Real estate appreciation in Hopkinton? (Boston, Milford: HOA, loft, condos) - Massachusetts (MA) - Page 2 - City-Data Forum

Parsec · 02-13-2015, 07:26 AM

Wait, didn't you say it would be tough to find a house to your liking in Westborough, which is why you started considering places like Hudson and Marlborough? Hopkinton is a step up from Westborough and at least $100k more expensive. There's nothing but fixer uppers in your price range of $300-450k. I still think Westborough is a better fit for you due to lower home prices, more retail and closer to major routes. I was considering buying a home in Hopkinton at one time, but I was looking for a town with nothing but houses and conservation land.

Atomicdoug · 02-13-2015, 08:01 AM

Quote:

Originally Posted by ocngypz

It really isn't recommended one buy if they are planning on spending less than 5 years in their purchase.

I wouldn't buy a new build. Simply put...........the builder (Pulte) will close out the development at giveaway prices for their leftover homes..........and you'd be struggling to get what you paid for your home at the same time.

Yes, I understand there is a risk buying in an unfinished development, because if they can't sell the new homes or they drop prices, then the resale value also drops. But someone else on here (who said he's a realtor) said Legacy is selling strongly, so yes it could be a risk, but chances are that Pulte will sell all the homes they are building. I think the demand is there inside the 495 corridor.

Atomicdoug · 02-13-2015, 08:08 AM

Quote:

Originally Posted by Parsec

Wait, didn't you say it would be tough to find a house to your liking in Westborough, which is why you started considering places like Hudson and Marlborough? Hopkinton is a step up from Westborough and at least $100k more expensive. There's nothing but fixer uppers in your price range of $300-450k. I still think Westborough is a better fit for you due to lower home prices, more retail and closer to major routes. I was considering buying a home in Hopkinton at one time, but I was looking for a town with nothing but houses and conservation land.

I am going to look in Hopkinton, mainly at Legacy Farms (new homes being built by Pulte). Depending on whether you get townhouse, duplex or SF home, these range from 415-525k. Keep in mind that for SF homes, I am buying on the smaller side (either 2-3 BR, and under 2500 sf). A 4 BR home in Hopkinton would be $600k or more.

Westborough would be great, but I don't see anything that affordable there. There are many townhouses, I think a SF home will be out of reach.

There is south part of Marlborough, that is actually very close to the border of Southborough. That area would only be about 5 miles to my job. If something opens up there, I could get a SF home there no problem.

As far as Grafton, I think South Grafton is too far and not an easy commute to where I need to go. North Grafton would be much better.

I am still open to multiple areas, part of the reason I was considering Hopkinton is that (a) its a reverse commute (heading West in morning) so does not have the traffic congestion, (b) good highway access and (c) closer to Boston for when I want to go into the city.

I don't want to have to drive 12 miles to get to a major highway (90, 495)...

Atomicdoug · 02-13-2015, 08:16 AM

Quote:

Originally Posted by ocngypz

It really isn't recommended one buy if they are planning on spending less than 5 years in their purchase.

I wouldn't buy a new build. Simply put...........the builder (Pulte) will close out the development at giveaway prices for their leftover homes..........and you'd be struggling to get what you paid for your home at the same time.

**In order to get relocation benefits from my company (closing costs on NJ home, and MA home as well as moving expenses), I have to buy something.

And if I need to sell in two years, I would likely do so in conjunction with another job change, so the closing costs would be covered if the job is in another city. Once you reach a certain level of seniority, relocation pretty covers everything. The better policies will even cover a loss on sale, which means if you lose $20k on your house because prices dropped, then they cover that.

The relo benefit is why I know some people who have moved multiple times, as often as every 2-3 years. You can come out ahead financially on a corporate relocation, especially if you were planning on selling your home anyway.

495neighbor · 02-13-2015, 08:22 AM

Quote:

Originally Posted by Atomicdoug

Does the town offer enough in terms of shopping, restaurants and amenities? For example, can you get Italian, Pizza, Sushi, Indian, Chinese or Japanese food? Is it in proximity to a supermarket as well as major stores like home depot, Kohls etc?

Lowes, all the big box stores are next door in Milford.

