bostonbubble.com

[Former Arlingtonian]

Lets take a peek at recent transactions in Watertown. We find signs of lots of debt and speculation (as well as some good down payments)

156 Spruce Street Watertown- sold for $685K- New Mortgage $838K
-david geffen construction must be planning a flip for this home.

109 Fayette St - Watertown - sold for $440K, new Mortgage is $490K

17 Shattuck - sold for $850K - new mortgage is $250,000. Its comforting to see someone with real equity.

40 Commonwealth- Unit 1- Watertown- sold for $397.5 -
New Mortgage is now $377,625
It was first listed for sale in May 2010 for $425,000-
Last sale was March 1999 for $235K - when 30 yrMortgage rate = 6.8%
Money is 50% cheaper back then - what does this property sell for when Interest rates go back to 6%

112 Mt Auburn unit 2 - sold for $150K, new Mortgage is $120K
It was first listed for sale in April 2011.

185 Arsenal St, Watertown - $461K new Mortgage is $369.6

47 Prospect St - sold for $550K, new Mortgage is $398.5K
Last sold in Sept of 1996 for $173K - 30 yr Mortgage Rate was 7.78%
Money was approximately 100% More expensive to borrow!

89 Lowell Ave -Watertown, sold for $535K, New Mortgage $454.750K

There are lots of folks using ultra low interest rates to buy their way into real estate in every market. You absolutely save lots of money on rent, but what happens if you have to move or life interrupts your income for some period of time?

[atlantis]

He is bank......hope he makes money on this property to make himself an honest man.