Wow, $206K over list! (Boston, Quincy: house, schools, FSBO) - Massachusetts (MA) - Page 4 - City-Data Forum

MtPleasantDream · 04-14-2022, 09:51 AM

Quote:

Originally Posted by msRB311

Are you serious? So you’re ok with million dollar capes in Dedham? I know you’re a real estate agent so perhaps you do love this. I don’t think I even see million dollar capes in Milton and that’s a better town than Dedham. Also Dedham isn’t terrible but it is not desirable to most. The section of Dedham that is right next to Hyde park is pretty meh as well.

A place not being a bad place should not equal ok bring on a million dollar cape.

I think Dedham was ‘affordable’ not too long ago. I guess that ship is sailing away now.

I hope he is not the agent who pushed the buyer to make the deal.

My realtor also encouraged me to make high offers all the time. I can understand that, but there is also a conflict of interest sometimes.

bostongymjunkie · 04-14-2022, 10:49 AM

Quote:

Originally Posted by porterhouse

Dedham has and a direct rail link to Boston in under 30 minutes. That alone makes it quite desirable.

What the F evah.

It's a modest Cape and a million bucks. Have at it.

MikePRU · 04-14-2022, 11:04 AM

Quote:

Originally Posted by MtPleasantDream

It's totally nonsense to say "Zillow's Zestimate and Redfin's estimated value are completely worthless".
Buyers do check Redfin and Zillow to get an estimate, and in reality Zillow and Redfin estimations have a huge impact on the actual prices, in most cases. I know it because I purchased my home in Massachusetts last year.

I see you just enjoy arguing against others though.

What i'm saying is that these estimates are highly inaccurate. If you made any kind of a buying decision based on bad data then you might want to reconsider how you do things next time. Search this site or even the internet in general and you'll find what I'm saying is true.

Just because i'm saying something you don't like or don't agree with doesn't mean I'm being argumentative. So, I reiterate AVMs like Zillow's Zestimate and Redfin's market value estimation are useless and highly inaccurate and are even more so in areas like the Boston area where housing and home lots are so varied and different.

Also, I'm sure if you give it a week those AVMs will spot this sale and the values will jump up to reflect it. So again . . . they seem pretty useless.

Quote:

Originally Posted by MtPleasantDream

Obviously we are talking about this specific house, not the market in general.
Why did the buyer(s) bid so high on this particular property, compared to other similar houses in Boston area at this time.

What you said is true but everyone knows it, so useless.

Wait a second . . . I'm the one who's being argumentative?

Anyway, they offered that much because the house was worth that much to them. Obviously, it's unlikely that anyone here has any real insight into this transaction and can tell you why this buyer paid what they did.

Sometimes, a house has particular value to one individual and less to others. Maybe they had a lot of friends that live in this neighborhood and they've been waiting two years for a suitable house to become available in this neighborhood. Maybe this is the house they grew up in and they absolutely had to have it. Maybe their work is just down the street. Clearly, this sale represents a jump in values of sub 2,000 sq ft homes in Dedham but it may not be the only sale at this price once the dust is settled. Other houses in town roughly this size have sold for $850k-$875K which is not a massive leap from the price of this house.

Quote:

Originally Posted by msRB311

Are you serious? So you’re ok with million dollar capes in Dedham? I know you’re a real estate agent so perhaps you do love this. I don’t think I even see million dollar capes in Milton and that’s a better town than Dedham. Also Dedham isn’t terrible but it is not desirable to most. The section of Dedham that is right next to Hyde park is pretty meh as well.

A place not being a bad place should not equal ok bring on a million dollar cape.

I think Dedham was ‘affordable’ not too long ago. I guess that ship is sailing away now.

