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Am I stupid for not buying a house now???
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Elrond



Joined: 27 Feb 2013
Posts: 39
Location: Boston, MA

PostPosted: Mon Mar 12, 2018 8:18 pm GMT    Post subject: Reply with quote

Anonymous wrote:
Elrond wrote:
Anonymous wrote:
There's a reason for the lack of supply. The main problem in the Boston area is that there's almost no new affordable housing being built. They are only building luxury housing for the rich. What did you think will happen to housing prices? Developers are converting triple decker rental units into barely affordable condos. Why are you surprised that rents are going through the roof? If you think interest rates are behind the high prices and high rents, you are just plain stupid.


"Luxury housing" in Boston is an interesting term. What qualifies as luxury other than being brand new? No developers are using extremely high end materials on condos, maybe a few high end kitchen appliance setups but largely it's all cookie cutter basic stuff. The real problem is there's nowhere to build, and labor/permitting costs here are astronomical. Do you know a 4000 sq ft house in Houston could run you ~150k to build from scratch?


In Texas, you can get lots of skilled illegal immigrant laborers for 10/hr. You will be lucky to build 4000 sqft in Boston for less than 400k unless you do most of the work yourself. Labor is expensive in Boston. Licensed plumbers and electricians won't show up unless you pay them $100+/hr. Even the meth-heads who hang outside of Home Depots looking for work will laugh at you unless you pay them 20/hr.


Oh I’m well aware!
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PostPosted: Tue Mar 13, 2018 1:57 am GMT    Post subject: Reply with quote

HappyGoLucky wrote:
Sorry folks, if you want a roof over your head in the Boston area and you chose to not take the plunge in 2012, you now have to pay the piper! Pretty soon you'll need half a million to get in anywhere within 495 that isn't a complete dump or has ever increasing HOA fees and an HOA that will rule your life (and very likely make it miserable)!

Don't worry though, there's always suicide as a back up plan cuz if you're not already *in* a house, independently wealthy, making well into the 6 figures, with excellent health insurance and/or want to retire someday, you're sh*t out of luck! Well, you could in your 40's live with several other strangers - is that so bad? So, your entire family has been here for generations which is why you don't want to move to a less costly location like Detroit or Cincinatti or East Oshkosh, MA? What, you're disabled, sick, elderly or unemployed and you cannot move in with family or you have none? Sorry, you lose - get moving! Them's the breaks! You can always try the Pine Street Inn and see if they have room!

Heck, stop sniffling and pick yourself up by your bootstraps! There's a new "luxury apartment" on every street corner with your own fire pit to share with hundreds of other people for only, oh, $2,350 a month rent. So that's 50% of your income? Don't worry, corporate landlords are awesome, super nice people and they would never raise your rent too much!


$2350 I wish. New construction rentals in SE and Southie are outrageous.
From Troy Boston website

PRICING
Studios: $2,444
1–Bdrm: $2,832 - $3,095
1–Bdrm + Den: $2,945 - $3,106
2-Bdrm: $3,394 - $3,928
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PostPosted: Tue Mar 13, 2018 3:32 pm GMT    Post subject: Reply with quote

Anonymous wrote:
HappyGoLucky wrote:
Sorry folks, if you want a roof over your head in the Boston area and you chose to not take the plunge in 2012, you now have to pay the piper! Pretty soon you'll need half a million to get in anywhere within 495 that isn't a complete dump or has ever increasing HOA fees and an HOA that will rule your life (and very likely make it miserable)!

Don't worry though, there's always suicide as a back up plan cuz if you're not already *in* a house, independently wealthy, making well into the 6 figures, with excellent health insurance and/or want to retire someday, you're sh*t out of luck! Well, you could in your 40's live with several other strangers - is that so bad? So, your entire family has been here for generations which is why you don't want to move to a less costly location like Detroit or Cincinatti or East Oshkosh, MA? What, you're disabled, sick, elderly or unemployed and you cannot move in with family or you have none? Sorry, you lose - get moving! Them's the breaks! You can always try the Pine Street Inn and see if they have room!

