2021 Real Estate Observations (Duxbury, Harwich, Chatham: cabinet, exemptions, payment)

[yesmaybe]

Originally Posted by newenglandgal123

In browsing recently solds, this one caught my eye in Duxbury. Sold in 2018 for $550K and it just sold yesterday for $1,010,000. It doesn't look like any major remodeling or upgrades were done except some modifications to the front porch area which enhance the curb appeal. If you compare the listing photos from 2018 to now, it looks like nothing more than paint and decent decorating was done inside. Not too shabby to get ~2X what you paid in a matter of ~4 years! https://www.redfin.com/MA/Duxbury/21.../home/16341935

Def feels like FOMO by the buyer. They put 25% down too, wonder if they were forced to in order to get the mortgage.

Figure their property taxes will spike once the assessment catches up... maybe 5 grand a month? That's a lot to ask.

[msRB311]

well there was a ranch in dedham that sold for a million about a month ago. Why wouldn't the same thing happen in Duxbury?

[yesmaybe]

Originally Posted by msRB311

well there was a ranch in dedham that sold for a million about a month ago. Why wouldn't the same thing happen in Duxbury?

Can you imagine driving downtown every day for work from Duxbury?

[newenglandgal123]

Originally Posted by robr2

Per the listing, there are 3 new bathrooms, and new kitchen, and refinished floors.

How does one see the photos from the previous listing?

If you scroll down on that Redfin link you will see the listing photos from October '17. If you look at the bathroom pics you still see the same vanity and flooring in the recent photos. It appears all they did was paint and maybe one of the bathrooms has a different vanity mirror. Kitchen cabinets and counters appear the same too, just different wall paint. They said 'recently renovated' in the listing so maybe they are referring to 2017 when the kitchen and baths were done?

[newenglandgal123]

Originally Posted by yesmaybe

Def feels like FOMO by the buyer. They put 25% down too, wonder if they were forced to in order to get the mortgage.

Figure their property taxes will spike once the assessment catches up... maybe 5 grand a month? That's a lot to ask.

Yes, and they offered $100K+ over the list price too! Makes you wonder how many were really trying to 'win' that house?!

[lrfox]

Originally Posted by msRB311

well there was a ranch in dedham that sold for a million about a month ago. Why wouldn't the same thing happen in Duxbury?

Well according to several current and former members, property values in Duxbury were going to plummet because of the high school athletics issues and because of *checks notes*...flood insurance. In a development that should be surprising to nobody, they were not correct in their predictions.

[msRB311]

Originally Posted by yesmaybe

Can you imagine driving downtown every day for work from Duxbury?

No, but some people do it and apparently survive. Many people don't have to because of remote/hybrid and had those schedules before covid.

When will people realize that not everyone has a 9-5 desk job in Boston particularly if they are higher up? A lot of people living in a place like Duxbury are in a place in their career where they simply can work where they want to. Not everyone even has a job based in Boston. Dang ya'll. Welcome to 2022.

On that note I'm not sure what your obsession is with working in an office in downtown boston

[msRB311]

Originally Posted by lrfox

Well according to several current and former members, property values in Duxbury were going to plummet because of the high school athletics issues and because of *checks notes*...flood insurance. In a development that should be surprising to nobody, they were not correct in their predictions.

lol, Plenty of neighborhoods in Duxbury aren't even close to the beach...this one is and it just sold for nearly 7 million:

https://www.zillow.com/homedetails/1...57174168_zpid/

I guess they aren't worried about floods or high school drama.

[id77]

Originally Posted by yesmaybe

Def feels like FOMO by the buyer. They put 25% down too, wonder if they were forced to in order to get the mortgage.

Figure their property taxes will spike once the assessment catches up... maybe 5 grand a month? That's a lot to ask.

It's also possible the 25% was to get the loan amount under the conforming limit for Plymouth county ($770k) to avoid the generally tighter requirements for a jumbo. Even then, 20+% is pretty typical for $1+ million buyers, so while it could have been to offset appraisal it doesn't feel above or beyond the norm.

The tax history is saying it's been in the $5-8k/year area, so even with a new assessment I can't see any scenario where it gets anywhere near $5k/month. That's the kind of tax commanded for $4+ million homes, not $1 million ones.

[yesmaybe]

Originally Posted by id77

The tax history is saying it's been in the $5-8k/year area, so even with a new assessment I can't see any scenario where it gets anywhere near $5k/month. That's the kind of tax commanded for $4+ million homes, not $1 million ones.

By 5 grand I meant the P&I&PT. PT probably jumps to the 10k/year range.