2023 Real Estate Observations (Boston, Braintree: health insurance, lawyer, MLS)

[matrix5k]

Originally Posted by msRB311

You don't think severance and unemployment money would help out for a while?

I haven't been paying attention to what people put down or have for a mortgage, but it does seem like most people in the area have fairly well paying jobs that they apparently think are pretty secure to have the lifestyle that they do.

People have been talking about a recession for a while. I don't foresee Boston being hit that hard by it...but I'd be curious to see what happens if we are. I can think of a few people I'd love to see have a piece of humble pie. I just don't think will happen. Wealthy people aren't affected by recessions.

Last time I got laid off, I only got 3 weeks severance. I worked at the company for almost 5 years. So I basically got 1.5 paychecks to hold me off until unemployment kicked in. As mentioned above, unemployment maxes out around 1k/week which can be a big pay cut for some.

These 6 month severance packages are the exception, not the norm.

[Moh1988]

3 weeks pretty short indeed! 4k a month is not bad all honestly! that's the equivalent of $75k annual salary.
The 2 examples I gave,,, one was big pharma in this area, and one was big tech in SF! The package was for everyone,,, 4-5 months baseline + 2-3 weeks per year of service. I thought it was very generous too. I'm in the bio world,,, and for sure a startup company or a small biotech company would not hand such a package.

[bizcuit]

Also, regardless of your severance and/or unemployment, you're also going to have to pay for healthcare, unless that is part of your severance package (it usually isn't). You'll be covered until the end of the current month and then you'll need either cobra or ACA, which can be pretty expensive.

[matrix5k]

Originally Posted by bizcuit

Also, regardless of your severance and/or unemployment, you're also going to have to pay for healthcare, unless that is part of your severance package (it usually isn't). You'll be covered until the end of the current month and then you'll need either cobra or ACA, which can be pretty expensive.

Yep the Cobra basically ate up half of my unemployment. So 1k/week before taxes really isn't as much as it sounds.

[newenglandgal123]

Originally Posted by matrix5k

Last time I got laid off, I only got 3 weeks severance. I worked at the company for almost 5 years. So I basically got 1.5 paychecks to hold me off until unemployment kicked in. As mentioned above, unemployment maxes out around 1k/week which can be a big pay cut for some.

These 6 month severance packages are the exception, not the norm.

Corporate America expects loyalty but will give people the boot without a second thought. If a company is laying off because they can't pay their bills that's one thing but if they're laying off to prop up their stock price, shame on them. That's why I don't feel bad for companies when I hear about people bouncing around every year or two to a new company for higher $$$. Gotta look out for yourself, company loyalty usually gets you nowhere these days.

[msRB311]

Originally Posted by newenglandgal123

corporate america expects loyalty but will give people the boot without a second thought. If a company is laying off because they can't pay their bills that's one thing but if they're laying off to prop up their stock price, shame on them. That's why i don't feel bad for companies when i hear about people bouncing around every year or two to a new company for higher $$$. Gotta look out for yourself, company loyalty usually gets you nowhere these days.

+1

[robr2]

Originally Posted by yesmaybe

That's not true.

Sorry, one can collect unemployment with a severance package only if you sign a claim release form with the employer.

[yesmaybe]

Originally Posted by robr2

Sorry, one can collect unemployment with a severance package only if you sign a claim release form with the employer.

I was going to mention that. But to most people, that's pretty much part of getting the severance.

[newenglandgal123]

$250K over list for a 1400 sq ft cape in Wellesley. I'm guessing this will be a tear down and a white farmhouse mcmansion will be built in its place soon. https://www.zillow.com/homedetails/6...56619735_zpid/

[MikePRU]

Originally Posted by newenglandgal123

$250K over list for a 1400 sq ft cape in Wellesley. I'm guessing this will be a tear down and a white farmhouse mcmansion will be built in its place soon. https://www.zillow.com/homedetails/6...56619735_zpid/

It's possible. $1M is definitely teardown price range in Wellesley