2023 Real Estate Observations (Natick: long term, grass, mileage)

[newenglandgal123]

Originally Posted by MikePRU

. . . . and look!!! The Zestimate is $1,450,800. It's SO accurate. Amazing!!!! How do they do it?!?!?



Honestly in this current age of teardowns, I'm not so sure that old adage is completely reliable anymore. In today's world, there's just SO much redevelopment happening. Back when that advice was first coined, the world was still being built out. Today, I think you have to look at the aspects of the neighborhood and the rest of the homes in the neighborhood and decide "what is the likelihood that this neighborhood will continue to be redeveloped?" As a first mover in a redeveloping neighborhood, you get a discount on the price and as the neighborhood continues to redevelop your house will be worth more and more. It's not dissimilar to trying to figure out "what the next neighborhood in Boston to gentrify?" If you had bought a Brownstone in the 80's in the South End they were going for around $300K for the whole thing back then. Today that same Brownstone if renovated would be worth probably between $4M and $7M.

How many people need or even want a 5500 sq foot house planted in a neighborhood of small capes and ranches? How many of the lots in that neighborhood realistically support a house that size? I guess what you're saying is no one wants small houses and that all neighborhoods with small houses are eventually going to be re developed into Mcmansion neighborhoods?

[msRB311]

Originally Posted by newenglandgal123

How many people need or even want a 5500 sq foot house planted in a neighborhood of small capes and ranches? How many of the lots in that neighborhood realistically support a house that size? I guess what you're saying is no one wants small houses and that all neighborhoods with small houses are eventually going to be re developed into Mcmansion neighborhoods?

apparently people dont care. as long as the mcmansion is in a town they like they dont seem to care about the surrounding homes.

[newenglandgal123]

Originally Posted by msRB311

apparently people dont care. as long as the mcmansion is in a town they like they dont seem to care about the surrounding homes.

I'd care if I was a neighbor. I wouldn't want to be living in the cape or ranch nextdoor to that behemoth that is now blocking all the sun light from streaming in my windows.

[msRB311]

Originally Posted by newenglandgal123

I'd care if I was a neighbor. I wouldn't want to be living in the cape or ranch nextdoor to that behemoth that is now blocking all the sun light from streaming in my windows.

Same. In my neighborhood 3 farmhouse mcmansions have gone up over the past two years. Two of the homes really changed the view from my backyard. My DH tries to say they increased our value but I dont care about that. I liked the woods as we all know.

[newenglandgal123]

Originally Posted by msRB311

Same. In my neighborhood 3 farmhouse mcmansions have gone up over the past two years. Two of the homes really changed the view from my backyard. My DH tries to say they increased our value but I don't care about that. I liked the woods as we all know.

I'm all for renovating existing homes. However, I'm not a big fan of tear downs and new builds that are out of place or don't really jive with an existing neighborhood. Even worse in my opinion is if they take away lots of green space/wooded buffer from an existing neighborhood to throw up some new homes. Pretty soon we're all gonna be living in houses that look directly into our neighbors windows seeing as they're throwing them up anywhere and everywhere.

[BostonMike7]

Originally Posted by newenglandgal123

How many people need or even want a 5500 sq foot house planted in a neighborhood of small capes and ranches? How many of the lots in that neighborhood realistically support a house that size? I guess what you're saying is no one wants small houses and that all neighborhoods with small houses are eventually going to be re developed into Mcmansion neighborhoods?

They sell like hot cakes in my neck of the woods. There are three plots where homes have been recently razed which will likely give way to a 7-figure behemoth of a 4000+ sf house in the next few months. 2-3 we’re done late last year.

I agree that it doesn’t quite fit in a neighborhood of 2000-2500 sf ranches and splits, but it seems this is what tends to be built. When i moved in 8 years ago there were none? But now there are more than a handful and more tear-downs coming it seems.

[msRB311]

We get it that they are selling...but the question is why? It's likely because inventory is low and people need to live somewhere. Maybe they would have lived in an old home that wasn't renovated had it been available.

Green space is gonna be the next hot thing...trust me. There's just not much of it so people are going to want to pay more for it.

[newenglandgal123]

Originally Posted by BostonMike7

They sell like hot cakes in my neck of the woods. There are three plots where homes have been recently razed which will likely give way to a 7-figure behemoth of a 4000+ sf house in the next few months. 2-3 we’re done late last year.

I agree that it doesn’t quite fit in a neighborhood of 2000-2500 sf ranches and splits, but it seems this is what tends to be built. When i moved in 8 years ago there were none? But now there are more than a handful and more tear-downs coming it seems.

So how are you going to feel living in the only split left in your neighborhood? Are you going to cave and sell out to the developer so he can raze your home too?

[matrix5k]

Originally Posted by msRB311

We get it that they are selling...but the question is why? It's likely because inventory is low and people need to live somewhere. Maybe they would have lived in an old home that wasn't renovated had it been available.

Green space is gonna be the next hot thing...trust me. There's just not much of it so people are going to want to pay more for it.

They are selling because people want them. Not everyone has your same tastes.

I can't stand the Tesla model Y but it is the best selling SUV now. Whoops, I forgot we're not allowed to talk about cars here.

[simplexsimon]

Originally Posted by newenglandgal123

So how are you going to feel living in the only split left in your neighborhood? Are you going to cave and sell out to the developer so he can raze your home too?

If it makes sense to, why not?