OT: OT - Boston Real Estate request for Help

[whatsbruin]

My Son and daughter in-law live in Cambridge, right at Alewife station. Looking to buy a house and looking for suggested areas to target. She works in Arlington, he works downtown (seaport area), so a town near a subway line is preferable.
We looked at 2 homes in Natick yesterday. The first, House built in 1850 floors, walls, ceilings all out of wack. 2 bathrooms on first floor (no bedrooms), 3 bedrooms on 2nd floor (no bathrooms). $ 670,000. That house where I live is about$50,000. Second house, was like 1700 sq ft, on a slab, better condition than the first, for 690,000.

They are looking for 700,000 - 850,000

On a side note, driving in and out of Boston, on the Turnpike , these last few years, we pass lots of lakes, but I never see anyone on them. If its for drinking I understand no motor boats, but never see kayaks or sailboats. Not allowed ?

Thanks

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[TD Charlie]

750, that’s every home in the south shore now. Can probably get you 3-4 beds, 2 bath, garage, 1800 sq ft

Not that they SHOULD be worth that, but that’s the current situation there.

 

[Johnny Upton]

750, that’s every home in the south shore now. Can probably get you 3-4 beds, 2 bath, garage, 1800 sq ft

Not that they SHOULD be worth that, but that’s the current situation there.

We moved to the South Shore in 2020 and we’d be priced out now if we wanted to move here into a similar house. It’s kinda nuts how much the market skyrocketed.

 

[TD Charlie]

We moved to the South Shore in 2020 and we’d be priced out now if we wanted to move here into a similar house. It’s kinda nuts how much the market skyrocketed.

I’m the donkey that waited in 2020, only to see everything double almost the day I started looking. Then it continued to get worse, rates shot up, and the horrible housing market stretched further and further south. It has officially reached New Bedford.

My only saving grace is that both my girlfriend and I have two family houses, so we can use the rentals to put us over the hump. Otherwise, there’s no way I’m affording a reasonably sized home today.

Ten years ago i bought in Kingston for 370. It sold in 2020 for 485. Right now it’s worth 750 according to Zillow. Knowing the neighborhood it would likely get closer to 8. I sure wish I held onto that one lol

 

[Kate08]

What are they looking for? Size? Bedrooms? Baths? Urban? Suburban? Subway v commuter rail access? Yard/space important to them?

The market is insane in this area. For a starter home in an area they'd probably want to live in, you're looking at least $700k.

We bought our house in 2015. We live in a detached single family house, about 1300 sq feet., 3 beds 1.5 baths (we put the half bath in). No real yard, but huge deck and patio in the back. Driveway for 2 cars, last house on a dead end street, and a 5 minute walk to both the orange line and commuter rail. We paid $420k then (which we thought was insane), and it's estimated at $735k now.

 

[Morris Wanchuk]

Maynard might work. You can get to the Acton or Concord commuter rail which connects to the red line which can get you close to Alewife. Its a decent town, but often overshadowed by the more prestigious towns around it. School are OK but its only a matter of time until they are good due to proximity.

Working in Arlington doesn't make it easy to find a place. If she could get a job downtown or in the suburbs it would be easier to cast a wider net.

For example, I used to live in Marblehead which people think of very expensive but when you factor in a low property tax rate, being very walkable (we only had one car), and the ability to commute into the city with only having to buy a T pass for $90, opposed to a commuter rail which cold run up to $400/mo per person PLUS parking. BUT its a bad commute to Cambridge, impossible to Arlington.

Marblehead, MA Homes for Sale

Find Real Estate for sale in Marblehead, MA. Tour Real Estate & make offers with the help of local Redfin real estate agents.

www.redfin.com

Commuter Rail Fare Zones | Commuter Rail Fares | MBTA

Official website of the MBTA -- schedules, maps, and fare information for Greater Boston's public transportation system, including subway, commuter rail, bus routes, and boat lines.

www.mbta.com

 

[TD Charlie]

What are they looking for? Size? Bedrooms? Baths? Urban? Suburban? Subway v commuter rail access? Yard/space important to them?

The market is insane in this area. For a starter home in an area they'd probably want to live in, you're looking at least $700k.

We bought our house in 2015. We live in a detached single family house, about 1300 sq feet., 3 beds 1.5 baths (we put the half bath in). No real yard, but huge deck and patio in the back. Driveway for 2 cars, last house on a dead end street, and a 5 minute walk to both the orange line and commuter rail. We paid $420k then (which we thought was insane), and it's estimated at $735k now.

And that 735 seems low to me! You'd have a buyer tonight, sight unseen, no inspections, no contingencies.

 

[Kate08]

And that 735 seems low to me! You'd have a buyer tonight, sight unseen, no inspections, no contingencies.

Yup, for sure.

My husband's best friend calls our house a unicorn.

 

[whatsbruin]

What are they looking for? Size? Bedrooms? Baths? Urban? Suburban? Subway v commuter rail access? Yard/space important to them?

The market is insane in this area. For a starter home in an area they'd probably want to live in, you're looking at least $700k.

