Real estate perfect storm headed to Mass (Boston, Stoughton: rent, cheap house)

[CaseyB]

Originally Posted by Steephill2

I wish I was under 25 . There are quite a few baby boomers that are looking to move: Bloomberg had an article last winter titled "Boomers seen boosting new home sales as millenials wait" that mentioned a radiologist from MA doing just that. If i was 65 and retired why would i want to stay in ma and deal with the snow and extreme cold in addition to the outrageous cost of living?

Well 1st of all not all boomers are 65 and even if they are they aren't ready for a nursing home. I don't know where you get these ideas, LOL.

I agree with you that many people leave the state either permanently or snowbird for the winter.

[Steephill2]

Originally Posted by CaseyB

Well 1st of all not all boomers are 65 and even if they are they aren't ready for a nursing home. I don't know where you get these ideas, LOL.

I agree with you that many people leave the state either permanently or snowbird for the winter.

haha im trying to see into the future for myself. For me, it will be around that age where I sit down with my spouse after the kids are done with college, we're retiring from our current jobs, and see where we want to enjoy ourselves for the next ten or so years before the health starts breaking down and doctors visits pile up. As of it stands now, i would rather be golfing than shoveling, but of course, there are other factors in play, such as family.

Back to why I posted this originally, I was just mentioning the migration as a factor to what may increase supply over the course of time that would exacerbate any downturn. Couple that with MA over 65 population being above the nationwide average. If all baby boomers moved at the same time, then thats a major issue, but I dont think thats gonna happen.

[Whatsnext75]

Of course there are people here in Boston who want to move to somewhere warmer and have plans to-baby boomer and younger aged people. It's silly to assume everyone living in boston wants to stay put here or that people from all over the world are just flocking on over to boston. YES plenty of people do move here for jobs and will stay here, but plenty want to get out as well. The winters do take their toll. My husbands mother was one of the ones who moved-to AZ. She has diabetes and asthma and her dr basically recommended. Indeed the cold weather, bad traffic/commutes and high costs of living are driving people out but there are still plenty of people to replace them.

[johngolf]

We retired to SC from MA and we sit here collecting our monthly Comm. of Ma kiss. Some of you know what the kiss is......LOL

[Dm84]

Originally Posted by johngolf

We retired to SC from MA and we sit here collecting our monthly Comm. of Ma kiss. Some of you know what the kiss is......LOL

And this is why we're going broke.

[sawyer2]

interesting thread

My random thoughts and some personal anecdotes FWIW:

- We last bought in the height of the global meltdown in late '08. Doom and gloom all around yet we were still being outbid in our target areas of South End and Back Bay. One could say that these were somewhat cocooned areas but what I saw was that the better areas/towns in relative proximity to Boston all weathered the storm very well and were the first to rebound. I would expect the same in another downturn.

- Many people leave the state when they retire but many do stay. When we were condo hunting more than 50% of our competition were empty nesters who were selling their big house in the burbs once the kids had moved on. They didn't look like they were ready for a nursing home or FLA.

- Rates will go up but when and how much is the question. Like others have said, I don't see any reason to expect anything other than slow incremental raise. We are not going to wake up tomorrow to 10%.

- The best time to buy a house is when you need it. All markets are cyclical and time in the market (vs trying to time the market) is the great leveler. No one wants to catch a falling knife but there is comfort in having a roof over your head that you know what the fixed payment will be for years to come, assuming one is not overstretching financially to achieve this.

[dan12055]

Originally Posted by kingeorge

If you come on any message board and act full of yourself, telling people how it is going to be, expect people to act the way they did. Never works in the real life, or anywhere else. But, you are obviously superior (in your own head).

Your message was doom and gloom, and reads as a put-down to Ma, and MA homeowners with an undercurrent of schadenfreude you could not keep in check. Little bit of humility would not hurt you.

You should also substantiate your reasoning better. Where you get the idea about 6% rates are back soon? What is actually normal RE market nowadays? And where do you see all of this doom and gloom specifically pointing to this huge and imminent crash in RE, specifically in Eastern MA? Wouldn't you be impacted as well?

As a cosmopolitan person, you of all should, understand that RE in MA is not just regional, but more global at this point. It will take lot more to bring it to its knees than what you are assuming needs to happen before we are all "toast". No one is forcing you to post on MA board, or like US much. Hopefully you can soon move out, and be happier somewhere else.

.

Don't shoot me Clint. I have the right to stand on the sidewalk...

[jfitt]

We left MA and retired to the Southwest---drier climate than FL and folks are more active!

Originally Posted by 495neighbor

You can't be older than 25. Most people between the ages of 51 and 69 are not ready for the nursing home and most are not interested in the Florida lifestyle.

[ladyalicemore]

I live in FL and would like to come back to New England and esp. Mass, but I hope a real estate collapse is not the cause.

My only hope given my resources (trading in a small FL house) is to score a good job in academics based on my last book. I wouldn't be able to move as a retired person. Still waiting for a glowing revew. "Good" and "meh" so far--and that won't do it. Sigh. Gosh, how I miss Mass.

[johngolf]

I have a task to do for this discussion. My wife receives some sort of MA Retirees Newsletter. They list the deaths of those collecting. They also list where they were living at the time of their death. I am going to count how many were in MA and how many were outside MA. Real life figures.

I will get back with the numbers.