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Old 02-26-2008, 04:02 PM
 
2 posts, read 4,566 times
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I'm in my late 20s and I'm relocating to Boston soon. I'll probably be looking mostly at JP and Cambridge, possibly Roslindale Sq.

I'm wrestling with whether to buy or rent. Does anybody have any insight into whether the condo market is softening in these areas (i.e. prices coming down) or whether its probably better off just to rent for the time being?

At the moment, can you get more bang for your buck by buying or renting in these areas?

Thanks
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Old 02-26-2008, 04:42 PM
 
Location: Tolland County- Northeastern CT
4,462 posts, read 7,411,845 times
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This link to todays Boston Globe says it all.

Mass. home sales, prices fall - Daily Business Update - The Boston Globe
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Old 02-26-2008, 06:38 PM
 
Location: Parkland, FL
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Depends on how much you are willing to spend? Cambridge and JP are two of the hottest neighborhoods in Boston and have become incredibly expensive over the past 15 years. The further you out, you can find some really good deals. If you look in up and coming areas like East Somerville, Roslindale (away from the Sq), or East Boston.

But then again, if you have a high paying job, why not live in the cool and trendy areas? Check craigslist and boston.com for prices on both rentals and purchases.
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Old 02-26-2008, 06:40 PM
 
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Prices have fallen and may still continue to fall slightly for a little while. The latest I read was many are expecting things to bottom in 2009 and may go into 2010, but you can't really time the bottom of the market. That is my educated guess if I had a crystal ball. If you can afford a place, definitely buy rather than rent. Your better off owning than paying someone else.

I'm not sure where you are coming from, but the Boston area and most of New England is still more expensive than a large % of the country.
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Old 02-27-2008, 10:53 AM
 
637 posts, read 1,923,481 times
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Face it...real estate prices along with tuition and energy prices are rising much higher than the wages. You do the math...coupled with the fact so many young people are leaving Mass. There are going to be some painful adjustments coming.
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Old 02-27-2008, 01:34 PM
 
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Thanks for the feedback. I'm thinking I will probably rent for the first year and then try and buy after that. It'll give me a better sense of the different neighborhoods and let me get a better sense of where the market is heading.

Does anyone have any suggestions for a real estate broker that could assist with a rental search? I've looked through craigslist and boston.com but could use some groundfloor help. I know brokers aren't always happy to assist in rentals, but this would be a pretty strong business development opportunity, as I'll be interested in buying shortly thereafter.

Send me a direct message if it is not appropriate to post names and contact on the forum.

Thanks
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Old 02-27-2008, 01:54 PM
 
Location: Newton, Mass.
2,954 posts, read 11,894,020 times
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Quote:
Originally Posted by JiminCT View Post
Face it...real estate prices along with tuition and energy prices are rising much higher than the wages. You do the math...coupled with the fact so many young people are leaving Mass. There are going to be some painful adjustments coming.
This was true for many years but these days real estate prices in much of Mass. are stagnant or falling.
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Old 02-27-2008, 04:44 PM
 
2,979 posts, read 5,338,711 times
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Renting is a good idea at first and especially if your unsure how long you will stay in the area. Prices probably won't increase for the next few years and if they do it won't be the huge increase like we had in the early to mid 2000's.
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Old 02-28-2008, 10:03 AM
 
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I've been watching the listings in both JP and Cambridge, and it seems a bit tricky. There are some good deals out there on occasion, but there's just not as much on the market now. People are holding on to their property if they can help it. What is coming on the market generally doesn't seem to be priced much differently than it was in '05.

Like a PP stated, JP and Cambridge are pretty popular areas. I'm no expert, but I wouldn't predict a major softening of the condo market in either spot. And renting first is always a good move.

Good luck--both JP and Cambridge are awesome areas with a ton to offer!
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