We bought our house in 2015. We live in a detached single family house, about 1300 sq feet., 3 beds 1.5 baths (we put the half bath in). No real yard, but huge deck and patio in the back. Driveway for 2 cars, last house on a dead end street, and a 5 minute walk to both the orange line and commuter rail. We paid $420k then (which we thought was insane), and it's estimated at $735k now.

Just started looking, so trying to figure out what they can get within their budget.
They would like 3 bedrooms at lease 1 1/2 baths and a little bit of yard.
I just cannot relate to the costs in Boston. I live in Binghamton, NY. My house 2000 sq, center hall colonial, built in 1913, 2 car detach garage, on a 50 x 100 ft lot, will sell for about $250,000 - 270,000.

She drives to work in Arlington, He takes the subway into boston. I think they would like to do that
and avoid buying a 2nd car and avoiding the drive and park into Boston.

Not really looking for specific homes, but areas to look at or avoid.

 

[Kate08]

Just to give you a sense, these 3 properties are in Melrose. Commuter rail and orange line access.

16 Berkeley St, Melrose, MA 02176 | MLS #73277617 | Zillow

71 Howard St, Melrose, MA 02176 | MLS #73266868 | Zillow

This 1961 square feet Single Family home has 3 bedrooms and 2 bathrooms. It is located at 71 Howard St, Melrose, MA.

www.zillow.com

This is a total gut job...$525k

This one is in Reading, which has commuter rail access and a bit further out.

464 West St, Reading, MA 01867 | MLS #73291869 | Zillow

This 1728 square feet Single Family home has 3 bedrooms and 2 bathrooms. It is located at 464 West St, Reading, MA.

www.zillow.com

Acton....commuter rail, but out there.

20 Central St, Acton, MA 01720 | MLS #73286136 | Zillow

This 2044 square feet Single Family home has 3 bedrooms and 2 bathrooms. It is located at 20 Central St, Acton, MA.

www.zillow.com

The entire region is insane. They'd be well served to narrow down an area and just deal with the fact that their lives will be taken over by open houses and heartbreak for a while haha.

 

[MarchysNoseKnows]

Bought northwest out on 495 in 2014. Town with top tier schools. House has more than doubled in value without factoring what we’ve done to it. I’d love to sell but then we’d have to find one to buy lol.

Only 10 more years until the youngest graduates…

 

[TD Charlie]

Bought northwest out on 495 in 2014. Town with top tier schools. House has more than doubled in value without factoring what we’ve done to it. I’d love to sell but then we’d have to find one to buy lol.

Only 10 more years until the youngest graduates…

I'm right there with ya. Kids are 12/9/9

I'm a few weeks away from signing my life away on a home, but still sitting on a 2 family worth at least 2x the remaining principal. The problem is that my father is still living in it and there's nowhere for him to go. Home values and rates are doubled

 

[whatsbruin]

Thanks all, going to be a long hard process , and bitter pill for them to take.

 

[PlayMakers]

Buy a fixer upper and repair it. I've done it 4 times. The house I live in currently is in Medfield, I bought it for $450k 7 years ago, put in $200k (from the sale of my last fixer upper) and it's worth about $2m now. 3400 square feet, 6 beds, 6.5 baths, pool...

We started with a crappy 2 family in Roslindale, then a house with permit issues in Brighton, then a house that had a fire in Wellesley, and the house in Medfield was vacant for 2 years.

People are afraid of fixer uppers but if you plan to do everything and budget to do everything then nothing can surprise you and you get to build a house that's customized to your family and your needs. Our house has a 'locker room' in the barn where all the kids put their hockey bags. It has a skate sharpening station, stick rack... The gym has a glass wall and those leg bars for dancers for my daughter. My oldest boys are 11 months apart so we set up their room like a dorm suite, with two small bedrooms that share a common living room on the 3rd floor in what was the attic. My wife has an art studio with skylights and south facing windows... I have a workshop in the barn and we have an in-law suite on the second floor for Gramma when she puppy sits. This house was a blight on the neighborhood. We gutted it and built something just for us.

Start small, add sweat equity and in 5 years they'll be ready to trade up.

 

[BigGoalBrad]

Saugus/Lynn/winthrop and having a boat is what anyone living in the area should go for. Best decision I ever made was coming up here and ditching the west suburbs.

The rich suburbs are stuck up and bad vibes but I sort of have a different perspective. Working in Arlington idk I’d you have to go pretty far out and past 495 for anything affordable. I’d probably go the Lexington/Arlington end of Waltham. I’d try and stay off the pike and 128. The bus lines into Alewife are very good for commuting. Useless at night and don’t go out very far but I’d do some research there.

Back to the lake thing my dad lives on a reservoir/lake it’s not used for reservoir purposes anymore. Would never get a nice boat with a motor always stupid ass sail fishers or some catamaran so no appeal to me. Going really slow and falling in all the time isn’t fun. Wish I really forced the issue and made him get a cheap pontoon. But yeah the lake really is barely used. I think if you don’t have waterfront property it’s just kind of a pain to haul and launch.

