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Guest
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 Posted: Fri Jun 01, 2018 2:08 pm GMT Post subject: |
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| Anonymous wrote: | | I sure hope prices cone down. It's beyond ridiculous. It's obvious it's severely over inflated. I'm amazed it's holding on this long. |
I agree!!!, a 2 family home in boston that was around 450 479 3 years ago, is now 679 and up. Sellers market!! stay away for now. |
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Guest
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| Posted: Fri Jun 01, 2018 4:02 pm GMT Post subject: |
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| Anonymous wrote: | | I sure hope prices cone down. It's beyond ridiculous. It's obvious it's severely over inflated. I'm amazed it's holding on this long. |
It's holding on because so many people in this region are well-employed, across every job sector. The Longfellow bridge project just finished up yesterday, at a cost of over $300M. Even housekeepers make $50k+/yr here.
And that's why home prices are insane, we're all fighting for the same housing stock that barely increases year over year, while more and more people move into the metro area. |
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Guest
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| Posted: Fri Jun 01, 2018 6:58 pm GMT Post subject: |
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| Anonymous wrote: | | Anonymous wrote: | | I sure hope prices cone down. It's beyond ridiculous. It's obvious it's severely over inflated. I'm amazed it's holding on this long. |
It's holding on because so many people in this region are well-employed, across every job sector. The Longfellow bridge project just finished up yesterday, at a cost of over $300M. Even housekeepers make $50k+/yr here.
And that's why home prices are insane, we're all fighting for the same housing stock that barely increases year over year, while more and more people move into the metro area. |
Boston is the 3rd most expensive metro after NY & SF. Strong and diverse local economy, lots of housing demand, dwindling supply (NIMBYism at its finest - can't blame the moneyed class for protecting its assets). Those of you looking for a 20% fall in housing prices are deluding yourselves. |
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bsg61
Guest
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| Posted: Sun Jun 03, 2018 5:34 pm GMT Post subject: |
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| Anonymous wrote: | | Anonymous wrote: | | I sure hope prices cone down. It's beyond ridiculous. It's obvious it's severely over inflated. I'm amazed it's holding on this long. |
It's holding on because so many people in this region are well-employed, across every job sector. The Longfellow bridge project just finished up yesterday, at a cost of over $300M. Even housekeepers make $50k+/yr here.
And that's why home prices are insane, we're all fighting for the same housing stock that barely increases year over year, while more and more people move into the metro area. |
So, it looks like all those housekeepers got a pretty big raise since 2016, eh? Maybe they're the ones buying up luxury condos! 
I do agree that home prices are insane and yes, the traffic is just getting worse.
https://www.boston.com/news/local-news/2016/03/15/nearly-half-of-boston-residents-make-less-than-35000-a-year
https://www.bostonmagazine.com/news/2016/03/15/boston-residents-make-less-than-35000/ |
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Real Estate Guy
Guest
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| Posted: Mon Jun 04, 2018 1:06 am GMT Post subject: |
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| I do agree that over population and strong salaries have helped fuel the current bubble. The other pieces are easy money and foreign money. However these dynamics can change. Rates on the rise and employment is only good, until it isn't. There is a lot of room to the downside when the pendulum swings, and it always does. |
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Guest
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| Posted: Mon Jun 04, 2018 12:22 pm GMT Post subject: |
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I know there was an anticipated price drop during the last big bubble leading up to the great recession. Does anyone have data on the percent home price
decrease in the desirable towns for circa 2009? |
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Real Estate Guy
Guest
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| Posted: Mon Jun 04, 2018 12:41 pm GMT Post subject: |
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| Quote: | I know there was an anticipated price drop during the last big bubble leading up to the great recession. Does anyone have data on the percent home price
decrease in the desirable towns for circa 2009? |
I'll have to see if I can find some data but as I recall, in good Towns like Wellesley for example, the upper end(2MIL plus) dropped 20%. Middle prices(1MIL-2MIL) went down 15%. Under a million was sporadic, but close to 15%. However, this all happened in spite of three rounds of QE and ZIRP. Even with that stimulus, those were pretty steep declines, and they persisted from 2008. -2012, so there was also no appreciation in those years which adds to the net correction |
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Guest
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| Posted: Mon Jun 04, 2018 2:58 pm GMT Post subject: |
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| Real Estate Guy wrote: | | Quote: | I know there was an anticipated price drop during the last big bubble leading up to the great recession. Does anyone have data on the percent home price
decrease in the desirable towns for circa 2009? |
I'll have to see if I can find some data but as I recall, in good Towns like Wellesley for example, the upper end(2MIL plus) dropped 20%. Middle prices(1MIL-2MIL) went down 15%. Under a million was sporadic, but close to 15%. However, this all happened in spite of three rounds of QE and ZIRP. Even with that stimulus, those were pretty steep declines, and they persisted from 2008. -2012, so there was also no appreciation in those years which adds to the net correction |
So hypothetically if history were to repeat, we'd have to wait for a recession, and then up to 4 years for the correction to fully complete.
That could be several years. Very despiriting to someone who wants to buy a home sooner than later. |
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Real Esate Guy
Guest
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| Posted: Mon Jun 04, 2018 3:49 pm GMT Post subject: |
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| Quote: | So hypothetically if history were to repeat, we'd have to wait for a recession, and then up to 4 years for the correction to fully complete.
