bostonbubble.com

Richthofen · Joined: 02 Apr 2014 Posts: 69

$559,000 for a heights 'victorian' with no functioning heat or plumbing.
http://www.zillow.com/homedetails/58-Paul-Revere-Rd-Arlington-MA-02476/56404501_zpid/

Looks like the summer inventory increase, where there were < $500k homes in Arlington, is over. Not a lot of properties coming on the market. I've noticed softness in the market above Winchester (Woburn, Stoneham, Melrose all have ~50 homes for sale with large Days on Market counts). Not sure which way it goes from here. As Days on Market increases will we see flippers going broke or slashing prices as short term financing comes due?

Guest · Posted: Fri Aug 29, 2014 2:51 pm GMT Post subject: Arlington and Winchester

Arlington is the downgrade reality for those who can not afford Lexington ,Belmont and Newton. now even the downgrade become un-affordable? The downgrade of the downgrade option will be Waltham and Medford, and the downgarde of the downgrade of the downgrade goes to Malden, Revere, Lynn. hahahaha...

Winchester, WTF, why it is become so expensive so quickly. Stop telling me bull such as how nice the area is. There are a lot of nice areas cost much less.

Think about it, think about it, here come my theory.

Look at how expensive American education has became for the past 15 years. Private school annual cost 2/3 as much as private college tuition now. And don't even let me start talking about how much private collage charge people now a day. You know what I am saying.

So if you live in an average town, and try to give your kids better education from day 1, you bend over and pay the price.
In that case, people start looking for alternative.... Ah-ha. They found the cheaper alternative. Which is to settle down in a town with above average public school system.

In recent years, I see a lot of these 'upscale-want-to-be' towns try to use whatever method to 'boost up' their public school rating, and try to sucker in those to buy a house there. More people buy, more price will go up, more tax income for the town. Small investment to school system generating big benefit. Fake it until people pay enough tax to make the town upscale!

Richthofen · Joined: 02 Apr 2014 Posts: 69

Guest · Posted: Sun Aug 31, 2014 6:18 pm GMT Post subject:

I rent in a congested East Arlington, where some asswipe lets his dog shit on the sidewalk and I have to close my kitchen windows when my low-life neighbors hang out in their driveway, smoking cigarettes all day long. Earlier this year, a new construction 2 family on my street sold for $740K a side! I realize that it's only a 30 minute drive to Boston, but this is insane. I used to think I'd end up in Arlington if I couldn't afford Belmont/Newton, but screw this place, I'll go out to Westwood or something, where for $740K, I can at least buy a SFH and excellent schools.

Bostonian · Guest

I rent in Arlington for many years and I really wonder who is buying these pieces of garbage for half a million! I think people lost their minds. Average income in MA is $60K or so and look at the prices of houses, and people think it is OK to pay that much? Plus thousands of dollars in real estate tax... No wonder noone has a penny in their name.

balor123 · Joined: 08 Mar 2008 Posts: 1204

The PITI on a $500k home right now is about $2500/mo. Opportunity cost on the down payment is comparable to principal built in the first 5-10 years of owning the place. Looks to me like a $500k home needs some work. I still maintain that renting is a nice MF complex is a much better deal. The main reason to buy is that you need more space than you can rent in such a complex.

Speaking of which, if you don't need schools, there's two very nice apartments going up in Waltham now. The Merc and Currents on the Charles. The former has a better location but the latter looks like a nicer place to live. I drove by there last month and the build looks nearly complete. It's the most urban development I've seen in the greater Boston area. No prices shown yet.[/url]

unclemat · Joined: 25 Nov 2013 Posts: 18

Dismayed · Guest

Look outside of RT 128 on the commuter rail lines. You can find affordable housing good schools, and reasonable commutes.

balor123 · Joined: 08 Mar 2008 Posts: 1204

Ick.. outside the 128 belt. It becomes rural very quickly. Houses become more affordable but I don't think affordable ever comes. There are some good schools - Natick for example. Commute times quickly become unmanageable, at least within 20-30min from the city.

Guest · Guest

Canton, Needham, Wellesley, Concord, Wayland, and more. There are many good school systems outside of 128. Not all of these towns feel rural.

gdma · Guest

Hey some of us enjoy the rural feel. Wink