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The condo across the street from us was ~600 sq ft and sold for 634k (over asking), 2 tiny beds, no parking, but clean and modern. With $400/month HOA on top of your mortgage. This was in Southie. Just one data point for you
Good news is condos in Boston are not going for 100k+ over asking, as are most single family homes in the greater Boston area.
However, buying a condo will really depend on what you want to do with it longer term. Also keep in mind things like HOA fees are incredibly variable, some condos have parking, some don't. Those could be pretty high costs that eat into your budget.
Yeah, I don’t need parking but think my boyfriend will for work. I’ve wanted to get a condo and live in it for a couple years and then from there not sure if I would continue to lease it out until I own it or sell it to buy a house
Housing market isn’t going to slow much. 600K may not get you much in Boston Proper. Probably a 1 bedroom between 500-800 square feet. Good luck.
600 won’t go far here, I just moved from NYC and was pretty surprised at the condo prices. Market seems to be cooling a little though
Regardless, well played!
$600k won’t get you much in Boston proper- especially if you want a parking spot. You could likely do Jamaica plain or some parts of southie.
Personally, I think the Boston area is pretty recession proof; just look at the price resilience in 2008, which practically no other major city saw. The area is full of jobs that are relatively recession proof (doctors, professors, biotech, etc) and tons of students.
If you think you can hold for 5 years, I think it’s worth it. I’m on year 4 of buying a condo and 1) I pay significantly less than if I were renting (especially factoring in equity), and 2) my place has appreciated substantially. I’m not sure I could afford to buy today.
Yep, totally spot on. Hard to get into now due to prices, competition, etc.
Sadly $600k won’t get you much in Boston proper, most likely a 1 bedroom. The condo fees can also really eat into your budget, some buildings charge $1,000/month. That leaves you most likely looking at a place in the suburbs or in a less fun area. As a 24 year old living way out in the suburbs might not be a good fit with your lifestyle, although YMMV.
As a general rule, you also usually need to live in a place for 5 years before selling to make it worth buying, and renting out your place can be a lot more of a hassle than people think. Are you guys planning to stay in Boston long term? If you’re not sure, I’d wait a few years to save up more, and make sure you want to stay in the area.
Yes definitely long term my family and friends are all up there. The reason I was looking to buy a condo is because I have had some friends do it and said they’re paying less monthly than an apt and I’m tired of renting out an apartment and practically throwing that money away every month instead of funding it toward my own condo, but perhaps I’m jumping the gun on buying so early in my life, I have about $130k in my total savings right now
Things are expensive all over but look into Charlestown. Still Boston, still very close to and easy to get to downtown. Just bought a condo here earlier in the year (our budget was much larger though). HOA is $150/month and we have a parking spot