would you say now is a bad time to buy? (Boston: short sale, condo)

[Whatsnext75]

Originally Posted by Steephill2

all it takes is for enough people to get fed up, put something called rent control on the ballot and then pass it and you will see a quick reversal in home and rent prices... not saying its gonna happen though

I'm suprised that hasn't happened already. My Co workers friend just secured a lease on a place in roxbury near dudley. she asked for my opinion on what to tell said friend and I said don't do it. She's 22 and will be attending college. But it seems people are slumming it to get a cheaper rent.

[Steephill2]

Originally Posted by Brave Stranger

There will be a ceiling on home prices, but if people expect a big drop in home prices they have a long wait. Just look at the building in Boston.....it's no longer a regional hub, it's an international city with a real estate market similar to NYC & the bay area in California.

i still believe boston is a regional city. new york has multiple large international airports, has pull nationally politically and economically, a transit network that actually works, media and headquarters to stock exchanges and serves a role internationally. the real estate prices should and do reflect that. the economy of cali is larger than many many countries houses many large industries like tech and oil, has perfect weather, and is a shorter distance to newly enriched asian countries.

boston is too small for that. some schools and hospitals do not make it a global city. i would put it more in the category of dallas and seattle.

[brienzi]

Originally Posted by Whatsnext75

Right renting is about the same as a mortgage payment for people especially when you're living with just one other person (significant other in most cases). If you have a downpayment buying is not a bad idea. The question is where to buy and do you buy the best house you afford right now. or maybe go a bit cheaper so u don't completely deplete your savings

Yes, potential buyers should think of the big picture when buying right now. If one bought a house a few years ago i wouldn't recommend taking a home equity loan etc. at this time for the quick money or to keep up with the family next door to buy a new car or whatever.

If one is flushed with cash this topic doesn't mean much to them. It's the buyers on the fringe who should consider making some small sacrifices to find something a bit on the cheaper side or a location that may not be their most desirable spot. My 2 cents.

[rethcir]

The bottom of the recession would have been a "better time" to buy. But it's still better than renting.

[jayrandom]

Originally Posted by Steephill2

i still believe boston is a regional city. new york has multiple large international airports, has pull nationally politically and economically, a transit network that actually works, media and headquarters to stock exchanges and serves a role internationally. the real estate prices should and do reflect that. the economy of cali is larger than many many countries.

boston is too small for that. some schools and hospitals do not make it a global city. i would put it more in the category of dallas and seattle.

My friend who has given up looking for a place in Cambridge (on two professional incomes, no less) says that Chinese buyers dominate the market there. Maybe some schools and hospitals don't make it a global city, but Harvard and MIT aren't just some schools. Is Boston New York? Definitely not, but international buyers are influencing at least some parts of the market.

China's Town: Big Chinese Buyers Are Sinking Their Cash into Boston Real Estate

[Steephill2]

Originally Posted by jayrandom

My friend who has given up looking for a place in Cambridge (on two professional incomes, no less) says that Chinese buyers dominate the market there. Maybe some schools and hospitals don't make it a global city, but Harvard and MIT aren't just some schools. Is Boston New York? Definitely not, but international buyers are influencing at least some parts of the market.

China's Town: Big Chinese Buyers Are Sinking Their Cash into Boston Real Estate

and whats gonna happen if china's slowdown worsens? which will they liquidate first? first home in china, second in LA, third in vancouver, or fourth in boston that they got just so their kid could goto harvard? was that a joke or serious? thats like me buying a luxury manhattan apartment cause i believe my one year old will be playing baseball for the New York yankes in 20 years

[jayrandom]

Originally Posted by Steephill2

and whats gonna happen if china's slowdown worsens? which will they liquidate first? first home in china, second in LA, third in vancouver, or fourth in boston?

I'm not trying to argue that Boston Real Estate can't go down, just that the area does have international appeal and that is currently driving the market. I'm not sure a Chinese slowdown would necessarily make wealthy individuals less likely to diversify outside of China, but there are other concerns--like a clampdown on getting money out of China--that should give one pause before declaring that real estate here has some kind of floor. Attracting international buyers does decrease the chances, but it's still a definite possibility (and actually what my friend is hoping for).

[Brave Stranger]

Originally Posted by Steephill2

i still believe boston is a regional city. new york has multiple large international airports, has pull nationally politically and economically, a transit network that actually works, media and headquarters to stock exchanges and serves a role internationally. the real estate prices should and do reflect that. the economy of cali is larger than many many countries houses many large industries like tech and oil, has perfect weather, and is a shorter distance to newly enriched asian countries.

boston is too small for that. some schools and hospitals do not make it a global city. i would put it more in the category of dallas and seattle.

Boston is much more than a Seattle or Dallas. It's not just Asians that are flooding the real estate market here, but people from everywhere. Best concentration of universities & medical care in the nation. Easy drive to the mountains & ocean. California is collapsing into a third-world cesspit with a rapidly shrinking tax base & high taxes on everything that moves.

Boston/Cambridge is becoming a major international hub.... it's not quite there yet, but its future looks brighter than most cities.

[Whatsnext75]

Is it really the hospitals that have such an appeal? Unless you're old or sick I don't know that's such an attraction. Sure it's reassuring but doesn't seem like a reason to move somewhere. and yes the universities are some of the best but not everyone who lives in ma ends up going to one of them

[Parsec]

Originally Posted by Steephill2

and whats gonna happen if china's slowdown worsens? which will they liquidate first? first home in china, second in LA, third in vancouver, or fourth in boston that they got just so their kid could goto harvard? was that a joke or serious? thats like me buying a luxury manhattan apartment cause i believe my one year old will be playing baseball for the New York yankes in 20 years

China's real estate slowdown is already happening. That's why they are buying properties here instead. And not just residential properties. The article mentions Chinese investment in new construction commercial office buildings in downtown Boston. They are helping to fuel our commercial boom downtown, but at the same time making housing more expensive. I don't know what to think of this.