2023 Real Estate Observations (Boston, Milton: congested, roads, congestion)

[UNC4Me]

Originally Posted by msRB311

A recession for the high earners might level the playing field. I don't want to see people go hungry of course (we already have some of that) but as redplum said there is too much money out there right now and it's affecting people working in MA in that they can't find the mansion of their dreams in a top 10 town and yes it's disrupting people with all these new developments and the tearing down of green space. Seems like some people need to be thrown back to reality a bit. Too many seem to have millions sitting in the bank with no house to buy.

Wait. You’ve been complaining about houses that sell between 1 and 2 million. Those houses aren’t selling to people with millions sitting in the bank. They’re selling to 2 wage earner households who have good salaries (think 300 to 400k) not 5 million or those who had good equity in their previous home for a sizeable down payment.

If you really mean the Jeff Bezos types, then yes they should pay more. But 2 working parents who save to buy a 1.5 million home on 350k household income so their kids can go to good schools, no. Those people aren’t the idle rich and are already paying a lot of taxes on their incomes so Jeff Bezos doesn’t have to.

[msRB311]

Originally Posted by UNC4Me

Wait. You’ve been complaining about houses that sell between 1 and 2 million. Those houses aren’t selling to people with millions sitting in the bank. They’re selling to 2 wage earner households who have good salaries (think 300 to 400k) not 5 million or those who had good equity in their previous home for a sizeable down payment.

If you really mean the Jeff Bezos types, then yes they should pay more. But 2 working parents who save to buy a 1.5 million home on 350k household income so their kids can go to good schools, no. Those people aren’t the idle rich and are already paying a lot of taxes on their incomes so Jeff Bezos doesn’t have to.

two people, both earning 400k are high earners. If you don't think it is then I don't know what to tell you.

[massnative71]

Originally Posted by redplum33

The initial argument from massnative was that at some point there won't be a lack of inventory and we'll see prices come down. id77 responded by basically saying it's been this way for 10+ years.

While prices started getting crazy circa 2015, the lack of inventory really only became a major issue a few months after the pandemic started.

What massnative is saying makes sense, but I don't see it playing out that way. There's too much money out there now, and there's a ton of people waiting for inventory.

Originally Posted by matrix5k

There's literally no more land to build in the Boston area. Inventory for SFHs will always be low here. A recession didn't change prices by much in 2008, if at all. So I don't know why everyone thinks a housing crash will happen. Prices may come down some but not by a significant amount. The number of high paying jobs only goes up while the inventory goes down. Any good deals will be swept up by wealthy investors. It's like people in southern CA who have been waiting for housing prices to crash for 50 years.

And no I'm not happy about it. I'd love to buy a cheap house on the Cape like people did 10+ years ago.

I don't understand why you guys think we are immune to a recession. It's a naturally recurring cycle, that the government "cushioned" us from the last two or three slowdowns with massive deficit spending. Given we are a society/economy that has become addicted to this sort of spending, now that the feds no longer have the ability to splurge like they have the past few decades...we could be in for a very rude awakening coming up.



And while I do not see a housing crash on the same level as 2008, let's not forget the crash in the 90s that took close to a full decade to bounce back from. Sure you can count on an increase over 20 years, but 5 years absolutely not.

[msRB311]

the problem is kind of the entitled millionaires who have put everyone in this position. Wanting what they want when they want it. They have created these types of prices around here for everyone.

[justyouraveragetenant]

Originally Posted by msRB311

two people, both earning 400k are high earners. If you don't think it is then I don't know what to tell you.

I remember seeing a video of supermodels being asked what they thought top 1 percent earners made. Some of them gave responses like 2 million. The real number for top 1 percent earners is exactly 400k.

[UNC4Me]

Originally Posted by msRB311

two people, both earning 400k are high earners. If you don't think it is then I don't know what to tell you.

I said HOUSEHOLD income. Added together 300-400k. Not 400k each.

[msRB311]

400k a year is a ton of money even in Boston. If you can't make it work here on 400k you are doing something wrong.

[newenglandgal123]

Originally Posted by msRB311

400k a year is a ton of money even in Boston. If you can't make it work here on 400k you are doing something wrong.

Yes, I'd def consider that as someone who is probably a spendthrift, punching way above their weight with luxury purchases and services if they can't make it work on $400K a year!

[UNC4Me]

Originally Posted by msRB311

the problem is kind of the entitled millionaires who have put everyone in this position. Wanting what they want when they want it. They have created these types of prices around here for everyone.

Supply and demand created the problem. But you don’t want more housing inventory built so guess you’re not interested in an actual solution. You want everything to stay the same (your town, your household income, the amenities you enjoy, the quality of your kids schools) and you also want to be able to buy a cheap house. Good luck with that.

[UNC4Me]

Originally Posted by msRB311

400k a year is a ton of money even in Boston. If you can't make it work here on 400k you are doing something wrong.

Do you actually READ other people’s post? I said a working couple with a household income of 300-400k that bought a 1.5 million dollar house (which is the price range you keep complaining about) do NOT have millions in the bank. I said they were NOT the idle rich. They were 2 people with good incomes who saved or had equity from a previous home. The point is they can buy a nice house near Boston, but you’re constantly complaining and resentful about them doing so. Your posts are all over the place. I’m not sure you even know what you think!