2023 Real Estate Observations (availability, machine, around)

[lrfox]

Originally Posted by msRB311

Wouldn't you think they would be cheaper in Maine given that they apparently have more lobsters than many other places?

We were at CBI so I'd expect things to cost more there...but can't quite wrap my head around why they'd cost so much in ME unless it was at some fancy resort. Not that the cape doesn't have lobster. Again a lot of it comes back to greed I say.

Lobster in Maine is basically a tourist attraction in and of itself. They can get away with charging whatever they want.

That said, lobster prices surged during the pandemic - I saw $16+ per pound for chicken lobsters back in 2021 and 2022 which is insane. It made sense that restaurants had to adjust accordingly. But I saw them for as low as $7.50/lb back in May. So there didn't seem to be a great reason for restaurants to still be charging $30-40 for a roll. Now retail prices (and I'm sure wholesale prices) look to have jumped again (though not quite $16). Between limited seasons (no lobstering in March/April/May), reduced catch, and all sorts of rising costs (fuel, distribution, preparation, etc.), I doubt we'll see prices drop for a while. I'm not convinced that all restaurants are raking it in on Lobster in spite of the inflated costs. CBI, maybe. But not the average seafood shack.

[msRB311]

I just did a search and it seems it isn't uncommon to find lobster rolls around $30 in ME. I really think it probably depends on the place. And it doesn't seem like just because a place is high end that it means they'll have a good lobster roll. The one my DH got had a lot of mayo on it and chives and green onion which he doesn't like. I mean if it were me I would ASK what else is on the dang thing before i pay 'market price' for it.

[redplum33]

Originally Posted by msRB311

I just did a search and it seems it isn't uncommon to find lobster rolls around $30 in ME. I really think it probably depends on the place. And it doesn't seem like just because a place is high end that it means they'll have a good lobster roll. The one my DH got had a lot of mayo on it and chives and green onion which he doesn't like. I mean if it were me I would ASK what else is on the dang thing before i pay 'market price' for it.

It seems that all of the "high end" restaurants ruin their lobster rolls by trying to get fancy with them. And on brioche? F that. Best place to get lobster rolls are at shacks. Just lobster on a grilled hot dog roll with either butter or a very light coat of mayo. No celery, no chives, no onions, none of that BS. Shredded lettuce on the bottom is tolerable, but I prefer without.

As for prices, it also depends on the size. Some places offer 1/4 lb (4 oz) or 1/2 lb (8 oz). Other places that offer only one size are typically 1/3 lb (5.3 oz). And be wary of "lobster salad", which generally means heavy mayo and other nonsense mixed in.

[msRB311]

yes, if you're going to charge $46 for a lobster roll please make it big. Size matters here and anyone will be annoyed to get a small lobster roll at that price regardless of what's on it.

I actually like the chives but no celery or onions.

[MtPleasantDream]

Now the expected tipping rate is 20%. I recall 10 years ago it was 15%, and 20 years ago 10%.
Eating a dinner alone with a beer in an average restaurant can easily cost $30.

Maybe it is time to introduce more street food.

[robr2]

Originally Posted by MtPleasantDream

Now the expected tipping rate is 20%. I recall 10 years ago it was 15%, and 20 years ago 10%.
Eating a dinner alone with a beer in an average restaurant can easily cost $30.

Maybe it is time to introduce more street food.

15% tip was the norm 50 years ago - 10% would have been stingy 20 years ago.

[matrix5k]

I hate it when they put all those fillers in the lobster rolls too. I want lobster in the roll, not a salad. You know they do that to skimp out. Some places advertise "just lobster" inside which is best.

[id77]

Originally Posted by redplum33

10+ years? I think not.

People would kill to go back to the 2013 market.

Sure, with 2023 income and assets and a 20/20 hindsight to where we are now!

Rewind back to then though and there was still gnashing and wailing about availability and how unaffordable the suburbs inside 128 were. The problem has grown since then, but a problem remained all the same.

Here's some archaeology:

https://www.wbur.org/radioboston/201...boston-housing

https://www.bostonmagazine.com/prope...ing-expensive/

In 2013, the median-priced single-family home in the city of Boston sold for $419,000 and the median-priced condo sold for $455,000—all-time highs, while the median household income for the entire city was around $53,136.

It looks like current numbers are around $706,000 and median HHI is $81,744. I imagine both are all-time highs...until next year when its broken again.

Looking back at those prices, they sound great ... but, that's looking back. Back in 2014, they weren't so great.

[msRB311]

I feel like things got crazy post 2012ish. Before that COL was not so bad.

[UNC4Me]

Originally Posted by msRB311

I noticed that there was a house one street over from my parents that a young couple bought for about 1.2 million during the pandemic. About two years later they sold it for 1.5M. Maybe they had to go back to the office. They tried to get 1.6M for it but they still did ok I'd say.

300k in new equity in 2 years is a great ROI. That’s why calling people stupid for paying over ask when it may in fact end up being a good investment is silly. It’s just as silly to call those who pay under ask smart when only time will tell based on which way equity goes up or down. And most of all, we should remember that for most a home is first and foremost a place to live in and enjoy. Investment outcome is for most secondary.