2022 Real Estate Observations (ski resort, townhouse, purchases)

[msRB311]

Originally Posted by id77

I've attended family gatherings of ~20 people at homes less than 3,000 sqft, so unless one is hosting a convention there's no need for 4000+ sqft. Family gatherings are a reason people will pursue large homes, sure, but it's not a need. Nobody needs a 4000+ sqft home to hold down a job or avoid prison.

I respect the middle-class man who says he mortgaged himself up to his eyeballs because he wanted a big home to try to impress his friends, but not the middle-class man who says he mortgaged himself up to his eyeballs because he needed a larger home for family gatherings. The first man recognizes his excess and owned it; the second man is seeking validation that he made a good decision.

Oh i see it's ok for a filthy rich person to build a huge home to impress people but not anyone else. Got it.

[id77]

Originally Posted by msRB311

Oh i see it's ok for a filthy rich person to build a huge home to impress people but not anyone else. Got it.

Not sure how you arrived at that conclusion, especially given I point-blank said I respected the not-filthy-rich person for doing the exact same thing.

[matrix5k]

Originally Posted by Beachcomber4

Just reading data on 22-23 real estate predictions.

Thoughts?
https://www.noradarealestate.com/blo...ousing-market/

That's interesting, prices are projected to go up next year. All the news articles keep talking about a housing crash.

[MikePRU]

Originally Posted by matrix5k

That's interesting, prices are projected to go up next year. All the news articles keep talking about a housing crash.

The general media is all a bunch of chicken littles (the sky is falling!). The real estate media is all predicting increased prices next year just not 20% increases but more like normal increases 3-5% but a significant downturn in the number of transactions.

[matrix5k]

Originally Posted by MikePRU

The general media is all a bunch of chicken littles (the sky is falling!). The real estate media is all predicting increased prices next year just not 20% increases but more like normal increases 3-5% but a significant downturn in the number of transactions.

Sucks for buyers on the sidelines waiting for prices to fall.

[msRB311]

I don't think prices are going to fall significantly in the greater Boston area

[GeoffD]

Originally Posted by Beachcomber4

Family and family gatherings are vain reasons to buy a large home? We obviously have different ideas on vanity. That’s the best reason for a large home.

And excessive consumption. Oy. You sound like the people who are constantly berating the working man about consumption and conservation from their mansions, yachts and private jets?

I have several sets of retired friends with big houses at ski resorts and near the beach. The logic is that the grandchildren will want to visit. It’s a very effective strategy.

[Buitenzorg]

I have made a career of designing such houses, many for exactly the reason you are now discussing: bringing the family together. And the truth is, they are very rarely full. In fact, I always make a point of locating the primary bedroom and living quarters in such a way that the house can be used by a couple comfortably without feeling that they are constantly moving about through a large and empty house. These houses also tend to be sold when one of the couple passes or needs care. Children rarely take them on; they go to the real estate market.
The excess at the top of the wealth scale is astonishing and quite different from 30-40 years ago.

[BostonMike7]

Originally Posted by matrix5k

That's interesting, prices are projected to go up next year. All the news articles keep talking about a housing crash.

Zillow keeps sending me market projections on ZIP codes i am interesting in showing a 1-3% decline over the next year.



Yeah...I am aware it's zillow forecasting

[lrfox]

Originally Posted by GeoffD

I have several sets of retired friends with big houses at ski resorts and near the beach. The logic is that the grandchildren will want to visit. It’s a very effective strategy.

Yep! Our parents have adopted this approach. We visit my in-laws quite a bit as they're near skiing. My parents sold the ski house (my fiancee and I have property in the same town) but both are on the water in different areas so we go visit for boating/beaches. We love our families, but having things to do nearby is definitely added incentive to visit more frequently.