 

[JRull86]

EVeryone is waiting for a market correction that isn't going to happen anytime soon. I work in lending and even with the rate cut, values and inventory are still a huge issue, and will continue to be.

Started in early 2014 with a 860 sq/ft 2 bed 1 bath ranch, bought for 215K, put in years of rehab and updates...probably around 70K...did it all myself. Sold last year for 425K. Upgraded to 1900sqft 4 bed, 2 bath for 620K in May of 23...worth 680K now. Only able to do it because we had so much equity from the sale.

I don't know how people starting out are doing it now.

 

[KillerMillerTime]

Just started looking, so trying to figure out what they can get within their budget.
They would like 3 bedrooms at lease 1 1/2 baths and a little bit of yard.
I just cannot relate to the costs in Boston. I live in Binghamton, NY. My house 2000 sq, center hall colonial, built in 1913, 2 car detach garage, on a 50 x 100 ft lot, will sell for about $250,000 - 270,000.

She drives to work in Arlington, He takes the subway into boston. I think they would like to do that
and avoid buying a 2nd car and avoiding the drive and park into Boston.

Not really looking for specific homes, but areas to look at or avoid.

I have a house in Metro Detroit. 1000 sq feet, cookie cutter brick ranch built in 1950 in
a burb that borders the Gross Pointe's in Macomb County. Bought it in 2010 for
42K, as a rental and got it to rental code just under 50k...lol. I took it off rental market
and live in it. Could get maybe 175,000.

We get any kind of extended recession like 2007 and the housing market will correct, but not collapse quickly in Greater Boston. I wouldn't buy at these prices, better off renting for a couple more years.

 

[Johnny Upton]

EVeryone is waiting for a market correction that isn't going to happen anytime soon. I work in lending and even with the rate cut, values and inventory are still a huge issue, and will continue to be.

Started in early 2014 with a 860 sq/ft 2 bed 1 bath ranch, bought for 215K, put in years of rehab and updates...probably around 70K...did it all myself. Sold last year for 425K. Upgraded to 1900sqft 4 bed, 2 bath for 620K in May of 23...worth 680K now. Only able to do it because we had so much equity from the sale.

I don't know how people starting out are doing it now.

A good friend of mine is a fairly successful realtor in greater Boston and I asked him recently, if someone comes to you and says they’re looking for a starter home, how far out are you telling them to look? He thought for a minute and just kind of laughed and said, “far”. He also said that his brother had to buy a house in central Rhode Island to get one in his price range. It’s crazy out there!

 

[Morris Wanchuk]

A good friend of mine is a fairly successful realtor in greater Boston and I asked him recently, if someone comes to you and says they’re looking for a starter home, how far out are you telling them to look? He thought for a minute and just kind of laughed and said, “far”. He also said that his brother had to buy a house in central Rhode Island to get one in his price range. It’s crazy out there!

I hope that the hybrid work arrangements stay, especially for younger staff. You can suck up a commuter rail trip from Wachusett or Providence 1-2 times a week but not 5.

 

[whatsbruin]

Bought northwest out on 495 in 2014. Town with top tier schools. House has more than doubled in value without factoring what we’ve done to it. I’d love to sell but then we’d have to find one to buy lol.

Only 10 more years until the youngest graduates…

Don't wish for your kids to graduate, it goes by way too fast, and you miss it. Strange, I didn't like going to track meets, sit for 3 hrs and wait for your child to be in two races for a total of 5 minutes, but I miss them now.

I hope that the hybrid work arrangements stay, especially for younger staff. You can suck up a commuter rail trip from Wachusett or Providence 1-2 times a week but not 5.

Amazon just cancelled all remote work. Some believe this is an effort to thin the work force down rather than layoffs.

 

[Morris Wanchuk]

Don't wish for your kids to graduate, it goes by way too fast, and you miss it. Strange, I didn't like going to track meets, sit for 3 hrs and wait for your child to be in two races for a total of 5 minutes, but I miss them now.


Amazon just cancelled all remote work. Some believe this is an effort to thin the work force down rather than layoffs.

Amazon also just paid $100s of millions to lease two office towers in the seaport

 

[blurbruin]

A good friend of mine is a fairly successful realtor in greater Boston and I asked him recently, if someone comes to you and says they’re looking for a starter home, how far out are you telling them to look? He thought for a minute and just kind of laughed and said, “far”. He also said that his brother had to buy a house in central Rhode Island to get one in his price range. It’s crazy out there!

^^this.

We were renting in Somerville, and then started looking at buying a house. Originally we were looking in the greater Boston area, but even though we could technically afford some of the places we saw, putting that much money towards our mortgage seemed insane (Side note, it's crazy what lenders say how much you can afford).

As we started looking, we ended up a places so far away from Somerville, that it made more sense looking at RI and being near Providence. Now we live in Pawtucket (close to the commuter rail stop if we ever need to go to Boston), with an affordable mortgage (granted even in the last few years since we bought the house prices have skyrocketed down here that we couldn't afford a house in our neighborhood anymore)