Heck, stop sniffling and pick yourself up by your bootstraps! There's a new "luxury apartment" on every street corner with your own fire pit to share with hundreds of other people for only, oh, $2,350 a month rent. So that's 50% of your income? Don't worry, corporate landlords are awesome, super nice people and they would never raise your rent too much!


$2350 I wish. New construction rentals in SE and Southie are outrageous.
From Troy Boston website

PRICING
Studios: $2,444
1–Bdrm: $2,832 - $3,095
1–Bdrm + Den: $2,945 - $3,106
2-Bdrm: $3,394 - $3,928


Wow. Glad I bought in 2016. I overbid by $100K, and I still got a good deal, $800K for a big detached house in a town with good schools. 30 minute commute by car to my job in Boston. People are now paying $200K more than I did for much smaller condos in my town. And meanwhile, interest rates have gone UP by 70 bp.
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Guest789
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PostPosted: Tue Mar 13, 2018 9:18 pm GMT    Post subject: Reply with quote

What do you mean by big? how much is SQFT and what year? Waht town you are talking about?
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PostPosted: Thu Mar 15, 2018 2:12 am GMT    Post subject: Reply with quote

Quote:
Wow. Glad I bought in 2016. I overbid by $100K, and I still got a good deal, $800K for a big detached house in a town with good schools. 30 minute commute by car to my job in Boston. People are now paying $200K more than I did for much smaller condos in my town. And meanwhile, interest rates have gone UP by 70 bp


It's because of people like you that the real estate market is so screwed up. People that don't have a clue deserve what they get when this all corrects. Keep holding on to your illusion as long as you can
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PostPosted: Thu Mar 15, 2018 6:57 pm GMT    Post subject: Reply with quote

Anonymous wrote:
Quote:
Wow. Glad I bought in 2016. I overbid by $100K, and I still got a good deal, $800K for a big detached house in a town with good schools. 30 minute commute by car to my job in Boston. People are now paying $200K more than I did for much smaller condos in my town. And meanwhile, interest rates have gone UP by 70 bp


It's because of people like you that the real estate market is so screwed up. People that don't have a clue deserve what they get when this all corrects. Keep holding on to your illusion as long as you can


Keep transferring 50% of your post tax income to people like me! Or, you know, move to some place you can afford. I hear San Francisco is a great deal. Warm, too. Buh bye!
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PostPosted: Thu Mar 15, 2018 9:35 pm GMT    Post subject: Reply with quote

I don't pay rent to anybody, sorry. Just not dumb enough to buy now and add. Have fun being under water soon. Cheers.
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PostPosted: Fri Mar 16, 2018 12:33 am GMT    Post subject: Reply with quote

Anonymous wrote:
Quote:
Wow. Glad I bought in 2016. I overbid by $100K, and I still got a good deal, $800K for a big detached house in a town with good schools. 30 minute commute by car to my job in Boston. People are now paying $200K more than I did for much smaller condos in my town. And meanwhile, interest rates have gone UP by 70 bp


It's because of people like you that the real estate market is so screwed up. People that don't have a clue deserve what they get when this all corrects. Keep holding on to your illusion as long as you can


Yes, blame rich people for your poor life choices. The real estate market is not screwed up. People like you just can't afford to live here anymore. But trust me, it's nicer to be rich and be able to pay 800k for a house.
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PostPosted: Fri Mar 16, 2018 4:47 pm GMT    Post subject: Reply with quote

Anonymous wrote:
Anonymous wrote:
Quote:
Wow. Glad I bought in 2016. I overbid by $100K, and I still got a good deal, $800K for a big detached house in a town with good schools. 30 minute commute by car to my job in Boston. People are now paying $200K more than I did for much smaller condos in my town. And meanwhile, interest rates have gone UP by 70 bp


It's because of people like you that the real estate market is so screwed up. People that don't have a clue deserve what they get when this all corrects. Keep holding on to your illusion as long as you can


Yes, blame rich people for your poor life choices. The real estate market is not screwed up. People like you just can't afford to live here anymore. But trust me, it's nicer to be rich and be able to pay 800k for a house.


