bostonbubble.com

Richthofen · Joined: 02 Apr 2014 Posts: 69

While inventory of homes considered affordable or even mid-range in price is incredibly low, I'm seeing a huge supply of expensive homes, 1 million and up, in prime neighborhoods. Brookline, Boston, Newton, Belmont, Wellesley, Weston... Especially Wellesley, which is averaging over 100 days on market and 78 homes over $1 million. (Compared to just 3 under $1 million). Now, I know those are richer towns but it seems like if you are in the market for luxury real estate you've got plenty to choose from. How long can wealthy people keep those homes on the market before cutting prices? Are falling stock prices going to impact home sales at those prices?

Any thoughts on the bifurcated market, and whether high end homes are in a bubble?

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Guest

I am not good at bubble theory, but I am one of many who can not afford 1 million dollar house currently, period.

With the minimum wage targeting $10+ per hour, I believed the ideal situation of the government is, waiting for wage to slowly catching up with the already inflated asset prices. That doesn't mean there will be no 'black swan' appear between ideal and reality goal.

Again, the goal of the policy is to maintain housing market stability, instead of promoting affordability, got it?

admin

Guest · Posted: Fri Feb 12, 2016 7:06 pm GMT Post subject:

RennyD · Guest

Just curious. What are people on this message board looking to spend on a home in suburban greater Boston?

Guest · Posted: Sat Feb 20, 2016 12:44 pm GMT Post subject:

RennyD · Guest

I live in Boston and don't know anything about the suburban market.
That's a lot of money. Is there not good inventory in that range?

Guest · Posted: Sun Feb 21, 2016 12:30 pm GMT Post subject:

Richthofen · Joined: 02 Apr 2014 Posts: 69

My wife and I's budget is $550K. One income at $134K annual salary. Hard part is coming up with 20%. We might be able to up our budget if we could afford 20% DP on those values. Takes a long time to save $120K DP.

Guest · Posted: Mon Feb 22, 2016 2:27 am GMT Post subject:

Guest · Posted: Tue Feb 23, 2016 2:23 pm GMT Post subject:

Guest · Posted: Tue Mar 01, 2016 10:00 pm GMT Post subject:

In decent towns around boston, $900k is the starting price for houses that start to look appealing. I am totally disgusted by the current home price. But looks like home price would get more expensive in the near future. Usually tide turns after election, so let's revisit this at the year end. Rolling Eyes

RennyD · Guest

Is that true? A price drop after an election.

bsg61 · Guest

I am looking for a condo, as I am a single woman and not interested in owning/paying for/taking care of a single family house without a partner. Would also consider a two family with a partner but I hear those are hard to come by and are quite expensive. Originally I thought I would like the condo to be under $300K but the reality is there is very little in that price range, so I've increased to $400K.

Single family house budget (hypothetically speaking with a partner) would probably be under $650K.

It seems this upward trajectory in prices cannot continue without a correction at some point.

Richthofen · Joined: 02 Apr 2014 Posts: 69