2024 Real Estate Observations (Milton, Duxbury, Southborough: homeowner, build, average)

[newenglandgal123]

Originally Posted by redplum33

Is it currently valued at 8 million? Or just priced at 8 million?

(tax assessed at 3.2 million)

The owners/realtor think it has a market value of $8M. However, since there are no bites and been on the market 82 days....it's time for a reduction. Sometimes sellers think their house is worth more than it really is.

[redplum33]

Originally Posted by newenglandgal123

The owners/realtor think it has a market value of $8M. However, since there are no bites and been on the market 82 days....it's time for a reduction. Sometimes sellers think their house is worth more than it really is.

I don't think 82 days is a long time for a house like this.

[redplum33]

The $3M houses in Duxbury typically take a year to sell.

[redplum33]

Realistically, if you had $8M to spend on a house, would you choose Southborough, MA?

[newenglandgal123]

Originally Posted by redplum33

Realistically, if you had $8M to spend on a house, would you choose Southborough, MA?

No, I'd rather choose somewhere closer to the coast like maybe New Castle, Portsmouth or Rye NH.

[robr2]

Originally Posted by newenglandgal123

Even billionaires don't always have the best sense. Just b/c you can afford to buy a monstrosity valued currently at $8M you should realize the buyer pool is small, and consider re sale if you ever want to move or offload it, esp since it's not even near the water!

Considering it was part of a family owned 3 parcel project and the owner built the house, I doubt there is anywhere the investment some may think is there.

Yes, the buyer pool is small but the time it's been on the market is drop in the bucket for the marketing time that is needed for houses in that price point. As I said, the owner is a billionaire. They probably have multiple homes and really don't care how long it takes.

[robr2]

Originally Posted by redplum33

Realistically, if you had $8M to spend on a house, would you choose Southborough, MA?

If one were a central Mass based executive, had the budget, and wanted a primary home, sure.

[id77]

Originally Posted by newenglandgal123

Even billionaires don't always have the best sense. Just b/c you can afford to buy a monstrosity valued currently at $8M you should realize the buyer pool is small, and consider re sale if you ever want to move or offload it, esp since it's not even near the water!

The seller isn't trapped in this house, likely won't need the money back any time soon, or is in any way "stuck" because this house will be slow to move.

Billionaires selling $8m homes is like a middle-class person unloading an extra car or piece of jewelry they don't want anymore. It remains something to maintain and protect, and there may be some small maintenance costs (taxes, insurance, etc) to keep up on while trying to move it, but ultimately it's just another asset to them that takes time to liquidate for a price they're willing to liquidate it for.

[lrfox]

Originally Posted by newenglandgal123

Even billionaires don't always have the best sense. Just b/c you can afford to buy a monstrosity valued currently at $8M you should realize the buyer pool is small, and consider re sale if you ever want to move or offload it, esp since it's not even near the water!

I don't think "sense" has much to do with it. If you're an average homeowner and your home is your greatest asset, you need to (or should) think about it from an investment standpoint. But if you're a billionaire, your home (even an $8 million home) isn't your biggest asset. So you have the luxury of being able to build what you want, where you want it without being too concerned about resale value. I would be willing to bet that they knew this would be challenging to sell when they built it, but they did it anyway because they didn't need a great ROI in order for it to be worth it to them.

[johngolf]

If you have $7.5mil then you can afford $8mil