You did not answer me. Like to know what town is good for school and ll what you said...
What do you mean by big? how much is SQFT and what year? Waht town you are talking about?
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PostPosted: Fri Mar 16, 2018 6:04 pm GMT    Post subject: Reply with quote

Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Quote:
Wow. Glad I bought in 2016. I overbid by $100K, and I still got a good deal, $800K for a big detached house in a town with good schools. 30 minute commute by car to my job in Boston. People are now paying $200K more than I did for much smaller condos in my town. And meanwhile, interest rates have gone UP by 70 bp


It's because of people like you that the real estate market is so screwed up. People that don't have a clue deserve what they get when this all corrects. Keep holding on to your illusion as long as you can


Yes, blame rich people for your poor life choices. The real estate market is not screwed up. People like you just can't afford to live here anymore. But trust me, it's nicer to be rich and be able to pay 800k for a house.


You did not answer me. Like to know what town is good for school and ll what you said...
What do you mean by big? how much is SQFT and what year? Waht town you are talking about?

If you must know, I will tell you in broad generalities, because I don't feel like potentially compromising my anonymity. I work in tech and understand how little info it takes to identify someone. Size: In the 2500 - 3000 SF range. Town: one of the ones with highly regarded schools within a 30-minute commute by car to downtown Boston. Year: Somewhere between 1900 and 2017.
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PostPosted: Fri Mar 16, 2018 8:45 pm GMT    Post subject: Reply with quote

Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Quote:
Wow. Glad I bought in 2016. I overbid by $100K, and I still got a good deal, $800K for a big detached house in a town with good schools. 30 minute commute by car to my job in Boston. People are now paying $200K more than I did for much smaller condos in my town. And meanwhile, interest rates have gone UP by 70 bp


It's because of people like you that the real estate market is so screwed up. People that don't have a clue deserve what they get when this all corrects. Keep holding on to your illusion as long as you can


Yes, blame rich people for your poor life choices. The real estate market is not screwed up. People like you just can't afford to live here anymore. But trust me, it's nicer to be rich and be able to pay 800k for a house.


You did not answer me. Like to know what town is good for school and ll what you said...
What do you mean by big? how much is SQFT and what year? Waht town you are talking about?

If you must know, I will tell you in broad generalities, because I don't feel like potentially compromising my anonymity. I work in tech and understand how little info it takes to identify someone. Size: In the 2500 - 3000 SF range. Town: one of the ones with highly regarded schools within a 30-minute commute by car to downtown Boston. Year: Somewhere between 1900 and 2017.

I think 90% houses are in 1900-2017. I am surprise u did not go till 2117. It is BS that you can find something less than 1M in elite town. You must be in Framingham or natick or somwhere there.
We are lookin for good schools and would like to know towns that can claim GS.
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PostPosted: Fri Mar 16, 2018 10:38 pm GMT    Post subject: Reply with quote

Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Quote:
Wow. Glad I bought in 2016. I overbid by $100K, and I still got a good deal, $800K for a big detached house in a town with good schools. 30 minute commute by car to my job in Boston. People are now paying $200K more than I did for much smaller condos in my town. And meanwhile, interest rates have gone UP by 70 bp


It's because of people like you that the real estate market is so screwed up. People that don't have a clue deserve what they get when this all corrects. Keep holding on to your illusion as long as you can


Yes, blame rich people for your poor life choices. The real estate market is not screwed up. People like you just can't afford to live here anymore. But trust me, it's nicer to be rich and be able to pay 800k for a house.


You did not answer me. Like to know what town is good for school and ll what you said...
What do you mean by big? how much is SQFT and what year? Waht town you are talking about?

