bostonbubble.com

Dorchester grandma · Guest

A house that sells for $319? That is still a lot of money and I don't see that as an affordable price for a large number of hardworking people. In some parts of the country the median home price is $125,000. Now that is an affordable price for most of us.

Home prices have a long way to go before many MA families can afford to buy even a modest home. So many articles on this site point to well-to-do professional couples with a combined six figure income who are having trouble finding their dream home. What is their problem? Homes are selling well in Brookline and Arlington? How about just being able to find a decent affordable home in Lynn or Revere? Hell, if I could spend $300,000, I would have no problem at all finding a great place!!I don't even expect it to be perfect. Maybe just with a small yard, some space, and free of asbestos and hazardous wiring. Maybe a property that does not abut an auto body shop or sit a few feet from a major highway Mad

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admin · Posted: Mon Jun 04, 2007 3:35 pm GMT Post subject:

For the benefit of others, Dorchester Grandma is referring to this Globe article: Declining home prices boost sales - Boston area heating up after slow year.

I hear what you're saying Dorchester Grandma and I totally agree. Prices are still too high and sellers don't have the right attitude which would actually make this a buyer's market. Take for example this quote from the article:

john p · Joined: 10 Mar 2006 Posts: 1820

You're totally right; I'm totally rooting for you and I can't wait to hear that you bagged something great at some point. That would make me really happy to hear. If the white collar people had blue collar common sense we wouldn't have been in this shape. We'll get these slackers in line and we'll tear a new one open for anyone who's pumping out propaganda that's going to hurt us.

I'd say try to open your search up to other towns or try to find a comperable job in an area where the cost of living is more manageable. As more and more people leave their jobs, employers will be forced to pay more for your services. Keep in mind that the $125k house is related to a lower salary than you might get here. Further, although people in those area of the country that you describe have a lower salary, the price of oil and gasoline is close to what we pay here, so some of their bills really eat into their take home pay.

Check out Peabody. They've got pretty low property taxes.

http://homes.realtor.com/search/searchresults.aspx?ctid=78507&mnp=20&mxp=22&typ=7

Call Bob:

http://www.realtyplan.com/homes/Agents/Default.htm

john p · Joined: 10 Mar 2006 Posts: 1820

If you do choose Peabody and you encounter any nonsense like you did with the asbestos in Lynn, call Fitz.

http://www.peabody-ma.gov/mayorsoffice.htm

Tell him a friend wants to know if he still has that root beer bottle on his desk.

john p · Joined: 10 Mar 2006 Posts: 1820

And don't tell Fitzy that I said that Democrats are pussies; he'll kick my ass in. Smile

Heloc · Guest

Dorchester grandma · Guest

Peabody is on the long list of possible communities where I have been looking. However, much like in Framingham, Peabody has, in my price range, mostly converted apartment buildings, built in the 60's or 70's. A lot of those have electric heat which is a big money waster. Needless to say, I don't bother to look in Arlington or Brookline.

I prefer something that resembles a house. I currently am renting a great triple decker apartment in Dorchester, with porches, yard, pantry and lots of charm. I don't hold out much hope of finding something similar to buy in Dorchester but perhaps in some of the cheaper North Shore communities something will turn up, minus the scary environmental hazards.

Don't want to leave my grandkids or my job by relocating. If I were younger, and did not have roots here, I would not stay around!

One tool that is most useful in deciding whether to check out an MLS listing is Microsoft Virtual Earth. You can see the house, the neighborhood pretty close up and from all sides. I can eliminate something that sits next to a sewerage treatment plant before trecking out on the commuter rail on yet another wild goose chase.

john p · Joined: 10 Mar 2006 Posts: 1820

http://homes.realtor.com/search/listingdetail.aspx?ctid=79076&typ=7&sid=2c1155dbb17f42568badf00a468d0365&lid=1076174599&lsn=4&srcnt=214#Detail

BK - former Owner · Guest

JohnP,

I think you need to update your facts about salaries vs Cost of Living.

I used Salary.com to compare Cincinnati OH vs. Boston

Cincinnati VS Boston
Median Home Price $174,000 $321,000

According to Salary.Com:
The cost of living in Cincinnati, OH is 36.9% lower than in Boston, MA.

Employers in Cincinnati, OH typically pay 13.7% less than employers in Boston, MA.

So, the average guy in Cincinnati - is earning 13.7 percent less than Boston - but, his cost of living is 37% LOWER - that allows a person to Save a Lot more for their Retirement.

john p · Joined: 10 Mar 2006 Posts: 1820

DG:

http://homes.realtor.com/search/listingdetail.aspx?ctid=91754&typ=7&sid=9bc3394105cd4b9d9aaac34bee7fc020&lid=1080771575&lsn=7&srcnt=276#Detail

BK:

I have been to Cincinnati recently and my jaw dropped at how cheap the property was; no joke, you're right there. The Skyline Chili is enough of a reason to move there anyway.

My comment only has merit to a certain degree. It's true that the biggest nut is the house, but when you do your montly budgets, items like the car payment and gasoline might be relative to here. If you get a house, the cost of the lawn mower, a washer and dryer will be about the same etc. My comment was really meant to take away just one of the "really's" in our situation "really, really, really, really, really sucks".

If you have the flexibility to make a move, some research about what states are in the "sweet spot" of cost of living, opportunity is well worth it. I run my mouth a bit (in case you hadn't noticed) and I'd be scared to death to move to a place that had like 1 major employer in the region. I'm too American, I don't eat much crow and it gets me into trouble sometimes... The shock therapy is starting to work, however.

tt · Joined: 02 May 2007 Posts: 19

Quick update from yesterday's story:

Arlington was listed as a town where sales are up and inventory down. I did a deed search on all sales for May and was shocked to find that indeed there were 59 sales. Inventory for Arlington using Zip is 174 properties, using that figure there is less than a 3 months supply , shocking compared to other towns I had researched. As always the devil is in the details, of those 59 sales only six were for more than 600k, Three were multi-family and two were new construction, only one was an existing single family. There are 44 properties for sale priced over 600k or a seven month supply....

steverino · Guest

Thanks for the reality check.

Two homes--one in a top Cambridge 'hood, one right in Davis Square--had 50K price cuts in ONE DAY this week. Both had open houses on Sunday.

The hype is already on its last gasp, and it's only a couple of days old!

Guest · Posted: Tue Jun 05, 2007 11:44 pm GMT Post subject:

tt · Joined: 02 May 2007 Posts: 19

Forclosure update on Middlesex South :

12 foreclosures May '06

54 Foreclosures May '07

Four fold increase....lovin' it

BK-former Owner · Guest

I received my most recent MLS Update from a Realtor - for homes between $350K and $700K.

There were 7 homes in my most recent update and 4 of those homes have been Reduced in Price.

For example - one home originally on the Market in 2006 for $479K is now a reduced $449K

Another Home started at $379K (March 07), then $359K, and now $349K.

On the higher end - we have a home that sarted at $699K in Feb07, then went to $689K, and is now a bargain $675K.

Also on the higher end of the Market - this home started at $659K in April and is now available for $639K

This is a very healthy and robust market - yeh, right.