bostonbubble.com

Brian C · Guest

[url]http://boston.bizjournals.com/boston/stories/2008/01/28/daily27.html?b=1201496400^1583438[/url]

Take a look at this article, it really sets the tone for the condo market.

One of my relatives actually bought one of these condos at the auction. They paid $220k for a 2BR/2BA 1100sq ft unit that was originally $435k. While the condo fee was a little expensive ($450/month), im happy for her.

Guest · Posted: Wed Jan 30, 2008 11:36 pm GMT Post subject:

The link below should work

http://boston.bizjournals.com/boston/stories/2008/01/28/daily27.html?surround=lfn

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Booba · Guest

JCK · Joined: 15 Feb 2007 Posts: 559

It might be quite reasonable for someone to cut down their commute by 1/2 hour each way, if the only cost is $200/mo in condo fees.

Think about it this way: If you are looking for a place to live and work in Boston, you can live in either Nashua, which is almost 1 hour from Boston, or Middleton, which is only about 1/2 hour away (according to Google Maps). If you save yourself 20 hours a month commuting, your time would only need to be worth $10/hr to make that difference pay for itself. That's even before you take into account additional commuting expenses such as gas, car maintenance, etc.

Of course, I'd think you could find a lower condo fees closer to Boston, but that's a separate discussion.

SamChady · Guest

Crazy?

Why not live in Florida then? Or Nevada? Or Maine?
You can find places much cheaper there.

The reason is that people chose to live places for many reasons, and the laws of supply and demand set the prices.

I could say, "People are crazy to live in NH", because I don't want to own a car. In Boston, I can walk to the bus station, subway, and get to the airport or train station or anywhere else for $1.70. I can walk to over 50 restaurants. I find that city living is actually cheaper if you don't need a car, and much more fun for me since I love walking around and experiencing different cultural things that only a high population density gives me. So each to their own - glad you love NH.

I place people in jobs in Boston, and some of them live in Maine or New Hampshire, and getting them to understand the opportunity costs of the commute and the real dollar cost is very difficult. People want the huge house and the huge salary, and so they have to put up with the horrible traffic. They wrestle with "but I need" and it does not exist, like, "I need an $80K salary and I want to live and work in NH." They get very frustrated with the choices that are possible.

Guest · Posted: Thu Feb 07, 2008 5:13 pm GMT Post subject: Re: To Booba

john p · Joined: 10 Mar 2006 Posts: 1820

This kind of relates to psychology but some of what your talking about I can relate to with this:

A scientific experient was done at a college campus. The goal was to find out if people complained more relative to a task based on compensation. They gave people a very boring repetitive task. What they found out was that the more people were paid, the more they complained. It was almost like they had to brainwash themselves that what they were doing wasn't that bad when the pay was less.

Some people who are conditioned to pay $500k for a tiny condo might not have the perspective to step back and look for something better.

You'll find this alot with realtors that know one local market.

BigRock · Joined: 07 Feb 2007 Posts: 11

Have any of the Deeds actually been transferred yet to the winners of each auction?

If I remember correctly, a lot of the auction winners at the auction at the Hynes several months ago didn't actually go thru.

I want to see the Deeds transferred and the price. If the deed hasn't been transferred it hasn't been sold, and just a lot of hype.

Brian C · Guest

Guest · Posted: Sat Feb 09, 2008 2:22 pm GMT Post subject: