bostonbubble.com

Former Arlingtonian · Joined: 23 Oct 2013 Posts: 141

Here is what is happening in Wayland and you again appear to be a pattern of increasing debt to bid up prices (Not a lot of cash buyers out there).

29 Boston Post Road - Wayland sold for $425K - new Mortgage is $391.5K
In 2003 this home sold for $490K and the Mortgage was $345K

9 Parkridge - Wayland sold for $315K - new Mortgage/loan $600K - looks like a builder hopping to flip.

35 Pilgrim Path - Wayland sold for $551,450 - Mortgage now $465,750
This home was foreclosed on in 2011. The previous owners had a Mortgage of $446,000

40 Griscom- Wayland sold for $885K - Mortgage now $708K

261 Old Connecticut Path, Wayland - sold for $714K - Mortgage is $417K
Its been for sale since 04/23/2012 Listed for sale $749,000 141% $217 RE/MAX Home Team
In 1991 this property sold for $311,000 - 30yr Mortgage rates 9.3%.
the buyers in 1991 had a $200,000 Mortgage - Monthly Mortgage= $1.7K
Todays Buyers Mortgage Payment will be about $2,800
Debt and Interest rates are driving prices.

168 Boston Post- Wayland- sold for $545K - new Mortgage $532.9K
In 2002 it sold for $385K - Mortgage rate was 6.1%
In 2008 it sold for $400K - Mortgage rate was 6.2-6.8%
Money is 50% lower - so the buyer borrowed more to bid up the price.