Bubble or No Bubble

JohnnyCache

This was out of todays paper and it illustrates just how much $ is out there.
It's hard to say that this is bubble when I know full well that this place will sell, likely over ask.
A developer will then step in and construct up to as many as 4 units, with each selling for 1.4M+.
The buyers for the new units will not be held back by interest rates.

Any thoughts?

asheland

I'm definitely not seeing 2M there...

TwoSides2aCoin

I don't normally correct spelling online, but it's rubble.... Sorry for the trouble.

Vasanti

Location, Location, Location

Baley

Supply and demand can be baffling to non participants, doesn't matter the sector

VanHalen

The current trajectory has the average new home price in the United States at $1,000,000 by 2030.

fc

I think the listing is just a starting point. I have no idea why it sold for 62K less then a year ago. The lot is obviously worth quite a bit.

I live in MA and frankly what people are paying for areas around Boston is plain goofy. Yes Cambridge/Allston is a pretty hip area, lots of uni, higher paying jobs for some folks, better place to run certain types of small biz due to the money there, etc... but if it was ice cream it is vanilla. It also has a lot downfalls that make daily life there ridiculously annoying when being stacked up so closely together in a place that was never designed for so many cars yet developed in a way that a car is almost mandatory for normal folks. Unless you are a kid and think biking everywhere is "hip". Try that with a family.

You would think being in such a dense area would be a lot like Paris or Madrid but the feel is completely different. Triple deckers galore. Trash cans everywhere. Barely any parking unless your house has a driveway. So many people rent and barely care coming and going (rich students). Getting to most places in Boston take longer via train (subway) then just driving in from much further away. Very few small bakeries/grocery stores European style. People do not support small biz like they used to thus so many vacancies throughout Boston area with Amazon taking things over. Homeless all over the place because it is good begging grounds. The wealth gap is quite shocking in the area.

Thus.. i live in an old farm town about a 30 minute drive (45 with traffic) outside Boston for a fraction of the price. If I want Boston/Dorchester/Cambridge/Allston.. I will just drive there and pay for parking. It does not offer me a European feel thus totally over priced. Boston is stupid conservative yet fully ran by Democrats. What an odd mix for a city. Oof. No nightlife after 2 AM. Dead. Even Chinatown ain't what it used to be after the clubs got out because the clubs are disappearing.

djm

@fc You want to bring back the Combat Zone?

Exbrit

Central Banks have no backbone

ricko

The real estate market is amazing to watch the last few years, and could either dive or escalate in the next few years. Cheers, RickO

cohodk

@ricko said:
The real estate market is amazing to watch the last few years, and could either dive or escalate in the next few years. Cheers, RickO

Or neither.

ricko

@cohodk ... Yes, there is that option as well... ... Though it seems to be starting a dip.... Cheers, RickO

JohnnyCache

It also has a lot downfalls that make daily life there ridiculously annoying

I have to agree

OPA

@Exbrit said:
Central Banks have no backbone

Central banks will not be involved in this purchase, which most likely will be an all cash deal from a speculator or developer. Forget about the house, it's the land that's up for sale & at the going rate for that neighborhood. LOCATION, LOCATION etc

derryb

@cohodk said:

@ricko said:
The real estate market is amazing to watch the last few years, and could either dive or escalate in the next few years. Cheers, RickO

Or neither.

just sold my home on zillow (by owner) within 24 hours at full asking price, 12% over zillow estimated value. Was really just fishin, didn't expect to catch one over the limit. Maybe it was the dip in interest rates.

cohodk

@derryb said:

@cohodk said:

@ricko said:
The real estate market is amazing to watch the last few years, and could either dive or escalate in the next few years. Cheers, RickO

Or neither.

just sold my home on zillow (by owner) within 24 hours at full asking price, 12% over zillow estimated value. Was really just fishin, didn't expect to catch one over the limit. Maybe it was the dip in interest rates.

Terrible economy. Lol

Well done.

derryb

@cohodk said:

Terrible economy. Lol

For many, not all. Look for the many to become more and the all to become less.

cohodk

@derryb said:

@cohodk said:

Terrible economy. Lol

For many, not all. Look for the many to become more and the all to become less.

Terrible economy. Lol