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Guest
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 Posted: Wed Feb 07, 2018 5:26 pm GMT Post subject: |
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I've been lurking on the sidelines in this forum for a while and our family has been trying to purchase a home for years now. I've been shocked by the sales prices of homes in the Arlington, Belmont, Medford, and Somerville areas lately. They keep going up and up!!!
This 2-family is listed for $940k:
https://www.zillow.com/homedetails/14-16-Hume-Ave-Medford-MA-02155/2091238696_zpid/
How does that sales price make any sense? What kind of rent can you get out of a 2- and 3-BR unit in Medford to pay the costs on this house??
I saw a much larger 2-family go for over $1M in Medford recently. I just don't understand how people can justify these costs. Could someone elaborate? |
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Elrond
Joined: 27 Feb 2013
Posts: 48
Location: Boston, MA
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| Posted: Wed Feb 07, 2018 5:36 pm GMT Post subject: Re: $2 Million in Arlington??? |
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That's a nice looking house, but I'd never park $2M there. That's the highest I've ever seen for a SFR in Arlington in my memory. However, like you said, it sold in a week and I'd imagine it was a multiple offer scenario. I hope it was a forever home for the buyers. |
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Guest
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| Posted: Wed Feb 07, 2018 6:06 pm GMT Post subject: Re: $2 Million in Arlington??? |
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| Elrond wrote: |
That's a nice looking house, but I'd never park $2M there. That's the highest I've ever seen for a SFR in Arlington in my memory. However, like you said, it sold in a week and I'd imagine it was a multiple offer scenario. I hope it was a forever home for the buyers. |
16 Spy Pond Parkway sold recently for 1.75M and basically is on Route 2 (though also on Spy Pond itself as well). Prices just keep climbing. I wonder if select homes might compete for a small subset of buyers considering Newton etc. Seems like Cambridge/Somerville has had an uptick of really nice townhouses/condos as well- similarly styled and very expensive. |
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Guest
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| Posted: Wed Feb 07, 2018 7:48 pm GMT Post subject: |
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| Don't be sucked into the fool's game. This is not a good time to buy. |
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Guest
Guest
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| Posted: Thu Feb 08, 2018 1:58 am GMT Post subject: |
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This Arlington house has the full package. Location, huge square footage, beautiful renovation, pond view. It's not a starter house for average income (or even healthy income) people.
I'm not surpried at the price. |
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Guest
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| Posted: Thu Feb 08, 2018 3:41 pm GMT Post subject: |
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| Good luck to that fool in ever getting his money back on that purchase. Ha! |
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Guest
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| Posted: Fri Feb 09, 2018 2:41 am GMT Post subject: |
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| Anonymous wrote: | I've been lurking on the sidelines in this forum for a while and our family has been trying to purchase a home for years now. I've been shocked by the sales prices of homes in the Arlington, Belmont, Medford, and Somerville areas lately. They keep going up and up!!!
This 2-family is listed for $940k:
https://www.zillow.com/homedetails/14-16-Hume-Ave-Medford-MA-02155/2091238696_zpid/
How does that sales price make any sense? What kind of rent can you get out of a 2- and 3-BR unit in Medford to pay the costs on this house??
I saw a much larger 2-family go for over $1M in Medford recently. I just don't understand how people can justify these costs. Could someone elaborate? |
It makes no sense, but that's what happens when there are too many buyers and too few houses for sale. Prices won't drop unless there's a recession where lots of people lose their jobs. |
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Guest
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| Posted: Fri Feb 09, 2018 3:40 am GMT Post subject: |
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2M goes quite far in other communities such as Newton, Cambridge, Brookline. Very curious as to why someone would spend their 2M in Arlington.
I can only guess a tech guy who wants to live close to work? |
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Guest
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| Posted: Fri Feb 09, 2018 3:40 pm GMT Post subject: |
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| Anonymous wrote: | 2M goes quite far in other communities such as Newton, Cambridge, Brookline. Very curious as to why someone would spend their 2M in Arlington.
I can only guess a tech guy who wants to live close to work? |
Arlington schools are negligibly "worse" than Newton & Brookline (Cambridge schools are not regarded in the same league). Commuting to Cambridge or even some parts of Boston is way easier from Arlington than it is from Newton or Brookline (I have a family member in Arlington, the drive to Beacon Hill takes him about 30 minutes). Arlington is the new Belmont. Well, not really "new", as the town started gentrifying rapidly in the early 2000's is now elite, more or less.
Plus, the town has spectacular amenities, including Spy Pond, the reservoir (basically a beach), the Mystic Lakes, a million playgrounds, spectacular city views from the many hilltops, a bike path to Alewife that runs the length of the town, busses to Cambridge that don't take forever, amazing natural scenery, historic sites, a traditional town center and a few other commercial districts, etc.