Parsec · 02-13-2015, 08:44 AM

Quote:

Originally Posted by Atomicdoug

I am going to look in Hopkinton, mainly at Legacy Farms (new homes being built by Pulte). Depending on whether you get townhouse, duplex or SF home, these range from 415-525k. Keep in mind that for SF homes, I am buying on the smaller side (either 2-3 BR, and under 2500 sf). A 4 BR home in Hopkinton would be $600k or more.

Westborough would be great, but I don't see anything that affordable there. There are many townhouses, I think a SF home will be out of reach.

That's a very good point you make. Looking at a town's median sales price can be misleading. Hopkinton's median sales price is much higher than Westborough's, but it's because the houses are also much larger. When you compare a comparable unit, for example a 3 bedroom 1800sf home then Hopkinton may very well be cheaper. I haven't looked closely enough to know. I ran into a similar situation when I was "moving up" from Natick to Sudbury. I was looking at 3000 sf homes and realized I could buy in a nicer town for the same amount of money. The reason Sudbury's median sales price is higher than Natick's is because the houses are also larger. The price per square foot is about the same or maybe even cheaper in Sudbury. My friends thought I was rolling in dough when I told them I was closing on a house in Sudbury, but that definitely wasn't the case. I was paying the same amount for my 3000 sf home in Sudbury as they were for their 1500 sf home in Newton!

Quote:

Originally Posted by Atomicdoug

**In order to get relocation benefits from my company (closing costs on NJ home, and MA home as well as moving expenses), I have to buy something.

And if I need to sell in two years, I would likely do so in conjunction with another job change, so the closing costs would be covered if the job is in another city. Once you reach a certain level of seniority, relocation pretty covers everything. The better policies will even cover a loss on sale, which means if you lose $20k on your house because prices dropped, then they cover that.

The relo benefit is why I know some people who have moved multiple times, as often as every 2-3 years. You can come out ahead financially on a corporate relocation, especially if you were planning on selling your home anyway.

I deal with the relocation packages at my company. We rarely hire senior-level positions from the Boston area. The packages usually range from $50-90k and a big chunk of this is allocated to home selling costs.

MikePRU · 02-13-2015, 12:13 PM

Hopkinton is nice. You probably won't be overwhelmed by the shopping in town, but you also won't have to drive far to find what you want.

Quote:

Originally Posted by Atomicdoug

The better policies will even cover a loss on sale, which means if you lose $20k on your house because prices dropped, then they cover that.

I haven't seen that benefit in a relocation package in a number of years. It got too expensive when prices were plummeting post 2005/2006. Now that things are headed the other direction, it might come back but the companies are probably a little too scared to give that to anyone with any frequency.

Quote:

Originally Posted by Atomicdoug

The relo benefit is why I know some people who have moved multiple times, as often as every 2-3 years. You can come out ahead financially on a corporate relocation, especially if you were planning on selling your home anyway.

I have one client that's moved an average of every 2 1/2 years. She's left MA a couple of times and come back so she always calls me when she needs to move.

David223 · 02-13-2015, 06:47 PM

I live in Milford which is next to Hopkinton. I drive through the town on a regular basis. Like today. In my opinion Hopkinton is a real nice town. It has only one large supermarket, Price Chopper. Not a lot of shopping there but nearby there is plenty.

Hopkinton also has a beautiful state park. It's close to Rt495 and the Mass Pike. The giant computer co. EMC has several buildings there. My understanding is the school system is very good.

I've driven through Legacy and it looks very nice.

Atomicdoug · 03-03-2015, 05:53 PM

Thanks everyone. If all goes well, I will be buying a townhouse in Legacy Farms. It's a duplex style, so only 1 other unit attached to mine. Probably will be closing on the home in April. Maybe by then the snow will be melted?

495neighbor · 03-03-2015, 06:05 PM

Quote:

Originally Posted by Atomicdoug

Thanks everyone. If all goes well, I will be buying a townhouse in Legacy Farms. It's a duplex style, so only 1 other unit attached to mine. Probably will be closing on the home in April. Maybe by then the snow will be melted?

Good luck. Hope to hear back how you like it once settled in.