Suddenly, area's housing market favors the buyers

[ckramer]

For the last two Sundays, John Ford, of Ford Realty Inc., held open houses at a two-bedroom South End condo on a strong residential block of Columbus Avenue with parking, patio, and hardly outrageous asking price of $570,000. Not a single person showed up. In Weymouth, a four-bedroom raised-ranch with a view of the Fore River, priced at $445,000, attracted just one couple in the first hour and 15 minutes of an open house last weekend, prompting realtor Bonnie Goodstein to exult, ''O yay! Customers!"


link

[Betty]

1. I live in Boston...

and the house next to me has been on the market for a couple of months now and I don't see any sign that it's even being shown much any more. The for sale sign is still up, though. They had an open house that I went to and there like two other people there, and after I left, I didn't see any cars pulling up to the house.

[Inland]

2. SF prices declined in August. nt

[Boomer]

3. Hardly outrageous?

Only someone with a complete disconnect from reality can claim that a two-bedroom condo is moderately priced at over a half-million dollars.

I don't care what city you live in, that kind of price for anything short of a mansion is another sign that the American middle-class is under siege.

[Gormy Cuss]

5. This is not an area of 'middle class' owners.

Notwithstanding your point that the middle class is under siege, this area of the South End has beautiful old brick and stone rowhouses that were restored and converted into condos about 20-25 years ago. The listing highlighted is near the low-end for 2 BR condos. Even if the bubble burst overnight the properties in this neighborhood would still be out of range for most middle class buyers.

Here's a disconnect for the middle class. In Cambridge an old 1100 SF house with 2 tiny bedrooms and 1.5 baths, parking for 1 car, no garage, unfinished cellar, and postage stamp yard, vinyl siding, front door less than 10 feet from a busy road: 500K. This same house sold for 300K 3 years ago and only 165K 7 years ago. There is nothing special about this house except the location in a desirable community.

That's the run-up in the Boston area in a nutshell, and Boston is nowhere near the craziest real estate market in the country.

[CrispyQ]

4. The house next to us was on the market for six months or so,

then the sign went down & there was nothing for about 2 months. Then a "for rent" sign went up. Since then, there have been new renters every six months or so (no same renter for even a year) & the last time it sat vacant for 4 months. The same style house down the street, while it sold quickly, it is now also a rental, has been vacant for 3 months, going on 4.