That's why yuppies are paying an arm and a leg to get into Arlington. Check this:
https://www.redfin.com/MA/Arlington/16-Spy-Pond-Pkwy-02474/home/28658118
This guy got an amazing house, on a pond, for under $2M. He's 1 mile away from Alewife, by foot. |
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Guest
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| Posted: Sun Feb 11, 2018 3:43 am GMT Post subject: |
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| Anonymous wrote: | | Anonymous wrote: | 2M goes quite far in other communities such as Newton, Cambridge, Brookline. Very curious as to why someone would spend their 2M in Arlington.
I can only guess a tech guy who wants to live close to work? |
Arlington schools are negligibly "worse" than Newton & Brookline (Cambridge schools are not regarded in the same league). Commuting to Cambridge or even some parts of Boston is way easier from Arlington than it is from Newton or Brookline (I have a family member in Arlington, the drive to Beacon Hill takes him about 30 minutes). Arlington is the new Belmont. Well, not really "new", as the town started gentrifying rapidly in the early 2000's is now elite, more or less.
Plus, the town has spectacular amenities, including Spy Pond, the reservoir (basically a beach), the Mystic Lakes, a million playgrounds, spectacular city views from the many hilltops, a bike path to Alewife that runs the length of the town, busses to Cambridge that don't take forever, amazing natural scenery, historic sites, a traditional town center and a few other commercial districts, etc.
That's why yuppies are paying an arm and a leg to get into Arlington. Check this:
https://www.redfin.com/MA/Arlington/16-Spy-Pond-Pkwy-02474/home/28658118
This guy got an amazing house, on a pond, for under $2M. He's 1 mile away from Alewife, by foot. |
wow. really like the look of that house from the outside, hard to imagine such a house in that location. Inside is just so so, that open floor plan and glass is going to be pain to heat in the winter... |
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Guest
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| Posted: Sun Feb 11, 2018 3:32 pm GMT Post subject: |
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| Anonymous wrote: | | Anonymous wrote: | | Anonymous wrote: | 2M goes quite far in other communities such as Newton, Cambridge, Brookline. Very curious as to why someone would spend their 2M in Arlington.
I can only guess a tech guy who wants to live close to work? |
Arlington schools are negligibly "worse" than Newton & Brookline (Cambridge schools are not regarded in the same league). Commuting to Cambridge or even some parts of Boston is way easier from Arlington than it is from Newton or Brookline (I have a family member in Arlington, the drive to Beacon Hill takes him about 30 minutes). Arlington is the new Belmont. Well, not really "new", as the town started gentrifying rapidly in the early 2000's is now elite, more or less.
Plus, the town has spectacular amenities, including Spy Pond, the reservoir (basically a beach), the Mystic Lakes, a million playgrounds, spectacular city views from the many hilltops, a bike path to Alewife that runs the length of the town, busses to Cambridge that don't take forever, amazing natural scenery, historic sites, a traditional town center and a few other commercial districts, etc.
That's why yuppies are paying an arm and a leg to get into Arlington. Check this:
https://www.redfin.com/MA/Arlington/16-Spy-Pond-Pkwy-02474/home/28658118
This guy got an amazing house, on a pond, for under $2M. He's 1 mile away from Alewife, by foot. |
wow. really like the look of that house from the outside, hard to imagine such a house in that location. Inside is just so so, that open floor plan and glass is going to be pain to heat in the winter... |
That house is on Rt 2 (basically the on ramp from Lake St.). Not the best of locations... |
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Guest
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| Posted: Sun Feb 11, 2018 4:57 pm GMT Post subject: |
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| Anonymous wrote: |
That house is on Rt 2 (basically the on ramp from Lake St.). Not the best of locations... |
Ahh, thay explains why google maps streetview was the highway... thats a pretty crappy location.. the low supply of home are really dropping buyer standards |
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Guest
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| Posted: Sun Feb 11, 2018 5:20 pm GMT Post subject: |
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| Anonymous wrote: | | Anonymous wrote: |
That house is on Rt 2 (basically the on ramp from Lake St.). Not the best of locations... |
Ahh, thay explains why google maps streetview was the highway... thats a pretty crappy location.. the low supply of home are really dropping buyer standards |
It’s a compromise. The only negative is the lot on rt 2, but look at the shitty small 50’s houses in Belmont on rt 2 that sell for 1M+. This property has a 20 min walk to T, plus the waterfront access and pond views. It’s a great house for the price, this guy could sell it to some other rich yuppy at a profit, no problem. |
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Guest
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| Posted: Mon Feb 12, 2018 3:29 pm GMT Post subject: |
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| Buyer's are so stupid these days I really find it harder to believe everyday. This crash is going to be so awesome! |
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