2021 Real Estate Observations (Boston, Cambridge, Somerville: residential, business, build)

[GeoffD]

Originally Posted by yesmaybe

Um.. you're not obligated to live in a place for 30 years when you buy a mortgage in general.

The average is ~ 10.5 years. Boston is 9.7 years. From 2000-2009, it was less than half that. More people are staying put.



I've never seen that data broken out for condos. I would think people own condos for a shorter time.


I'm almost to 12 years owning my house.

[BosYuppie]

Watertown is a B+ or A- tier town now. Schools fine, no real crime, good food/bars, the Arsenal is quickly turning into a mini-assembly, good commutes to boston, cambridge, waltham..

[WestieWhitie]

Those HOA fees typically include a lot so it's not like you're just throwing that money away - insurance, heat, hot water, maintenance and repairs, etc do add up.

Originally Posted by mdovell

It can sell but not at that price I agree. And then you got the 400sel month HOA fee which is going to turn into six figures when you found it over the cost of a 30-year mortgage.

Anybody that's in real estate should have some form of an idea of who they are trying to Target. I don't see what they're targeting with this. I can see that much of a larger family because there simply isn't enough space. I can't see some type of young professional because there's no way they're going to live in that thing for 30 years. If it's somebody lets elderly maybe in this is a slim maybe that kid can help somebody out and maybe they could buy for them and then they pay the 400 or so a month for the HOA fee. But this price is going to have to come down significantly before that ever happens.

[johngolf]

The catch to HOA's dues is what are you getting for it. Some might sound high but add what you get and it could end up being reasonable.

[robr2]

Originally Posted by BosYuppie

Watertown is a B+ or A- tier town now. Schools fine, no real crime, good food/bars, the Arsenal is quickly turning into a mini-assembly, good commutes to boston, cambridge, waltham..

I wouldn't be surprised to see the Watertown Mall undergo some sort of upgrade ala Arsenal Yards. With all the development in that area, it's bound to happen.

Also, the west side on Pleasant St. has seen major additions in terms of office, lab, and residential. It will be interesting to see what replaces Russo's.

[msRB311]

Came across this one in Peabody sq near Ashmont:

https://www.redfin.com/MA/Boston/59-...9uX251bWJlcj0w

It looks cute decent yard but they are not showing pictures of the inside! Nothing. That is never a good sign yet it's still $800k. Even if it were nice on the inside which it most likely isn't Since they're not showing it...who in their right mind would want to pay 800k to live in Dorchester in that? Less than 1500 sq ft. Is being near the mbta worth 800k? It shouldn't be. For 800k you can easily live in Milton and get a much better neighborhood and schools. Even childless people should want better. Wow. Just wow. And I repeat: no pics of the inside folks.

[WestieWhitie]

That price is a bit on the optimistic side to say the least. Would have been a good deal for the square footage in a mostly yuppified section of Dot closer to downtown like Savin Hill, Jones Hill or Polish Triangle but we’re talking last stop on the red line, one street over from rather shooty and stabby Burt and Bailey streets. If one is deadset on that particular area same price gets you more square footage on safer side of Dot Ave - https://www.redfin.com/MA/Boston/58-...gn=share_sheet

Originally Posted by msRB311

Came across this one in Peabody sq near Ashmont:

https://www.redfin.com/MA/Boston/59-...9uX251bWJlcj0w

It looks cute decent yard but they are not showing pictures of the inside! Nothing. That is never a good sign yet it's still $800k. Even if it were nice on the inside which it most likely isn't Since they're not showing it...who in their right mind would want to pay 800k to live in Dorchester in that? Less than 1500 sq ft. Is being near the mbta worth 800k? It shouldn't be. For 800k you can easily live in Milton and get a much better neighborhood and schools. Even childless people should want better. Wow. Just wow. And I repeat: no pics of the inside folks.

[BostonMike7]

Originally Posted by msRB311

It looks cute decent yard but they are not showing pictures of the inside!

While usually a red flag, the listing does say the interior was freshly painted. Given the listing is 11 hours old, i would bet $1 that the interior was not photo ready and they wanted to just get the listing up before the weekend. If you check perhaps tomorrow, i bet there will be pics. I've seen this before

[GeePee]

Look what $1.2 Mil will get you in Roslindale these days.
https://www.zillow.com/homes/for_sal...2%7D&3col=true

[elnrgby]

Originally Posted by GeoffD

The average is ~ 10.5 years. Boston is 9.7 years. From 2000-2009, it was less than half that. More people are staying put.



I've never seen that data broken out for condos. I would think people own condos for a shorter time.


I'm almost to 12 years owning my house.

For my condo in Back Bay, owning it 21 years so far. I think I'll probably end up owning it for 29 years total, at least. Some people down the street from me have owned their place for 150 years, which is what drives the prices in this part of the city (ie, low inventory at all times).