A friend decided that he did not need his three-bedroom condominium in Cambridge anymore. Here’s an email from him:
Went on MLS this week. Today was the first public open house. Got two written offers. Accepted one for 1.325MM with no mortgage contingency.
The government assures us that inflation is non-existent, but if you would like to live in the Boston area without being stuck in traffic for an hour every morning, it will cost you about 20 percent more this year compared to last year. Brookline, as the only town that is both close to the center and has a school system with reasonable results, is getting particularly packed with newcomers.
What if you are willing to rely on the highways? The same friend just bought an 11,000 (!) square foot place in a suburb that has one of the Boston area’s top 10 school systems. He will be luxuriating on 10 acres of land and swimming in the pool. The “guest house” is nearly 4000 square feet. Cost of this Neverland-style ranch? $1.7 million. (Plus the Al Gore-sized electricity bills!)
[Separately, this does lead to the question of why realtors are making 5 percent on nearly every transaction in Cambridge. Unless grossly overpriced, places are sold within a few days. If buyers and sellers could determine a fair price from an appraiser at a cost of $500 or so, why are they paying $60,000+ to realtors to assist them? (The actual legal conveyance from seller to buyer will be done at an additional cost by lawyers, of course.)]