Question on selling property in Massachusetts

[massnative71]

Originally Posted by Shrewsburried

I have some friends who were in a similar situation with their condo. They’re also good friends with the neighboring units so they strongly preferred the buyer be a professional primary resident and not an investor/landlord. Perhaps an RE could comment, but I don’t think this uncommon regarding condo units.

In their market, finding that buyer didn’t require a financial compromise.

Yeah I just don't see where this would be a major financial compromise, on any significant level. Like I said, I would be going through a realtor anyway.

[Shrewsburried]

Originally Posted by porterhouse

This definitely isn't how HNW people think (or got there in the first place).

I generally agree, but this isn’t absolute. Particularly when the seller may have not directly earned said wealth. There are plenty of HNW people who do not outlive their wealth and their spouse or family may or may not share the same values.

There is also a small minority of HNW people who, despite having placed themself in a strong financial decision, do not need or want to squeeze every dollar of value out of a property if they have other motivations (e.g., strong sentimental value, not wanting land subdivided as it might disrupt a valued neighbor or wildlife).

Not everyone is a hyper rational actor.

[GeoffD]

Originally Posted by Shrewsburried

I generally agree, but this isn’t absolute. Particularly when the seller may have not directly earned said wealth. There are plenty of HNW people who do not outlive their wealth and their spouse or family may or may not share the same values.

There is also a small minority of HNW people who, despite having placed themself in a strong financial decision, do not need or want to squeeze every dollar of value out of a property if they have other motivations (e.g., strong sentimental value, not wanting land subdivided as it might disrupt a valued neighbor or wildlife).

Not everyone is a hyper rational actor.

There's this myth of "people have money". The depression wiped out most family money and very little wealth was created during WW II. The vast majority of affluent people in the Boston MSA are first generation wealth post WW II and their children.


That's different from not wanting to see the family farm you grew up on subdivided. In my town, something like 10 square miles is now locked up in land trusts and conservation easements. Much of it is wet and would have required some serious connections to slide it past the conservation commission and planning board as a subdivision. With the internet, there's enough scrutiny that this doesn't happen very often now beyond the occasional sketchy lot that looks OK during a drought in August.

[Shrewsburried]

Originally Posted by GeoffD

There's this myth of "people have money". The depression wiped out most family money and very little wealth was created during WW II. The vast majority of affluent people in the Boston MSA are first generation wealth post WW II and their children.


That's different from not wanting to see the family farm you grew up on subdivided. In my town, something like 10 square miles is now locked up in land trusts and conservation easements. Much of it is wet and would have required some serious connections to slide it past the conservation commission and planning board as a subdivision. With the internet, there's enough scrutiny that this doesn't happen very often now beyond the occasional sketchy lot that looks OK during a drought in August.

I'm not entirely gleaning you point here.

In central MA much of the generational wealth is locked in land/RE ownership, and not some Norton Abrasives trust. I'm not convinced this inherited and illiquid wealth makes anyone more or less likely to pursue the maximum value. That's largely dependent on the financial needs and interests of those inheriting the wealth, as well as their primary and secondary motivations.

For example, if I were to suddenly (and tragically) inherit my parents assets I would be heavily demotivated to subdivide my own lot as I value having that land undeveloped. Assuming (and hoping) that doesn't happen, I will likely and reluctantly pursue subdividing as I do wish to fund my son's education and a passive retirement home. I fully recognize that whether I choose to or not, someone in some future state likely will. Further, I recognize that trying to maintain the 'now' is absolutely futile in the context of a few billion years, but no amount of sobering existentialism allows me to fully shed my love for my swath of woods.

If humans were pure rational actors, economics would be a more reliable (social) science.