What Are the Cheapest and Most Expensive Single Family Home For Sale In Your Town? (Lynn: for rent, condo)

[johngolf]

Originally Posted by Japanfan1986

A new cheapest champion in Waltham: https://www.realtor.com/realestatean...1_M43059-68422

Last purchase for $375K in May 2017. Now selling for $619K.

The unfortunate thing is, I could totally see someone buying it quickly.

As a former Walthamite, I am shocked at the price. They did a nice job inside the home but it is not a good looking house in a not desirable neighborhood.

[BostonMike7]

Originally Posted by GeoffD

Having done one of those on a smaller scale, I still don’t understand the math. You’re describing $400k+ worth of remodeling paying inside-495 labor rates. So they have well north of $1 million into the house. How does that compare to similar houses in the neighborhood? I’m assuming that it also needed windows & doors plus the usual remediation of problems that pop up every time you open up a wall.

You got me. I didn't see the financials, i only know what the closing price was before the dumpsters showed up. Yup, new external doors and windows and new exterior siding as well. Two new garage doors, a few trees taken down, etc etc.

Typical home in the neighborhood is in the $700-800K house with a few $1mil new builds up the road.

[Japanfan1986]

Originally Posted by johngolf

As a former Walthamite, I am shocked at the price. They did a nice job inside the home but it is not a good looking house in a not desirable neighborhood.

Yeah housing prices have gotten insane in Waltham the last couple of years. At various points even Newton has had more affordable SFHs than Waltham. Those SFHs have plenty of issues, but still…

I always got the impression that Newton was for rich people (or at least upper middle class). Waltham was the working class neighbor. Now owning property in either (or at least property worth owning) looks just about as unattainable.

On the other hand one thing I read elsewhere I found comforting is the only prices that matter for an individual in real estate is when you buy and when you sell. Plenty of people bought in 2008 right before the bubble burst. Their property value took a quick nosedive. Yet, they weathered the storm and some who finally sold after things had stabilized and improved still turned a profit.

[yesmaybe]

Originally Posted by johngolf

As a former Walthamite, I am shocked at the price. They did a nice job inside the home but it is not a good looking house in a not desirable neighborhood.

You could certainly do worse location wise in Waltham.

[bostongymjunkie]

They threw a lot of lipstick on that pig.

[id77]

Originally Posted by Japanfan1986

Yeah housing prices have gotten insane in Waltham the last couple of years. At various points even Newton has had more affordable SFHs than Waltham. Those SFHs have plenty of issues, but still…

I always got the impression that Newton was for rich people (or at least upper middle class). Waltham was the working class neighbor. Now owning property in either (or at least property worth owning) looks just about as unattainable.

On the other hand one thing I read elsewhere I found comforting is the only prices that matter for an individual in real estate is when you buy and when you sell. Plenty of people bought in 2008 right before the bubble burst. Their property value took a quick nosedive. Yet, they weathered the storm and some who finally sold after things had stabilized and improved still turned a profit.

It's still the cheaper alternative to Newton you always thought it was. It's just the scale has slid up across the board.

At a particular price point, you will get a smaller/less-updated/needs-more-work home in Newton than you will for the same price in Waltham, even if that price is something like $1 million. The median sale price in Newton is $971k versus $735k in Waltham.

The town I see that closed its gap with the upper class towns in the last decade is Arlington, with a $1 million median sale price. Lexington is pulling away from both with a median of $1.8 million.

[charolastra00]

When I graduated from college, I lived in a 3 bedroom/1.5 bath duplex in Waltham where the total rent was $1800. We had a driveway, a huge living room and even bigger dining room (that could have a door added back to be a 4th bedroom), giant bedrooms, windows that overlooked trees - it was outdated, but it was definitely the biggest place I've ever lived.

That was a decade ago. I've seen one half of the duplex come on the market a few times in the past 10 years. Pre-pandemic, it was up to $3200 a month. The other half of the duplex went on the market last fall and it was up to $3800 a month. That side was a little more updated than what I remember mine being, but that's still wild!



I definitely regret not being able to buy in Waltham in 2010-2015. Prices really shot up after that point.

[Jimbo21]

Originally Posted by G-fused

Remember when being a millionaire was the almost impossible dream? Man, that evaporated fast!

When someone has to qualify for a $1 million mortgage to get a middle class home in decent shape that is somewhat near the city - man, that is just insane.

a million bucks ain't what it used to be. upper-middle class is the new middle class, middle class is the new poor.

[Jimbo21]

Originally Posted by id77

The town I see that closed its gap with the upper class towns in the last decade is Arlington, with a $1 million median sale price. Lexington is pulling away from both with a median of $1.8 million.

arlington, where i live, is absolutely ridiculous. bought my house at 800k a few years back, it'd sell for 1.1 or maybe even 1.2M at this point. in fact, i'm looking to upgrade, with a budget of maybe 1.6M. there's nothing in arlington that i'd consider a good enough upgrade at that price point. call me crazy, but 1.6M is a lot of money, and i want a house with a garage, decent location, big enough kitchen, some character, etc. i'm looking in lexington. bizarre to spell it out like this, but lexington is the better value. to me, at least.

[johngolf]

Originally Posted by yesmaybe

You could certainly do worse location wise in Waltham.

True but Lakeview always reminded me of side by side chicken coops.