Posted on 06/22/2021 8:52:57 AM PDT by millenial4freedom
Yet another overpriced 'starter-home' in the city I grew up in that recently sold at nearly 20% over the asking price... 830k for 1.8k sf. The house last sold for 300k in 2008.
What's particularly sad is that Melrose was once a blue-collar middle class city in which the children of residents eagerly wished to remain. Prices have been on a tear since 2012, but they, like those everywhere else, have been accelerating rapidly since the plandemic.
I would like to especially thank our clueless, arrogant, obnoxious elites at the Federal Reserve (yes, you JPow), the arrogant, entrenched executives at Blackrock, Blackstone, etc who have turned the real-estate market into a giant casino! Because of you *sshats, young people don't stand a chance of ever owning a home, let alone a small condo!
You will own nothing and you will be happy!
My friends live in Melrose. They’re home values have skyrocketed.
Just pick yourself up by your bootstraps. If you can’t compete against a $15 trillion private equity firm, then you’re just not economically viable.
Perhaps you can get a fixer-upper and with a lot of work, flip it. That what a buddy of mine did in the 80s in CA when he got into the rising market late. He worked very hard at it and at his job and now has a 1.6 million dollar paid for home thirty-five years later.
Don’t live in Massachusetts.
You can find very nice starter homes in Texas for less than 200k.
That same house now lists on Zillow for $920,500. But at least we had 2,800 sq ft - almost twice the size of this one here.
Melrose used to be a very nice town where working people could raise a family in a neighborhood where everybody knew each other. We used to sit on our porch on hot nights and everybody else would be out there too, playing transistor radios while the kids and dogs played together.
Now it's full of yuppies and hard core leftists.
I have relatives in Minnesota that bought their homes at about $72,000 some 30 years ago. The price for one of them in the bad neighborhood of Brooklyn Center (last riot was there) is about $430,000. A small single story with a basement and detached garage.
If Melrose is that pricey, what are they going for in Beacon Hill? Holy Moly.
All setting up for another crash, ala 2008.
There are plenty of billionaire millenial marxists who think that is the case.
Funny how they don’t pay “the help” who made the code that sold the product.
Between inflation, gentrification, extremely tight market (low supply, high demand), and fixed up very nicely - yeah prices are high.
The housing market is so hot buyers are paying $1 million over asking price
The way things are going, a million over asking will be like $10,000 over asking was just a few years ago.
Yup..crash coming...our house closes tomorrow.
IMHO the big money is investing in realestate. It is a sellers market in certain parts of the country. Where I live here in Southern California it is crazy. The houses are sold in a week way over the asking price.
Just bought an investment house in the Tampa Bay area of Florida and we were getting out bid left and right on the many houses that we bid on. We finally landed this one and escrow will close on July 8. We bought our current house in 1977 for $75K and on Zillow the price is $920K.
They literally have no ethos other than maintaining their own comfort and having a morsel of power to wield over other people. They are beyond contempt.
Yep I wonder where it will all end. I bought a house many years ago and have substantial equity, so I’m glad I’m not needing to find a place to live at this time.
I’m happy I own my house, and recently refinanced the mortgage at a fixed rate under 2 1/2 percent. It’s crazy out there in the housing market.
All of the “working class” millennials will tell you how anti-capitalist they are while they are promoting their self-funding “side-hustles”.
I felt the same way in 72 when starter homes were selling for $10k.
yes, exactly right! Whenever I hear that someone paid cash for a $500k house, I know that this was not a normal middle-class family. A middle-class family does not have $500k in cash sitting around. Anyone who does have $500k in cash likely earns an income that enables them to afford a much more expensive home. These HAVE to be big $$ investors looking for inflation hedges.
I just hope that when this house of cards falls, we won’t bail out the elites again...
They ALWAYS incision themselves among the leadership.
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