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Old 05-08-2019, 03:09 PM
 
622 posts, read 478,719 times
Reputation: 240

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Quote:
Originally Posted by New Englander View Post
This spot on. People who have purchased homes with inflated values in non-blue chip communities will see some double digit declines. It’s a sad reality to see many well-meaning people “priced out” of desirable communities buy one or two town over thinking that values will hold in a downturn. Sadly the declines are usually greater than anticipated.

Blue Chip communities include Beacon Hill – Boston, Back Bay – Boston, Cambridge, Belmont, Brookline, Lexington, Wellesley, Weston and numerous others*

*Just thinking of a few areas on top of my mind. No need to be offended if your blue-chip community is not on the list.
What makes you think you can predict the market?

Are you just butt hurt since you don't own a place and now you are priced out?
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Old 05-08-2019, 04:17 PM
 
Location: Boston, MA
1,376 posts, read 1,529,944 times
Reputation: 1193
Quote:
Originally Posted by panchilly View Post
What makes you think you can predict the market?

Are you just butt hurt since you don't own a place and now you are priced out?
What an idiotic response. You need to look at the data that is published by the Warren Group and Corelogic. Don't expect me to waste time to spoon feed you the information.

Up until this point, I was actually sympathetic as other posters were heaping abuse towards you - clearly you deserve all of it and more.

You don't anything about me, my real estate holdings yet you have no issue making personal attacks. I brought my Harvard Square condo for $170k in middle of the '08 recession. If you know anything about equity accumulation then you know where I stand. And that's just ONE of my real estate holdings.

Go back to the data and you'll see what is going on with non blue chip communities across the last 3-4 downturns and you'll see a consistent pattern.
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Old 05-08-2019, 06:49 PM
 
622 posts, read 478,719 times
Reputation: 240
Quote:
Originally Posted by New Englander View Post
What an idiotic response. You need to look at the data that is published by the Warren Group and Corelogic. Don't expect me to waste time to spoon feed you the information.

Up until this point, I was actually sympathetic as other posters were heaping abuse towards you - clearly you deserve all of it and more.

You don't anything about me, my real estate holdings yet you have no issue making personal attacks. I brought my Harvard Square condo for $170k in middle of the '08 recession. If you know anything about equity accumulation then you know where I stand. And that's just ONE of my real estate holdings.

Go back to the data and you'll see what is going on with non blue chip communities across the last 3-4 downturns and you'll see a consistent pattern.
If your crystal ball works so well why aren't you a billionaire?
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Old 05-08-2019, 06:51 PM
 
Location: Cleveland, OH
10,494 posts, read 10,693,904 times
Reputation: 9842
Love the personal wealth pissing contests on this board!

I agree with panchilly in general though. I don't see how more and more offices in the city or downtown can be feasible for much longer. It's getting to diminishing returns area, plus an absolute slog for employees.
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Old 05-08-2019, 06:58 PM
 
18,864 posts, read 14,003,451 times
Reputation: 9115
Quote:
Originally Posted by bjimmy24 View Post
Love the personal wealth pissing contests on this board!

I agree with panchilly in general though. I don't see how more and more offices in the city or downtown can be feasible for much longer. It's getting to diminishing returns area, plus an absolute slog for employees.
I agree.
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Old 05-09-2019, 06:40 AM
 
622 posts, read 478,719 times
Reputation: 240
New Englander,

That 170k condo in cambridge that you purchased. Is located in the projects? That seems awfully cheap even for 2008. There has to be something very sketchy about it.
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Old 05-09-2019, 06:55 AM
 
Location: Massachusetts & Hilton Head, SC
8,962 posts, read 13,958,540 times
Reputation: 7294
Quote:
Originally Posted by panchilly View Post
New Englander,

That 170k condo in cambridge that you purchased. Is located in the projects? That seems awfully cheap even for 2008. There has to be something very sketchy about it.
Why is that any of our business? The condo appreciated.
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Old 05-09-2019, 07:45 AM
 
Location: Boston, MA
1,376 posts, read 1,529,944 times
Reputation: 1193
If people don't want to accept that communities 1-2 towns over from the high in demand communities will suffer larger reductions in value compared to the blue chip communities, then by all means, feel free to disagree and keep doing your thing. Whenever the next downturn occurs, we can review the data at that time.

No agenda here, other than trying to temper expectations of people who have purchased home at certain price point. If you can, buy the worst house/condo in the best location possible. You can always spend money to renovate but you won't be able to change the location. When I started out, I scrimped and saved for 6 years to afford the first house, so I understand that it isn't easy, however the equity accumulation really set things up nicely for future deals.
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Old 05-09-2019, 07:56 AM
 
Location: Boston, MA
1,376 posts, read 1,529,944 times
Reputation: 1193
Quote:
Originally Posted by panchilly View Post
New Englander,

That 170k condo in cambridge that you purchased. Is located in the projects? That seems awfully cheap even for 2008. There has to be something very sketchy about it.
How is that any of your business? You're so worried about my "sketchiness" while you have failed to refute any of the arguments made about communities that are unevenly impacted during downturns.

I have investor colleagues who brought singles, multis in places like Chlesea, Revere, and Lynn in the 2008-2012 period for dirt cheap, rented them out during the down period, starting fixing and selling their holdings 2016 to now. They have been making killer returns selling to buyers who have been priced out of their target neighborhoods yet still looking to buy property. I have looked at the same Warren Group/Corelogic data that they have and it has been supported over the last 3 recessionary cycles. That's not my investing model but hey after reading some of the responses on this thread, I can't really knock them for giving what people want.
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Old 05-09-2019, 07:57 AM
 
Location: Boston, MA
1,376 posts, read 1,529,944 times
Reputation: 1193
Quote:
Originally Posted by panchilly View Post
If your crystal ball works so well why aren't you a billionaire?
Again why do I owe you an explanation? I am sharing a viewpoint, if you don't like it, move along..
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