Real Estate prices

TheRifleman

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The real estate prices in Cambridge are insane.

Properties at 17-41A Brattle Street in Harvard Square Cambridge will sell for over 100Million. Charlotte-based Asana Partners said it purchased the cluster of buildings on 1-8 and 17-41A Brattle St., which house several businesses — including Black Ink gift shop, Cardullo’s Gourmet Shoppe, and Flat Patties restaurant. It’s the company’s first local acquisition
https://www.bostonglobe.com/business/2017/12/18/harvard-square-properties-sell-for-million/lMa0ymCxtyTwuoSX0I3M1I/story.html

I would say the Mom and Pup stores are going to be obsolete in these areas.

These real estate price #'s are astronomical.

NO INFLATION?
 

Arlington

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Also as reported in the unpaywalled Cambridge Day.

The real estate prices in Cambridge are insane.
https://www.bostonglobe.com/business/2017/12/18/harvard-square-properties-sell-for-million/lMa0ymCxtyTwuoSX0I3M1I/story.html
I would say the Mom and Pup stores are going to be obsolete in these areas.
Strikes me as quite sane: a rare object that produces decent income now and at some point could probably have additional density stacked on top of it (maybe at the back of the lot, not visible from the nearest sidewalk, or something sensitive to deco or brick context at the streetwall).

It is hard to imagine properties that are better long-term places to park money than land this close to Harvard and the Red Line. Kinda like the Harbor Garage (without the risk of sea level rise).

To me, it also shows the unfortunate side of not having a land tax (based on proximity to transit) but instead having a property tax (that encourages people to keep [undersized], depreciated buildings on transit-accessible land)

As for "mom & pop" stores, sure, the world of retail is changing thanks to Amazon and other have-it-delivered / don't-leave-your-house options that people have for getting stuff and media. The stores that survive will likely be selling either highly unique stuff, food-and-perishables, or impulse buys
 

TheRifleman

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Muti-families for sale
Everett 650K for 2 Family's
Chelsea 750K for 3 unit
Malden 689K 3 Unit
Chelsea 1.35 Million 6 Unit

These areas are about 50% section 8?

This is INSANE
 

TheRifleman

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REAL ESTATE---BUY BUY BUY----Everett, Chelsea, Revere, Lynn, Malden will become unaffordable real soon
The push coming from all directions: Wynn Development, the hype of Amazon, along with Cambridge, Somerville, Medford, East Boston, Charlestown----Million dollar properties

Once a blue collared surrounding areas have become the millionaire haven to the city of Boston.

No inflation in Boston---Low interest rates forever.
 

tysmith95

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REAL ESTATE---BUY BUY BUY----Everett, Chelsea, Revere, Lynn, Malden will become unaffordable real soon
The push coming from all directions: Wynn Development, the hype of Amazon, along with Cambridge, Somerville, Medford, East Boston, Charlestown----Million dollar properties

Once a blue collared surrounding areas have become the millionaire haven to the city of Boston.

No inflation in Boston---Low interest rates forever.
Lol I hope this isn't a serious post. You make it sound like a bubble.

Anyway, how the hell will a casino raise property values?
 

TheRifleman

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Lol I hope this isn't a serious post. You make it sound like a bubble.

Anyway, how the hell will a casino raise property values?
Wynn has actually been buying up all the residential properties on 99 an area in Everett called the Line for very generous prices.

https://www.bostonglobe.com/metro/regionals/north/2017/03/30/wynn-casino-rises-nearby-neighborhood-faces-demolition/6neLAa03dOIEjYjENauYWM/story.html

Its not the casino its everything surrounding Boston, Cambridge and Somerville is so priced out of whack that anything 10Mins from the city is becoming priceless

I feel bad for hardworking families that don't own anything near Boston.
 

Jouhou

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Boston isn't in a bubble. It's a simple case of demand being greater than supply. It's why many of us cheer on dense residential development and tend to favor it over other types of development despite being here for the architecture. While the most intriguing buildings around the world tend to be commercial, what the region desperately needs is residential and we all know it.

