bostonbubble.com

Quiz · Guest

I just found this website, so I hope this is the appropriate forum.

Anyone have any thoughts on where Boston condo prices will go over the next few years (North End, Charlestown, South Boston, Beacon Hill)?

I looked at buying last summer, but decided not to. Since then, I've seen prices decline in most areas. I looked again recently but didn't really find anything I liked. My current lease ends in August, so I've been working on the rent vs. buy decision again. I'm curious as to what people are thinking...

Thanks.

Guest · Posted: Mon Jun 25, 2007 2:05 am GMT Post subject:

Do realize, that in most RE bear markets, condos are the quickest to crash, once momentum takes off.

Starting in '89, the condo markets lost 40-50% in many towns across eastern Mass before hitting the bottom. Today, the dynamics are set for an even greater depreciation so look at PEs and say whether or not a unit in let's say Charlestown should have (2 to 2.5)x the carry costs (mortgage, condo fees, taxes) of renting its equivalent which is the current market?

Dorchester Grandma · Guest

I have been looking for an affordable but nice, two bedroom condo for nearly two years. I receive MLS updates daily and have been seeing many condos listed week after week, month after month with prices falling over and over again. Many in my price range are unappealing for a variety of reasons.

I have noticed some reasonably attractive condos, with a very low asking price, BUT an outrageous condo fee. I saw one today, a dirt cheap condo in Everett with heat and hot water included, and an HOA fee of over $500! In the summer when the heat's off, this is an especially lousy deal. Some condos might be sitting on the market for a long time due to the high HOA fee. Even when the mortgage is paid off, that 500 has to be paid every month for ever and ever.