Comments on: My Fate Is In Your Hands http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/ Snarl's Humble Webpage Thu, 20 Dec 2012 03:36:51 +0000 hourly 1 http://wordpress.org/?v=3.4.1 By: Erica http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/comment-page-1/#comment-9012 Erica Mon, 16 Oct 2006 20:47:08 +0000 http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/#comment-9012 I think it may make sense to keep renting, but that there is also something to be said for getting out of the crappy-neighbor situation and into something more quasi-permanent. Things to consider: * How much does the current apt suck now that there's the noisy neighbor - will you want out in the next few months anyway, even if it means moving to a new rental? * Will there be a possibility of your renting out a condo should you buy one you love, and then end up meeting the man of your dreams just a year or two down the line? * What's the trade-off in terms of costs around searching, buying, and later selling vs the benefits of building equity? I do consider Somerville, especially that area right by Porter, to be heading up. There's a certain magic-zone quality to it because both Davis and Porter are quick walks, Harvard isn't far, and a lot of buses and the commuter rail go through there. I think that area has staying power, in that a condo bought there today would be very unlikely to go down, if it's at the lower-end. I also agree that lower-end, first-time-condo type properties in general are not likely to experience a burst price bubble remotely like what the higher-price properties will experience. My friend j (blogs.law.harvard.edu/jkbaumga) recently bought a condo in Somerville using similar logic to above. So if you want that perspective, I'm sure she'd be happy to share her experience. Also, her buyers' agent was pretty awesome. All that said, there's a lot to be said for renting IF you are pretty confident that you'll be changing situations anyway in the next 2ish years. Which, since you're awesome, and some lovely guy ought to be snapping you up any time now, isn't necessarily a bad bet. :D I think it may make sense to keep renting, but that there is also something to be said for getting out of the crappy-neighbor situation and into something more quasi-permanent. Things to consider:

* How much does the current apt suck now that there’s the noisy neighbor – will you want out in the next few months anyway, even if it means moving to a new rental?

* Will there be a possibility of your renting out a condo should you buy one you love, and then end up meeting the man of your dreams just a year or two down the line?

* What’s the trade-off in terms of costs around searching, buying, and later selling vs the benefits of building equity?

I do consider Somerville, especially that area right by Porter, to be heading up. There’s a certain magic-zone quality to it because both Davis and Porter are quick walks, Harvard isn’t far, and a lot of buses and the commuter rail go through there. I think that area has staying power, in that a condo bought there today would be very unlikely to go down, if it’s at the lower-end. I also agree that lower-end, first-time-condo type properties in general are not likely to experience a burst price bubble remotely like what the higher-price properties will experience.

My friend j  blogs.law.harvard.edu) recently bought a condo in Somerville using similar logic to above. So if you want that perspective, I’m sure she’d be happy to share her experience. Also, her buyers’ agent was pretty awesome.

All that said, there’s a lot to be said for renting IF you are pretty confident that you’ll be changing situations anyway in the next 2ish years. Which, since you’re awesome, and some lovely guy ought to be snapping you up any time now, isn’t necessarily a bad bet. :D