Also rifle, um. I'm not sure you understand the relationship between inflation and "interest rates"
 

TheRifleman

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Are these elected officials serious?

Boston might require developers to set aside more low-income units
http://www.bostonglobe.com/business/2018/03/05/city-mulling-higher-affordable-housing-rules/k0Ttq1POOtZVnnitoTNe0L/story.html

I have a solution:
Build more supply on the rapid transit lines and build as high as they can.

You wonder why there is such a problem in real estate.
Look at the politics behind Harbor Garage development almost 15 years to knock down a above parking garage that blocks 90% of the waterfront from the public and add more supply to the market. That's pretty logical.

Give it another 10 years Massachusetts might turn Republican.
 

TheRifleman

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Also rifle, um. I'm not sure you understand the relationship between inflation and "interest rates"
I guess the Govt left off the inflation gauge, Housing, Healthcare, college costs.

Interest rates are the key to everything. (especially the working class labor value vs everyday cost of living)
The value of the dollar vs goods and services.
#1 record low interest rates since 2008
#2 Bailouts and stimulus packages to the bankers and unions in hundreds of Billions.
Supply and Demand should determine the demand of the product or service.

Even if Real Estate fell 50% most people could not afford to buy a house in and around the surroundings of Boston.
Who is getting these million dollar loans? Middleclass stiffs? They will be servitude to the system for the rest of their lives paying off their house.

The American Taxpayer got HOODWINKED concerning all these bailouts and stimulus packages. Biggest swindle job in history against the American working class----TRILLIONS swindled.
 
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TheRifleman

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Does anybody know how much the state is subsidizing real estate in and around Boston just on section 8#’’s?

Was out with a friend the other night said he lives in a condo complex close to the city the majority of the condo complex is section 8.
 

tysmith95

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Does anybody know how much the state is subsidizing real estate in and around Boston just on section 8#’’s?

Was out with a friend the other night said he lives in a condo complex close to the city the majority of the condo complex is section 8.
Section 8 is a federal program
 

TheRifleman

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bakgwailo

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Rents and Taxes continue to rise.
Rents are exceeding 4000 to 3000 a month for 2 bedrooms--Cambridge, Somerville--Only matter of time it starts pushing up surrounding areas.
Real estate Taxes continue to climb each year outpacing inflation for fixed income Bostonians.

http://www.bostonglobe.com/business/2018/04/01/rents/fX2TheKLmUEgyjza6hCqoM/story.html#comments

I'm curious how long this will continue.

No inflation thou
My property tax went down last year thanks to Walsh raising the owner-occupy exemption. Also, property taxes are limited by prop 2½, so very questionable that they are in general climbing past inflation.
 

dwash59

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My property tax went down last year thanks to Walsh raising the owner-occupy exemption. Also, property taxes are limited by prop 2½, so very questionable that they are in general climbing past inflation.
Yep, this so much. Exactly the same for me.

See http://bmrb.org/boston-adopts-35-residential-exemption-for-fy17/ , average year over year decrease in real estate taxes for Boston single family homes of 8.5% when this was adopted, despite an increase in assessed value of 7.1%.

If your taxes went up in FY17 as an owner-occupant, you own very expensive property, most likely a multifamily.
 

bakgwailo

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Yep, this so much. Exactly the same for me.

See http://bmrb.org/boston-adopts-35-residential-exemption-for-fy17/ , average year over year decrease in real estate taxes for Boston single family homes of 8.5% when this was adopted, despite an increase in assessed value of 7.1%.

If your taxes went up in FY17 as an owner-occupant, you own very expensive property, most likely a multifamily.
Even in my two family it went down - and that's even with the CPA increase.
 

TheRifleman

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Even in my two family it went down - and that's even with the CPA increase.
Is that owner occupant? That probably is the best tax play to live in a muti-family collect the rent roll on the top floor and keep the taxes in check living on the bottom floor.
 

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