Wow!

[dancerjodi]

Around 200 people showed up for the meeting last night about a proposed moratorium on residential building in the city so that the law books could be reviewed/updated:
http://www.dailynewstribune.com/localRegional/view.bg?articleid=44441

We didn't go, because Brian got home from work right when the meeting was beginning (and actually, it wouldn't have been fun standing for the whole thing). I'll keep you posted on what happens (for those interested in urban/suburban development or real estate in the Boston area).

Comments

Re: Waltham

[developer.livejournal.com]

I've read stuff that both claims there is and that there isn't a bubble -- which has lead me to believe that the only way to know a bubble is to look back after it has burst.

I think that so long as you can tear down and rebuild (ie, take a run down single and rebuild it as you wish, staying as a single family), Waltham will rise in value simply due to the location. So long as living inside the 128 belt near Boston is attractive, I think Waltham continues to go up in value. If the number of residences available is reduced by a lack of new condos, then the supply/demand situation kicks.

I mean, I think Waltham will retain its character and Moody isn't about to become nonatum (spelling?) or anything, but I also think that while some town might top out, Waltham might rise more in value since for years it was undervalued.

I mean, you personally are probably in good shape first because no matter the housing values, you are where you want to be and the town itself isn't going to change overnight -- 20 years from now it might be a bit different, but then won't everywhere? Secondly I doubt your house value will decline -- the bursting of a bubble would be worse for places that are excessively overvalued, like say Belmont where they are trying to sell 3 bedroom condos for 550K! :)

Re: Waltham

[dancer.livejournal.com]

"which has lead me to believe that the only way to know a bubble is to look back after it has burst."

I totally agree. History in the real estate market has shown significant rises and falls, so it stands to reason that the bubble *could* burst. At this point though I don't care, since I'm where I want to be :)

"I think that so long as you can tear down and rebuild (ie, take a run down single and rebuild it as you wish, staying as a single family), Waltham will rise in value simply due to the location."

Well that's the point of this moratorium . . . people *won't* be able to tear down and rebuild (for a small time).

"So long as living inside the 128 belt near Boston is attractive, I think Waltham continues to go up in value. If the number of residences available is reduced by a lack of new condos, then the supply/demand situation kicks."

It kicks for people that own homes (or build them). It majorly sucks for those that can't afford them (or rent - because their rents will go up as sale prices do).

"I mean, I think Waltham will retain its character and Moody isn't about to become nonatum (spelling?) or anything"

Its Nonantum as far as I know (which I like actually, lots of cute shops and they still have the massive huge plastic Santa and the red white and green hydrants). :) I think it will change, but it will take a lot of time. I was there in the older boom days of Grover Cronins, small department stores and massive parades. I was there through the scary times of hookers and abandoned store fronts. I'm here now with the trendy restaurants, theater and luxury Cronin's Landing Apartments. I'm really interested in seeing where it goes, and how the demographic of the town changes (always the Sociologist) :)

"the bursting of a bubble would be worse for places that are excessively overvalued, like say Belmont where they are trying to sell 3 bedroom condos for 550K! :)"

I think the thing that hits me is that Belmont (or places like it) have always been expensive places to live. At one time Waltham was not.

When I'm out of school I'm going to volunteer for WATCH (Waltham Alliance to Create Housing) hopefully in some kind of data analysis capacity. At that point I think it would be really interesting to compare historical housing cost hikes for the surrounding towns and see how they stack up.

But I'm rambling! :)