bostonbubble.com

[Guest]

Now that it appears that the GE HQ will relocate to Boston, which towns/areas do everyone think will experience the related price and availability crush on an already expensive and low-inventory market?

Thinking of moving to Boston in 2017, and looking for private day high schools. We want to avoid areas that will be likely targets for relocatees. Mass native, but 25+ years away from the scene.

TIA!

[Guest]

Wondered that myself when I saw it on the news. If the Boston Globe is right, then prices anywhere close to the city will just continue to "soar" and "skyrocket" over the next 5 years:

http://www.bostonglobe.com/business/2016/01/07/think-boston-housing-expensive-now-wait-five-years/6qTjKdarDT2AdZkpqrJWaJ/story.html?event=event25

Although I think I read somewhere that people are leaving the state and if there is another financial crisis on the horizon then who knows what will happen. The stock market had it's worse start in a new year since EVER. What does this mean for housing? It will be an interesting 2016.

Regarding housing in Boston, many are saying "It is different this time" due to low inventory, etc. Who knows. Have you seen the movie "The Big Short?" A must see. I won't ruin the ending.

As for relocatees, no idea. Private day high schools? Try a "W" town, Newton, or if you don't mind the commute, Route 2 area: Harvard, Groton, Concord.

[Richthofen]

I am reading that this means about 800 people are relocating. Given there's probably not even 800 SFH for sale inside 128, this is going to make things worse. This is a move of the corp. headquarters so I'd say maybe 100 are very well paid executives. There's lots of inventory over $1 million out there that's been on the market more than 90 days. They'll be fine, just check Brookline/Newton Redfin listings, if you've got $2 million, you can have the pick of the litter. The other 700 employees probably making between 100K and 200K are going to have to fight it out with the rest of us.

[Guest]

OP here. Thanks for your responses.

We have been considering a move to Brookline, Newton, Belmont, or one of the W towns, but especially Concord, where Concord or Middlesex would be day options. First choice is Concord Academy, but it's very competitive.

We had figured that rent would be expensive, but it would give us a year or so to figure out which location is best, and see if the market might turn, at least slightly, to the buyer's side. After hearing this news, I'm beginning to think we'd be better off finding a place to rent for longer.

One question: There was a great fuss over GE's announced move to the Seaport. But what happens to the GE Healthcare HQ in Marlborough, now that they have also announced a relocation to Chicago from the UK? I can't help but think a reduction or closure there would hit the MetroWest area hard.

To the poster who referenced The Big Short, great book and great movie! Highly recommend Liar's Poker, too.

[Guest]

Re: Another financial crisis and what might happen.

Back in 2007-2009 everyone was hoping that the financial crisis would finally burst the bubble, and homes would become affordable. That didn't exactly happen. Yes some of the working class towns in eastern MA had their share of foreclosures and short sales, but the higher echelon towns that people here would like to live in fared quite well. Prices flattened for a while, but that drop in prices never happened.

[admin]

[Guest]

I trust your chart does not lie, but I really don't remember a noticeable price drop in the desirable towns around Boston.

[admin]