charges big for the water hookup.

[jayrandom]

Originally Posted by redplum33

Why are you looking at the 10 year price change when talking about "the past few years"? The 1 year price change and the 5 year price change would probably be more appropriate...and they tell a very different story.

1 Year price change:

Ayer $614,500 $450,000 37% 78% 118% 30 32 -6%
Stow $833,500 $666,000 25% 60% 95% 24 32 -25%
Natick $900,000 $738,250 22% 50% 105% 29 24 21%
Littleton $735,000 $605,000 21% 51% 96% 25 32 -22%
Arlington $1,153,000 $950,000 21% 54% 122% 19 16 19%
Chelsea $580,000 $485,000 20% 60% 176% 32 27 19%
Newbury $915,000 $761,000 20% 85% 118% 27 37 -27%
North Andover $892,500 $752,450 19% 57% 88% 24 28 -14%
Brookline $2,387,500 $2,026,712 18% 25% 91% 34 40 -15%
Bedford $987,000 $835,000 18% 39% 78% 24 29 -17%
Merrimac $680,000 $577,750 18% 57% 113% 32 23 39%
Tyngsborough $650,000 $550,500 18% 63% 117% 25 26 -4%

Story: No idea. Brookline and Ayer don't have a ton in common

5 year price change:

Newbury $915,000 $761,000 20% 85% 118% 27 37 -27%
Ayer $614,500 $450,000 37% 78% 118% 30 32 -6%
Lawrence $450,000 $404,500 11% 76% 214% 24 23 4%
Weston $2,420,000 $2,105,000 15% 73% 86% 54 64 -16%
Southborough $959,000 $825,000 16% 69% 104% 34 34 0%
Rowley $850,000 $718,500 18% 66% 115% 45 26 73%
Wenham $900,000 $865,000 4% 65% 70% 53 69 -23%
Plymouth $575,000 $500,000 15% 64% 105% 34 34 0%
Westwood $1,192,954 $1,049,000 14% 64% 113% 23 28 -18%
Tyngsborough $650,000 $550,500 18% 63% 117% 25 26 -4%

Story: Even less of an idea. Lawrence and Weston are basically exactly the opposite in nearly every way.

[redplum33]

Originally Posted by jayrandom

1 Year price change:



Story: No idea. Brookline and Ayer don't have a ton in common

5 year price change:



Story: Even less of an idea. Lawrence and Weston are basically exactly the opposite in nearly every way.

^ Not sure what you're trying to say.

You told us: "Price appreciation has been stronger in the less prestigious towns in the past few years."

Your statement is accurate when looking at the past 10 years, but not the past few years.

Originally Posted by jayrandom

Price appreciation has been stronger in the less prestigious towns in the past few years. Looking at the 10 year price change, the winner was Lawrence, followed by Brockton, Chelsea, and Lynn.

https://www.bostonmagazine.com/prope...ce-chart-2023/

[msRB311]

Prices have gone up everywhere

[redplum33]

Originally Posted by msRB311

Prices have gone up everywhere

Yes, but it's not accurate to say "Price appreciation has been stronger in the less prestigious towns in the past few years."

[GeoffD]

Originally Posted by jayrandom

Price appreciation has been stronger in the less prestigious towns in the past few years. Looking at the 10 year price change, the winner was Lawrence, followed by Brockton, Chelsea, and Lynn.

https://www.bostonmagazine.com/prope...ce-chart-2023/

The same was true in the 1980s. Then the S&L meltdown happened. The fancy towns dropped a bit. The failed cities and working class towns collapsed. Inside 495, a lot of those former working class towns have seen a big demographic shift. I’d think that in the next big downturn, only the cities will see the big correction and the starter home suburbs won’t correct like the did in the early 1990s.

[robr2]

Originally Posted by GeoffD

Have you priced 6/3? Copper got expensive. A ground fault breaker so you don’t kill anyone. I’ll bet materials and labor are closer to $500. If you’re trying to build affordable starter houses, it’s death by 1,000 cuts. They got within a few weeks of making my town comply with the new Cape Cod Title V septic requirements. A nitrogen filtering system adds $5k to the cost of a small septic system. The more affordable land in my town isn’t on the sewer system. The code for wind here adds a bunch of cost. The thieves at regulated monopoly Eversource charge a fortune for electricity hookup. Comcast will want a pile of money to run coax to the house for broadband. The town charges big for the water hookup.

Okay - $500. That's 1/10 of 1% on a $500K build - small in comparison. And it will probably make the house easier to sell in the future.

[jayrandom]

Originally Posted by redplum33

Yes, but it's not accurate to say "Price appreciation has been stronger in the less prestigious towns in the past few years."

So your main issue is with 10 years not being a few? Change few to 10 in my original statement, then.

[yesmaybe]

Originally Posted by robr2

Okay - $500. That's 1/10 of 1% on a $500K build - small in comparison. And it will probably make the house easier to sell in the future.

Given how expensive anything construction is these days, just the circuit alone would probably be a decent amount. The cost of the charger itself looks like it would depend on what Northhampton requires. Tesla sells their wall charger for $500-600 but you can do a bit cheaper.

[robr2]

Originally Posted by yesmaybe

Given how expensive anything construction is these days, just the circuit alone would probably be a decent amount. The cost of the charger itself looks like it would depend on what Northhampton requires. Tesla sells their wall charger for $500-600 but you can do a bit cheaper.

A charger isn't required - only the outlet and circuit for one.