bostonbubble.com

Kaidran · Joined: 17 Mar 2010 Posts: 289

Full disclosure: I have no real idea about this house. I have not seen it and only noticed it this morning on my auto Redfin search.

I did notice, however that it is a price chance after only having been on the market for 5 days. Is this evidence that the OH was quiet and the sellers understand that they have to shift it by the 30th? Evidence of sellers realizing they are in a buyers market?

http://www.redfin.com/MA/Arlington/77-Wachusett-Ave-02476/home/8459731?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1

john p · Joined: 10 Mar 2006 Posts: 1820

$487k for THAT!

Kaidran · Joined: 17 Mar 2010 Posts: 289

Like I said I've not seen this one but it does seem to fit with others that have been going for over asking. The use of basement square footage muddies the price but I would guess if this had come out 2 months ago it would have been under offer instantly.

I wonder if the OH was quiet or if they had expected to have offers by now? If they are panicking before the 30th deadline it is a hopeful sign for May.

admin · Posted: Wed Apr 14, 2010 5:16 pm GMT Post subject:

Kaidran · Joined: 17 Mar 2010 Posts: 289

The average income cannot support the average price anywhere. This is more about seeing a shift in perception, that the sellers know they need to get it under offer by the 30th and are starting to see it as more of a struggle to do so.

john p · Joined: 10 Mar 2006 Posts: 1820

I think the 5.32% annualized nominal return speaks to the degree of gentrification that is going on in Arlington.

Look at what $450k gets you in Kinston, MA

http://www.realtor.com/realestateandhomes-detail/32-Deer-Run-Rd_Kingston_MA_02364_1112235680

Boston ITer · Joined: 11 Jan 2010 Posts: 269

Yep, that's Arlington! A shoebox for half a million.

Here's what that gets one in Houston TX...

http://realestate.yahoo.com/Texas/Houston/14826-bramblewood-dr:bbe832c27927651b3bf5d329621e7a3

Or, if you want to go for a swim outside...

http://realestate.yahoo.com/Texas/Houston/e-pine-brook-way:33da257c35fefdeb49ceebf34ae6ff6

balor123 · Joined: 08 Mar 2008 Posts: 1204

Yeah but in Houston you have to pay that state income tax! Oh right...

CL · Guest

balor123 and BostonITer - just curious, if TX is so appealing in your eyes, why are you still in MA? There must be some reason keeping you here despite all the advantages you listed. What are they?

Boston ITer · Joined: 11 Jan 2010 Posts: 269

balor123 · Joined: 08 Mar 2008 Posts: 1204

Discussed in other posts but for me the problem is my wife is still in grad school. That string is hopefully cut by late next year and we'll be able to consider anywhere besides where we currently are (which happens to be Boston). That's unfortunately contingent on her finding a good teaching job down there. Boston is a good place to be if you want a teaching job, even if it sucks in so many other ways.

john p · Joined: 10 Mar 2006 Posts: 1820

I am reading this book.

I think some of you guys will like it and it kind of goes along with this thread....

http://joelkotkin.com/content/0091-next-hundred-million-america-2050

Boston ITer · Joined: 11 Jan 2010 Posts: 269

John, I somehow don't understand how high population growth equals prosperity. Brazil has ~200 million residents today, whereas back in 1970, it was some ~100 million. Well, if you recall, the '70s was their property bust (plus runaway inflation) and they're still to fully recover back to their original mid-60s peak, in terms of mainstream middle class wealth. The Favelas there are awful, kinda like our Detroits, Gary ID, SoCentral LA, etc.

If the US has high population growth but w/o the jobs engine, then we'll clearly be the new Brazil.

john p · Joined: 10 Mar 2006 Posts: 1820

Oh, I'm not advocating anything this book says, it just offers a unique perspective in scope and forecast.

What I like about it is that he gets into the psychology of why people choose certain cities or lifestyles and you can see certain themes. What I see is true is the type of person that would want to live in Houston is different than the type of person that would want to live in Boston.

He talked about business focused areas like New York and more cultural focused areas like Boston.

He talked about how certain cities have an "IT", like some icon or public space or spaces that identify the city i.e. the San Francisco Bay Bridge, or the former Twin Towers in Manhattan and how certain cities that were laid out with the automobile as the primary form of transportation usually don't have that.

Other people, were more bottom line and spaces and things like that were more meaningless.

For me, as a certified city planner, most of the publications I read push really hard on the urban experience i.e. New Urbanism, or Smart Growth which tries to have vibrant city streets and spaces. These groups mostly get paid as consultants by cities so of course they promote these ideas. This book talks about the reality of many people wanting to live in a quiet peaceful area away from the city.

It is interesting to me because sometimes the academic community and the government push something that the market just isn't interested in and this book is getting quite a bit of attention in the academic community because it identifies a dynamic and reality that they don't want to admit to.

Also, what was interesting about that post someone put out there a while ago about the NUMMI Plant (the Toyota Plant) that the Unions turned into a "Prison" with drugs and drinking etc. The Europeans always want to push the notion that the United States is starting to fall apart. In the past economic meltdown, at first they ragged on us as being irresponsible until some of their own institutions started failing for the same reasons. This guy talks about this. So basically, Europe and many academics like to United States bash. What is funny is that they rag on the Unions and use them to show us how fat and lazy we are, but they love Obama even though Obama is totally empowering the Unions.

The unique perspective is that this guy is saying that we're not some piece of crap nation that is going to fall apart.

Boston ITer · Joined: 11 Jan 2010 Posts: 269

Instead of let's say re-instantiating the US, as the key rebounder of the 21st century, I think it might be better to just state the obvious and that's Europe and the European Union are a joke.

The phrase Balkanization applies to the entire European continent, not just the states adjacent to Bosnia. What was successful was the earlier European Common market (EEC) which in effect, lowered trade barriers between member nations. As for the EU, the idea of dissimilar nation-states and subnationalities, without a common nationality, working together was preposterous. All and all, it's proven its lack of intrinsic stability and in the end, Europe will continue on but as a second world power with pretenses of cultural superiority.

As for the US, the challenge is different. The US system was always used to the concept of new land (how the West was won w/ railroads, canals, etc), new markets (radio, electricity, computers, etc), and defense (Raytheon, Lockheed, etc). It doesn't have a plan of where east Asia has all of the above and itself trying to become some big hedge fund which manages the financial stability of all of the rest, since global investors want a perpetual safe haven, like the City of London was to postwar Europe.