bostonbubble.com

admin · Posted: Wed Nov 13, 2013 12:00 am GMT Post subject:

I should have waited a minute to post as there's more. It looks like the house right next door is for sale now too:

http://www.redfin.com/MA/Winchester/219-Forest-St-01890/home/11440330

They're asking $730K, whereas Zillow estimates it's worth $620K. That's kind of a stretch given that Zillow's estimates have started to absorb this year's price spike which was induced by the plunge in mortgage rates last fall (now reversed). It's also surprising given that the listing says "seller anxious for quick sale to accommodate new purchase."

It gets much weirder when considered within the context of the price history listed by Zillow. The most recent sale listed there was 08/29/2007 for $535K where it says "Sold: Foreclosed to lender." That's six years ago - no way is that a "quick sale"! That also doesn't mesh with the implied claim that the seller has his/her own new purchase they are moving to, though I realize that the wording is weaselly enough that they could say that "new purchase" refers to 219 Forest itself. Why did it take 6+ years for the lender to list? (Or is Zillow just missing something?) And is it even remotely safe to think about a property like this given the Ibanez ruling?

- admin

admin · Posted: Wed Nov 13, 2013 12:09 am GMT Post subject:

I think I get it now... judging from http://www.masslandrecords.com/ , it looks like 219 Forest was resold on the very same day that it was foreclosed. So this is presumably not the lender selling now and the history listed on Zillow leaves this out (perhaps because the timing was on the exact same day). I could be wrong, though.

- admin

hopeful61 · Guest

That is a shocking price especially seeing how close the house is to other houses. People are paying this much just to live in Winchester?

admin · Posted: Wed Nov 13, 2013 2:11 am GMT Post subject:

donaka · Guest

Made an offer for house in lexington and was planning to build a new one. my financier told me to offer 400 k but he outbid me by offering 440 K. I was shocked. He built a new house is selling for 1.049 million.

Yard is very small and looks very expensive to me but its already pending.

http://www.redfin.com/MA/Lexington/11-Calvin-St-02420/home/8584192

admin · Posted: Mon Nov 18, 2013 4:49 pm GMT Post subject: Re: house in lexington

donaka · Guest

Dont know if its legal or not but he made cool 200 to 300 k ka ching in 9 months Very Happy

unclemat · Joined: 25 Nov 2013 Posts: 18

^^^ Can an admin remove the message above? I accidentally posted it without logging in. {Edit: done.}

admin · Posted: Thu Nov 28, 2013 6:30 pm GMT Post subject:

admin · Posted: Wed Mar 26, 2014 12:25 am GMT Post subject:

217 Forest just sold for $1,110,000.

- admin

Former Arlingtonian · Joined: 23 Oct 2013 Posts: 141

The price paid for Forest street just another indicator of our times.

Look at FB paying $19 Billion for a startup - or Tesla trading in the $215-$250 range - when Tesla's liabilities have gone from $700 Million to $1.7 Billion over the last year. Tesla is still NOT making money....

The new buyers of Forest Street have a Mortgage of $475K and revolving credit of $500K+. It looks like you have high income - dual income and that makes this crazy price completely service-able for this family

Look at crazy prices paid for GOOG stock today- in 2011 the price per share was $600, income was $9.3 Billion - today people pay $1163 per share or two times the price paid in 2011 - with a 30% rise in income.

Take a look at Concur Technologies selling for $100/sh income for was a LOSS of $27 Million - the stock was selling for $37 end of 2011 fiscal year when the Income was a LOSS of $11 Million.

Only the filthy rich can afford to roll the dice in a real estate market or stock market that defies logic.

balor123 · Joined: 08 Mar 2008 Posts: 1204

Not my style but it's a nicely finished house. Ceilings look low, landscaping plain, and unfenced yard. I would guess that it cost $400k - $500k to build. Maybe John P could confirm. That implies a lot cost of $600k? Seems a bit steep.

admin · Posted: Thu Mar 27, 2014 4:47 pm GMT Post subject:

balor123 · Joined: 08 Mar 2008 Posts: 1204

That would imply a $400k - $500k lot then. I don't know Winchester but it's further than Arlington, which is $300k - $400k for a lot. Still seems a bit high and my construction numbers were on the high end as well. I guess that's what they wanted, though, so in a rational market one would assume that something like $800k would be the real value.

unclemat · Joined: 25 Nov 2013 Posts: 18

A lot or a house in Winchester is worth more than in Arlington on average (Winchester is far wealthier and prettier town with schools with much better reputation than Arlington, especially post-elementary), but in this case the flippers really found some idiots. This is a poor location, an an edge of the town on a really busy street. $350-400k for the lot would be in line. Don't forget they bought it for $220k with the house...