Officially and for the record . . . i absolutely HATE current market conditions. It's no fun for me when I get 11 offers and have to tell 10 really lovely families "sorry you're going to have to keep looking." I also work with buyers that I have to constantly console because their offers were not accepted or I have to chat with them about adjusting their expectations or refocusing their search to a less expensive area. These are all seriously unpleasant and difficult conversations to have with people. I do what I do because I like to help people and I like to see the smile on someone's face when they move into their new home. There's a lot fewer smiles in the current housing market.

This being said, market conditions are . . . market conditions. Lamenting about how much lower prices were once upon a time is not really a productive conversation or complaining about how a once more affordable area is now much less so is just a conversation I've seen way too many times at this point. Just because something isn't "worth it" to you doesn't mean the value proposition isn't massively different for someone else.

Generally, I've come to adopt an attitude of "values are what values are" and I'm not going to complain about where they're going or lament where they've been. At some point, this rate of appreciation is going to stop and with the Fed committing to raise rates significantly this year I'm sure the craziness will come to an end soon and I'm greatly looking forward to it.

The lack of affordability in the Boston area is obviously a serious problem, but it's going to take some serious change to make a dent in that.

msRB311 · 04-14-2022, 11:12 AM

At the end of the day people will pay for something if it's worth it to them....but for many others it's hard to understand why. Why would a modest style cape home in Dedham be worth a million dollars to anyone? Hell maybe the people I know in NC who have a mansion pending at 950k are buying this house in Dedham. There are suckers born every minute.

gf2020 · 04-14-2022, 11:15 AM

newenglandgal123 · 04-14-2022, 11:16 AM

"Anyway, they offered that much because the house was worth that much to them. Obviously, it's unlikely that anyone here has any real insight into this transaction and can tell you why this buyer paid what they did."

While this may be true, why is it necessary to go $206K over list? It just seems very excessive as if to say I have plenty of money to flex. I'm going to make it be known that this is now my house and I am outbidding you all to win this. How many of these over bidders have buyers' remorse? Even if financially they can truly afford it without being strapped and house poor, do they ever regret it for one reason or another after the "I just won this bidding war" gratification subsides?

bostongymjunkie · 04-14-2022, 11:16 AM

Quote:

Originally Posted by msRB311

At the end of the day people will pay for something if it's worth it to them....but for many others it's hard to understand why. Why would a modest style cape home in Dedham be worth a million dollars to anyone? Hell maybe the people I know in NC who have a mansion pending at 950k are buying this house in Dedham. There are suckers born every minute.

At least they will be close to an unreliable public commuter rail that will rapidly take them to an overpriced city that becomes less and less attractive by the day.

msRB311 · 04-14-2022, 11:24 AM

Quote:

Originally Posted by bostongymjunkie

At least they will be close to an unreliable public commuter rail that will rapidly take them to an overpriced city that becomes less and less attractive by the day.

and pretty average schools.

There is a nice st in dedham that has historical old homes, I forget the name of it but someone i knew did live in that area and sent her kids to Nobles. She moved once the kid was done with high school. She's a busy exec, recently divorced with a high powered career and i am guessing she wanted a place that was easy to get to her job and get to Nobles. Maybe more people are going to be doing things like that? Welcome to MA. Dedham...the next Hingham.

msRB311 · 04-14-2022, 11:43 AM

Dedham is bordered by Needman, Dover and Westwood, not far from milton so it was only a matter of time I guess until this was a place people really started to see some value in. The schools are not good though, I dont know why, but I'm guessing this is a reason that has held it back. It's not the easiest place to get to boston from either if that is the main reason people are moving there. It's not close to the highway.

Does the above mentioned mean I can see why a cape would be worth a million bucks? not in the least.

I am still baffled by this to be honest. There are better towns with better priced real estate.

newenglandgal123 · 04-14-2022, 11:50 AM

Quote:

Originally Posted by gf2020

I picked a couple of these at random to further research and both that I picked it appears the buyers took out jumbo mortgages. Who really wants a $1mil plus mortgage hanging over their head? Maybe a doctor or CEO doesn't care but even then, really?