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Price Decreases?
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PostPosted: Mon Jul 30, 2018 11:37 am GMT    Post subject: Reply with quote

Quote:
A 800k house with 20% down means a mortgage of around 4100/month. That's a lot of money.


That is why it is not a home for starter in today's standard. First time home buyers better stop all their hopes of getting a 2k SFH for a reasonable price in average local salary.

People who can justify $800k price tag are mostly those who brought an starter home or condo a few years ago, who should see huge rise of equity on their existing properties. They can sell their existing properties and transfer all recently earned equity toward the 800k new home, and their mortgage amounts would be much less.

As the matter of fact, $800k doesn't get you too far in those traditional nice towns within 95 belt. For anything close to 2k in size with some front and back yard, usually a fix upper that requires 100 to 200k renovation is what you will be getting for 800k.
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RealEstateCafe



Joined: 11 Dec 2007
Posts: 164
Location: Cambridge, MA

PostPosted: Wed Aug 01, 2018 12:19 am GMT    Post subject: Reply with quote

Haven't visited BostonBubble in some time, but delighted to see a thread on price reductions. One that included a dozen Redfin links reads:

"I feel like in the past few years anything was selling and it didn’t seem to matter, I don’t remember seeing prices drop at all, ever."

Some of us have lived through two boom/bust cycles; and this blog post, a decade ago this week, may interest current readers:

BUBBLE HOUR: Slowest real estate sales since 1991 got you cheering or crying in your beer?

http://bit.ly/BubbleGoogles2008

+ + +

As a buyer agent, have the ability to download MLS data 500 listings at a time; and as an MIT's City Planning graduate, love using a program like Tableau to spot trends.

Admin, want to gather offline this week to compare recent news stories from other housing markets and anecdotes reported by readers to preliminary signals a decade ago?

The name we used in the past, "Bubble Hour," has morphed to #REonTap in recent years but talking over beers remain the same.
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Bill Wendel
The Real Estate Cafe
Serving a menu of money-saving services since 1995
97a Garden St.
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http://realestatecafe.com/blog/
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RealEstateCafe



Joined: 11 Dec 2007
Posts: 164
Location: Cambridge, MA

PostPosted: Fri Aug 10, 2018 11:46 am GMT    Post subject: Reply with quote

Another flashback... what will be apparent in Boston by the holidays?

https://seekingalpha.com/article/4196850-last-time-housing-market-2007
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Bill Wendel
The Real Estate Cafe
Serving a menu of money-saving services since 1995
97a Garden St.
Cambridge, MA 02138
617-661-4046
realestatecafe@gmail.com
http://realestatecafe.com/blog/
http://twitter.com/RealEstateCafe
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Guest






PostPosted: Fri Aug 10, 2018 1:39 pm GMT    Post subject: Reply with quote

It's definitely changing:


https://www.marketwatch.com/story/housing-market-has-hit-a-significant-slowdown-in-recent-weeks-redfin-ceo-says-2018-08-09
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PostPosted: Sat Aug 11, 2018 4:55 pm GMT    Post subject: Reply with quote

Anonymous wrote:
It's definitely changing:


https://www.marketwatch.com/story/housing-market-has-hit-a-significant-slowdown-in-recent-weeks-redfin-ceo-says-2018-08-09


Buyers are sick of paying 700k for a new condo or 1.5 million for a new house. It really is cheaper to rent.
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Guest






PostPosted: Sun Aug 12, 2018 2:29 am GMT    Post subject: Reply with quote

Quote:

Buyers are sick of paying 700k for a new condo or 1.5 million for a new house. It really is cheaper to rent.


Agreed
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Guest





PostPosted: Sun Aug 12, 2018 5:12 pm GMT    Post subject: Reply with quote

Anonymous wrote:
Quote:

Buyers are sick of paying 700k for a new condo or 1.5 million for a new house. It really is cheaper to rent.


Agreed


I’m starting to see houses sell for under asking too, haven’t seen that happen in a while either
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PostPosted: Sun Aug 12, 2018 9:03 pm GMT    Post subject: Reply with quote

I've been looking for a multi fam in Boston since, 2015 when prices started to shoot up. Is the market really cooling off? Multi fams don't seem to be sitting that long on the market. With the rates going up a bit, will we see some multi fam prices dip back in the 500k range mainly in the boston area?
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PostPosted: Mon Aug 13, 2018 10:39 am GMT    Post subject: Reply with quote

Anonymous wrote:
I've been looking for a multi fam in Boston since, 2015 when prices started to shoot up. Is the market really cooling off? Multi fams don't seem to be sitting that long on the market. With the rates going up a bit, will we see some multi fam prices dip back in the 500k range mainly in the boston area?


I'm not sure if the market is at the top yet. We are still seeing YOY increases in Boston. The "cooling" people are referring to is that rate of increase is slowing. We need to see YOY decreases before we are certain prices are really cooling. It's highly unlikely that you will see multifamily prices lower that 2015 in the next downturn, except in the bad areas. No one has built any multifamily houses in the past 10 years and they are in high demand. They have built tens of thousands of luxury condos and houses, so you will see some of them for 30% off at the bottom if they enter foreclosure. It's all about supply versus demand. Be patient and you might get a formerly 1.5 million condo in for around 1 million.
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PostPosted: Mon Aug 13, 2018 6:00 pm GMT    Post subject: Reply with quote

Quote:
No one has built any multifamily houses in the past 10 years and they are in high demand.


Anyone know why no one is building multifamily home in the last 10 years?
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PostPosted: Tue Aug 14, 2018 2:27 am GMT    Post subject: Reply with quote

Quote:
Anyone know why no one is building multifamily home in the last 10 years?


Because it is more profitable to redevelop them and sell off as condo's. Between that and end users over paying simply to reduce their payment with a second rent, multi families are really no longer good investments and their existence is becoming extinct
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Elrond



Joined: 27 Feb 2013
Posts: 41
Location: Boston, MA

PostPosted: Tue Aug 14, 2018 5:37 pm GMT    Post subject: Reply with quote

Anonymous wrote:
Quote:
No one has built any multifamily houses in the past 10 years and they are in high demand.


Anyone know why no one is building multifamily home in the last 10 years?


Why would you? There's almost no difference between that and a set of condos other than the legal framework, and the condos sell for substantially more.
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PostPosted: Tue Aug 14, 2018 6:48 pm GMT    Post subject: Reply with quote

I agree, but we need more multi families. Most of these condos are already a rip off along with high condo fees.
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Guest






PostPosted: Wed Aug 15, 2018 1:33 am GMT    Post subject: Reply with quote

New rental multi family buildings (as in 3 deckers) aren't being built. But there are plenty of mid and high rise rental buildings going up. The problem is they're
outrageously priced. One bedrooms usually start in the high $2000's. Two br's start in the mid $3000's.
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Guest






PostPosted: Wed Aug 15, 2018 7:04 pm GMT    Post subject: Reply with quote

The prices much better 95 south in Rhode island, but the job market isn't that great depending on what you do.
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