walkitout (walkitout) wrote,

Uninformed speculation, local real estate edition

I took a few moments today after we were done with dinner (except A., who did not like the smell of brown rice cooking, and took her dinner out to the porch, where she has now asked me for three refills on her cup of water, wait, I think that is the fourth; she had fritos with her grilled cheese, berries and carrot sticks, so it is probably the head and the salt causing her to drink so much) to look at recent property sales in town. I have not done this in a while.


Price history of the listing (which may have been listed, taken down and relisted -- I don't know) shows it originally put up in April for $375K. That suggests they hoped some nice young family would buy the house and live in it. One month later, it was at $325K. By the end of June it was at $299K. It sold earlier this month for $240K, which is almost _exactly_ what we calculated a buildable lot was worth in Acton some years ago (I believe we had it figured at $220K based on the purchases involved in our house and the neighbor's, which occurred during the tail end of the previous boom).

One of the adjoining lots seems to be apartments, so I would not be too surprised to see one go that way. Central Street is considerably busier than our street, but brilliantly located as a commuter location, either by car or to the train.

The listing does suggest a real conundrum for anyone owning a smallish (3 bedroom, 1 bath) post-WW2 (in this case 1954) house in Acton. You can _try_ to get what Zillow might think it is worth, as a single family home. But can you afford to wait long enough for that? And what are the alternatives? I feel like it ought to be possible for an enterprising homeowner to make a deal with a capitol poor developer, so that the developer does the work but does not have to purchase the land, and the homeowner gets to participate in gain, which they otherwise probably cannot realize through a sale.
Tags: real estate

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