That could be several years. Very despiriting to someone who wants to buy a home sooner than later. |
I agree Guest. It's hard to say when it'll correct. I do remember in 2008 thye price drops were pretty quick in that they bottomed out 2010ish and stayed flat another couple years after. Inventory rose, demand dropped and prices adjusted quickly to the down side. It's a tough predicament. Either buy and deal with buying at the top, or wait it out. As a real estate investor, I have tabled any purchases. In fact I stopped last year. I was early last time as well. I curbed buying in 2004/2005. It started slowing in 2006 and tanked in 2008. Impossible to guy, you should go with your instinct. If buying a home for the long run, maybe it doesn't matter just to get into something. That's a very personal decision, but I certainly understand ones anxiety around it. |
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Elrond
Joined: 27 Feb 2013
Posts: 48
Location: Boston, MA
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| Posted: Tue Jun 05, 2018 8:13 pm GMT Post subject: |
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| bsg61 wrote: | | Anonymous wrote: | | Anonymous wrote: | | I sure hope prices cone down. It's beyond ridiculous. It's obvious it's severely over inflated. I'm amazed it's holding on this long. |
It's holding on because so many people in this region are well-employed, across every job sector. The Longfellow bridge project just finished up yesterday, at a cost of over $300M. Even housekeepers make $50k+/yr here.
And that's why home prices are insane, we're all fighting for the same housing stock that barely increases year over year, while more and more people move into the metro area. |
So, it looks like all those housekeepers got a pretty big raise since 2016, eh? Maybe they're the ones buying up luxury condos!
I do agree that home prices are insane and yes, the traffic is just getting worse.
https://www.boston.com/news/local-news/2016/03/15/nearly-half-of-boston-residents-make-less-than-35000-a-year
https://www.bostonmagazine.com/news/2016/03/15/boston-residents-make-less-than-35000/ |
I find those numbers to be unbelievable. My own housekeeper charges me $150 cash to do my house every month. Takes her 4-5 hours and she does 2 houses a day so I absolutely do believe many are making $50k+.
How can 20.8% of Boston residents be making under $10K/yr? Are they including children and those that cannot work? That figure sounds insane to me. Even rideshare drivers can pull in $1K+/week gross. |
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Guest
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| Posted: Wed Jun 06, 2018 10:47 am GMT Post subject: |
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| Elrond wrote: |
I find those numbers to be unbelievable. My own housekeeper charges me $150 cash to do my house every month. Takes her 4-5 hours and she does 2 houses a day so I absolutely do believe many are making $50k+.
How can 20.8% of Boston residents be making under $10K/yr? Are they including children and those that cannot work? That figure sounds insane to me. Even rideshare drivers can pull in $1K+/week gross. |
Lots of poor people come to Massachusetts for the generous welfare benefits. Welfare pays about 10k/year and you get them as long as you have a kid every five years. If you are on welfare, you also get a Section 8 rent voucher which pays for most of your rent. You also get free health insurance with optional $2 co-pays. Food stamps cover your groceries. |
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Guest
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| Posted: Thu Jun 07, 2018 1:37 am GMT Post subject: |
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| Anonymous wrote: | | Elrond wrote: |
I find those numbers to be unbelievable. My own housekeeper charges me $150 cash to do my house every month. Takes her 4-5 hours and she does 2 houses a day so I absolutely do believe many are making $50k+.
How can 20.8% of Boston residents be making under $10K/yr? Are they including children and those that cannot work? That figure sounds insane to me. Even rideshare drivers can pull in $1K+/week gross. |
Lots of poor people come to Massachusetts for the generous welfare benefits. Welfare pays about 10k/year and you get them as long as you have a kid every five years. If you are on welfare, you also get a Section 8 rent voucher which pays for most of your rent. You also get free health insurance with optional $2 co-pays. Food stamps cover your groceries. |
Oh please, not again. |
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Guest
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| Posted: Thu Jun 07, 2018 2:54 pm GMT Post subject: |
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| Anonymous wrote: | | Anonymous wrote: | | Elrond wrote: |
I find those numbers to be unbelievable. My own housekeeper charges me $150 cash to do my house every month. Takes her 4-5 hours and she does 2 houses a day so I absolutely do believe many are making $50k+.
How can 20.8% of Boston residents be making under $10K/yr? Are they including children and those that cannot work? That figure sounds insane to me. Even rideshare drivers can pull in $1K+/week gross. |
Lots of poor people come to Massachusetts for the generous welfare benefits. Welfare pays about 10k/year and you get them as long as you have a kid every five years. If you are on welfare, you also get a Section 8 rent voucher which pays for most of your rent. You also get free health insurance with optional $2 co-pays. Food stamps cover your groceries. |
Oh please, not again. |
what, you didn't notice the welfare queens crammed like sardines this morning on the red line? i nearly had to skip my daily gluten-free tarte tatin as i stepped over the hordes on my way to kendall. the horror! i knew i should have just taken the tesla today. |
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Real Estate Guy
Guest
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| Posted: Tue Jun 19, 2018 12:51 pm GMT Post subject: |
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| Fed raised rates again last week. Supposedly will raise 2 more time this year and 3 next. Thoughts on the impact in our local market? |
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Guest
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| Posted: Tue Jun 19, 2018 1:20 pm GMT Post subject: |
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| Real Estate Guy wrote: | | Fed raised rates again last week. Supposedly will raise 2 more time this year and 3 next. Thoughts on the impact in our local market? |
Two 25 bp hikes won't have any real impact. If anything, I'd expect low-end RE to be even more competitive since there's a glut of people who don't give a crap about 50 bp and can still afford an $800K mortgage, but the average Joe is going to be downgrading his hopes because shit's more expensive. |
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