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Old 05-13-2023, 05:36 PM
 
3,627 posts, read 1,851,774 times
Reputation: 1512

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Quote:
Originally Posted by yesmaybe View Post
Not surprising since it has 24/7 security. Pretty much any complex that has that, the HOA is crazy.
Yes, I guess if they have to pay a security guard salary ($50-60K/year?) it could add quite a bit to each unit's monthly fee.
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Old 05-13-2023, 05:54 PM
 
1,541 posts, read 1,127,226 times
Reputation: 740
Quote:
Originally Posted by matrix5k View Post
I know someone who bought one of the Natick Mall condos when they were first built. People made fun of him and said things like "who would want to pay so much to live near the mall?" but he loved the idea of being able to walk to the newly built Collection part. I see one unit for sale now for 889k.

https://www.zillow.com/homedetails/1...ource=txtshare
Is he still there?

Renting in that building looks much more reasonable than buying right now.

https://www.coldwellbankerhomes.com/.../pid_52900937/
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Old 05-13-2023, 06:14 PM
 
Location: Needham, MA
8,545 posts, read 14,033,805 times
Reputation: 7944
Quote:
Originally Posted by yesmaybe View Post
That's a lot of money for Natick.
Not anymore it's not. Prices have gone up a lot in Natick just like everywhere else. I actually really like this neighborhood.

Quote:
Originally Posted by matrix5k View Post
I know someone who bought one of the Natick Mall condos when they were first built. People made fun of him and said things like "who would want to pay so much to live near the mall?" but he loved the idea of being able to walk to the newly built Collection part. I see one unit for sale now for 889k.

https://www.zillow.com/homedetails/1...ource=txtshare
I feel bad for your friend. The people who were saying "who wants to pay that much to live in the Mall?" were not in the minority. I believe the original developer of the building went bankrupt because they couldn't sell enough units.

Because sales in the building were SO stagnant for SO long, they took a bunch of the units and auctioned them off. It was a smart plan because they got a bunch of units sold and they were able to identify the price the market was willing to bear without monkeying around with a bunch of price reductions. After the auction, the developer reset the pricing on the "for sale" listings based on what the auction units sold for. It was such a HUGE price drop that the original buyers of the units that had already been sold got together and sued the developer. It was a meritless lawsuit but they still tried.

I don't remember what the original prices were for units but my sense is even after one of the biggest run ups in RE values in the history of the country those folks haven't made a ton of equity.

Quote:
Originally Posted by newenglandgal123 View Post
Holy moly, $1403/month HOA fee. That could cover the monthly payment for two vehicles.
Yeah. They have a good amount of staff in the building and a lot of amenities that need to be maintained. They have a really nice function space, I believe a gym, and a rooftop park with a putting green.
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Old 05-13-2023, 06:27 PM
 
2,353 posts, read 1,783,142 times
Reputation: 700
Quote:
Originally Posted by MikePRU View Post
I feel bad for your friend. The people who were saying "who wants to pay that much to live in the Mall?" were not in the minority. I believe the original developer of the building went bankrupt because they couldn't sell enough units.
I looked it up and it looks like the unit sold in 2011 (so 3 years later) for 447k. If I have the unit right. Probably would have been like 700k if it had sold in the beginning. I remember reading an article about it and they were like "Why wouldn't you just buy in Back Bay instead?"
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Old 05-13-2023, 06:47 PM
 
2,710 posts, read 1,736,446 times
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Quote:
Originally Posted by simplexsimon View Post
Is he still there?

Renting in that building looks much more reasonable than buying right now.

https://www.coldwellbankerhomes.com/.../pid_52900937/
Not sure. This was more of an acquaintance back in the day.
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Old 05-14-2023, 08:09 AM
 
Location: Needham, MA
8,545 posts, read 14,033,805 times
Reputation: 7944
Quote:
Originally Posted by yesmaybe View Post
I looked it up and it looks like the unit sold in 2011 (so 3 years later) for 447k. If I have the unit right. Probably would have been like 700k if it had sold in the beginning. I remember reading an article about it and they were like "Why wouldn't you just buy in Back Bay instead?"
You have a friend who lives in the building as well? I can't remember the original pricing when the building first started offering units but I think it was around 700 or 800 on average and after the auction the prices dropped into the 4's or something like that. It was a pretty significant drop in prices and those that had already bought were NOT happy about it. However, it wasn't the developer's fault. The market had slowed quite a bit due to the Great Recession and at the time no one was interested in paying that much to live in a condo attached to the mall. They're more popular now as prices in the area have risen so much and I've seen more baby boomers looking for downsizing options in the area and there just aren't that many.
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Old 05-14-2023, 09:59 AM
 
2,353 posts, read 1,783,142 times
Reputation: 700
Quote:
Originally Posted by MikePRU View Post
You have a friend who lives in the building as well?
No. It was from reading a news article related to the building, and then just looking at the public records.
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Old 05-14-2023, 12:38 PM
 
88 posts, read 52,665 times
Reputation: 88
I know it's not one size fits all,,, however, I'm curious how much people are paying for utilities/month in Boston Proper?
I was talking with a friend, who currently lives in WI,,, and he was complaining about his utility bill,,, they are paying approximately $1k per month for 3bd/2ba/2000sqft.
Based on his calc,,, $6k goes to Tax, $3k for insurance,,, a total of approximately $21k annually goes to his home.
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Old 05-15-2023, 06:03 AM
 
1,541 posts, read 1,127,226 times
Reputation: 740
Quote:
Originally Posted by Moh1988 View Post
I know it's not one size fits all,,, however, I'm curious how much people are paying for utilities/month in Boston Proper?
I was talking with a friend, who currently lives in WI,,, and he was complaining about his utility bill,,, they are paying approximately $1k per month for 3bd/2ba/2000sqft.
Based on his calc,,, $6k goes to Tax, $3k for insurance,,, a total of approximately $21k annually goes to his home.
See this recent thread: https://www.city-data.com/forum/massa...-electric.html
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Old 05-15-2023, 08:17 AM
 
Location: Camberville
15,866 posts, read 21,449,188 times
Reputation: 28211
Quote:
Originally Posted by Moh1988 View Post
I know it's not one size fits all,,, however, I'm curious how much people are paying for utilities/month in Boston Proper?
I was talking with a friend, who currently lives in WI,,, and he was complaining about his utility bill,,, they are paying approximately $1k per month for 3bd/2ba/2000sqft.
Based on his calc,,, $6k goes to Tax, $3k for insurance,,, a total of approximately $21k annually goes to his home.
I currently live in a 1 bedroom apartment with heat/hot water included, older wall unit A/Cs, and shared laundry. There are only two windows in the whole apartment so I'm pretty much constantly running the fans in the A/C units to keep air flow going. I pay $100/mo at the lowest and was at around $250/month last summer.

I suspect the older appliances and A/C units contribute most of that, and will be interested to see if it goes lower when I move next month somewhere with a minisplit A/C and with a new window A/C to supplement in the bedroom. I'll also have gas for the first time, and I really don't know what to expect from that.

Meanwhile, my parents in Georgia have a 4000 sq foot house and keep the A/C at about 70 all summer. They pay less than I do!
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