2023 Real Estate Observations (Lynn, Bedford, Lincoln: deed, wage, property tax)

[robr2]

Originally Posted by newenglandgal123

Almost a year on the market and no takers, I'd say it's about time for a more significant price reduction.....https://www.zillow.com/homedetails/2...65682031_zpid/

I'm guessing that they put them on the market before completion thus the long time on sale. They've sold 12.

[lrfox]

Originally Posted by robr2

I'm guessing that they put them on the market before completion thus the long time on sale. They've sold 12.

12 of 18 less than a year after completion, which the developer has to be pretty happy with. It does look like there have been some single families nearby that have sold for similar amounts of money in the last 6 months, but most of them have caveats like being older, only have one bathroom, are quite small, or look like they needed work. So I guess there are enough buyers out there willing to sacrifice the yard and pay a premium for shared walls and new construction in Islington Village. Not my cup of tea (at that price range and location, I'd go for the older SFH), but good for the developers for realizing the potential.

[MtPleasantDream]

Originally Posted by simplexsimon

I underestimated the number of cash buyers for homes in 2022, at least in these particular zip codes where the proportion is over 50%.

https://www.bizjournals.com/boston/n...ome-sales.html

I have no subscription, but I suppose they are regions with high prices.

[brightdoglover]

Originally Posted by robr2

I'm going to guess it has major structural problems - note it is being sold as is and buyer is advised to do their due diligence.

My guess is it's failing Title 5 and needs to be put on town sewer, which not only costs a lot but tears up the landscaping.

[yesmaybe]

https://www.redfin.com/MA/Marlboroug...home/181409274

Mentioned this complex before in Marlborough... it looks like they sold 4 of the 11 units but gave up on the 5th.

[MikePRU]

Originally Posted by lrfox

12 of 18 less than a year after completion, which the developer has to be pretty happy with. It does look like there have been some single families nearby that have sold for similar amounts of money in the last 6 months, but most of them have caveats like being older, only have one bathroom, are quite small, or look like they needed work. So I guess there are enough buyers out there willing to sacrifice the yard and pay a premium for shared walls and new construction in Islington Village. Not my cup of tea (at that price range and location, I'd go for the older SFH), but good for the developers for realizing the potential.

So there are 18 units in the complex and the developer has only listed 15 of them. My guess is some or all of the 3 unlisted units are likely designated 40B and whatever number of these units that have not been listed and are not 40B likely sold off market. Of the listed units 7 are active, 3 under contract (all scheduled to close by 3/8), and 5 sold.

Assuming the 3 unlisted units are sold plus 5 already sold plus another 3 selling within the next two weeks, I'm thinking this developer is probably feeling pretty good about their pricing with more than half the units basically sold already. They've probably made all of their investment back at this point and the rest of the units just represent profit.

Anyway, a lot of the time these multi-unit developments release listings in blocks. Once some of them sell, they list more. You can see that in the market times. One has only been listed a week, a few a month, and then there are some that are close to a year. The longer listing times are probably some of the less desirable units and the developer may end up tweaking the prices at the end but if they're in fact less desirable they'll probably leave them as is so as not to get questions about the list price of the other units until these are the only remaining units.

[yesmaybe]

https://www.redfin.com/MA/Milton/27-...home/182240592

Got another of those 'SFH converted to two units that isn't selling'. This one's in Milton and they want 950k (+ $658/mo Fee). 467 DOM.

Even for Milton that's too much.

[MtPleasantDream]

Originally Posted by yesmaybe

https://www.redfin.com/MA/Marlboroug...home/181409274

Mentioned this complex before in Marlborough... it looks like they sold 4 of the 11 units but gave up on the 5th.

It's a cool place for work, but lacks the coziness for a home.

[newenglandgal123]

Originally Posted by yesmaybe

https://www.redfin.com/MA/Milton/27-...home/182240592

Got another of those 'SFH converted to two units that isn't selling'. This one's in Milton and they want 950k (+ $658/mo Fee). 467 DOM.

Even for Milton that's too much.

The two top, front windows are missing a shutter each....that's bugging me more than the price!

[yesmaybe]

https://www.redfin.com/MA/Lincoln/42...C/home/8549728

Condo in Lincoln that's "only" 379k. It is very close to the Hanscom Airport so I wonder how much that repels people plus it's got a very high HOA ($632).

Only 30 DOM so far, so we'll see.