If you must know, I will tell you in broad generalities, because I don't feel like potentially compromising my anonymity. I work in tech and understand how little info it takes to identify someone. Size: In the 2500 - 3000 SF range. Town: one of the ones with highly regarded schools within a 30-minute commute by car to downtown Boston. Year: Somewhere between 1900 and 2017.

I think 90% houses are in 1900-2017. I am surprise u did not go till 2117. It is BS that you can find something less than 1M in elite town. You must be in Framingham or natick or somwhere there.
We are lookin for good schools and would like to know towns that can claim GS.


Bro. There’s a reason I got my house cheap. The realtor priced it as if it was 2015, probably hoping to start a bidding war. Well, I showed up before the open house, offered $100k above ask, no mortgage contingency, rent back option to sellers so they could move out as they pleased, and told them they have 12 hours to accept or I walk. They accepted. End of story. Also, my kitchen is from the 90’s or something. It needs cosmetic updating.
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PostPosted: Fri Mar 16, 2018 11:40 pm GMT    Post subject: Reply with quote

Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Quote:
Wow. Glad I bought in 2016. I overbid by $100K, and I still got a good deal, $800K for a big detached house in a town with good schools. 30 minute commute by car to my job in Boston. People are now paying $200K more than I did for much smaller condos in my town. And meanwhile, interest rates have gone UP by 70 bp


It's because of people like you that the real estate market is so screwed up. People that don't have a clue deserve what they get when this all corrects. Keep holding on to your illusion as long as you can


Yes, blame rich people for your poor life choices. The real estate market is not screwed up. People like you just can't afford to live here anymore. But trust me, it's nicer to be rich and be able to pay 800k for a house.


You did not answer me. Like to know what town is good for school and ll what you said...
What do you mean by big? how much is SQFT and what year? Waht town you are talking about?

If you must know, I will tell you in broad generalities, because I don't feel like potentially compromising my anonymity. I work in tech and understand how little info it takes to identify someone. Size: In the 2500 - 3000 SF range. Town: one of the ones with highly regarded schools within a 30-minute commute by car to downtown Boston. Year: Somewhere between 1900 and 2017.

I think 90% houses are in 1900-2017. I am surprise u did not go till 2117. It is BS that you can find something less than 1M in elite town. You must be in Framingham or natick or somwhere there.
We are lookin for good schools and would like to know towns that can claim GS.


Bro. There’s a reason I got my house cheap. The realtor priced it as if it was 2015, probably hoping to start a bidding war. Well, I showed up before the open house, offered $100k above ask, no mortgage contingency, rent back option to sellers so they could move out as they pleased, and told them they have 12 hours to accept or I walk. They accepted. End of story. Also, my kitchen is from the 90’s or something. It needs cosmetic updating.

Wow that was fast. Good move.
How do you list towns for Ele and Mid schooling. Looks like you are happy with schooling in your town. Which town I should target first? Me too looking for 25 -35 mins commute to Boston.
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PostPosted: Sat Mar 17, 2018 12:18 am GMT    Post subject: Reply with quote

Yep, it was an aggressive offer and I probably paid $50-100K under market. It's hard to price assets in a rapidly appreciating market. I took advantage of that. $100K over ask was strategic - I figured that six figures over ask, along with a 12 hour deadline, would invoke a fear of loss by the sellers. Loss aversion is a very strong motivator. You gotta be ready to go if you want to win.

You want 25-35 min outside of Boston, with good schools. That's tough these days. Brookline, parts of Newton, Arlington, Belmont, parts of Lexington, parts of Winchester could work. If you're commuting to North Station via Commuter Rail, Belmont & Winchester are good bets. If you're going to South Station via rail, check out Needham. Except for Arlington, you're probably looking at $1M plus for a decent house or condo. Arlington might offer you something decent in the $800-900K range.
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PostPosted: Sun Mar 18, 2018 2:15 am GMT    Post subject: Reply with quote

Quote:
. $100K over ask was strategic


This is quite possibly the stupidest thing I've heard yet by these Millennial morons.
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