]]> By: Dennis http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/comment-page-1/#comment-9004 Dennis Mon, 16 Oct 2006 13:07:28 +0000 http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/#comment-9004 I may not be the best advisor in this arena, but you asked. Living in Tennessee, it completely blows me away hearing the costs of living and prices, both selling and buying for property in your area. I purchased a new home, 1200 square feet 3 bedrooms, two full baths, with a year builders warranty last year in a great older neighborhood for $94,000. So you can understand my being overwhelmed. I will try to offer advice from my perspective as a homeowner. If you are not completely in love and do not have that "this is the one" click on either property, WAIT. I waited a year with a good real estste agent to find my house. I was very particular with my needs and desires and would not budge. Another thing to think about regardless if you are buying new or existing property is the additional monies you will spend when you do acquire a new home. I think we all under estimate what we will spend on a "new " home. This past year I have spent over $10, 000 on what I considered must have upgrades. Not knowing a lot about the Somerville area, but reading your comments, it sounds as if it may be a "growing" nieghborhood and therefor resale value may improve. I think the most importnat advice anyone can give you at this point is not to rush, or make yourself feel that way. You are not in a rush. You want to find a place that you can feel like you are at home in, regardless what the future may hold. Security and comfort with your decision has to be paramount. As I have stated, I do not know a lot about you (other than your blog which allows me to live vicariously through- Thank you very much) but I hope my comments helped. I may not be the best advisor in this arena, but you asked.
Living in Tennessee, it completely blows me away hearing the costs of living and prices, both selling and buying for property in your area. I purchased a new home, 1200 square feet 3 bedrooms, two full baths, with a year builders warranty last year in a great older neighborhood for $94,000. So you can understand my being overwhelmed.
I will try to offer advice from my perspective as a homeowner.
If you are not completely in love and do not have that “this is the one” click on either property, WAIT.
I waited a year with a good real estste agent to find my house. I was very particular with my needs and desires and would not budge.
Another thing to think about regardless if you are buying new or existing property is the additional monies you will spend when you do acquire a new home. I think we all under estimate what we will spend on a “new ” home. This past year I have spent over $10, 000 on what I considered must have upgrades.
Not knowing a lot about the Somerville area, but reading your comments, it sounds as if it may be a “growing” nieghborhood and therefor resale value may improve.
I think the most importnat advice anyone can give you at this point is not to rush, or make yourself feel that way. You are not in a rush. You want to find a place that you can feel like you are at home in, regardless what the future may hold. Security and comfort with your decision has to be paramount.
As I have stated, I do not know a lot about you (other than your blog which allows me to live vicariously through- Thank you very much) but I hope my comments helped.

]]> By: karyn http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/comment-page-1/#comment-8968 karyn Sat, 14 Oct 2006 01:04:58 +0000 http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/#comment-8968 What Dave in Chicago (2) says. What Dave in Chicago (2) says.

]]> By: Dave in Chicago (2) http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/comment-page-1/#comment-8967 Dave in Chicago (2) Fri, 13 Oct 2006 22:10:47 +0000 http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/#comment-8967 Wait. Wait.

]]> By: snarl http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/comment-page-1/#comment-8963 snarl Fri, 13 Oct 2006 18:28:03 +0000 http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/#comment-8963 AWWWW - I love my friends. This kind of feedback is EXACTLY what I'm looking for. Based on my own reservations/instincts, and the comments of so many of you, it seems that a) these two properties are not the properties for me, and b) this may not be the best time to buy. But other readers should pipe in (whether you agree or disagree). AWWWW – I love my friends. This kind of feedback is EXACTLY what I’m looking for.

Based on my own reservations/instincts, and the comments of so many of you, it seems that a) these two properties are not the properties for me, and b) this may not be the best time to buy.

But other readers should pipe in (whether you agree or disagree).

]]> By: veselka slut http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/comment-page-1/#comment-8960 veselka slut Fri, 13 Oct 2006 17:25:47 +0000 http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/#comment-8960 I concur with all above, but am not as hawkish about buying in this market. If you save for a year or so, build up more money for a down payment (and, hopefully, have a bigger income to impress the banks), you'll be more attractive when things truly fall apart, banks will LOOOOOVE people buying with some cash in hand. Without having seen the particular unit in Somerville I can't say for sure, but I have a pretty good idea it's not a place you would want to look at everytime you come home or bring someone over, regardless of space. The Cambridge one seems as convenient for work and more convenient for play, even if it is smaller. I know that when I lived there getting into town at night and home again to Davis was a bitch. Winter Hill, ironically, is much easier and cheaper by cab, and there's a T line supposed to go there sometime, so it's proabably the most attractive from an investment pov. For me, (as of said umpteen times before), I'd give Dorchester another look and find someplace to fall in love with. Or, wait a while until you either do find that place or find something that's a good investment. Long story short, if you absolutely must, go for the Cambridge one, in my humble opinion. I concur with all above, but am not as hawkish about buying in this market. If you save for a year or so, build up more money for a down payment (and, hopefully, have a bigger income to impress the banks), you’ll be more attractive when things truly fall apart, banks will LOOOOOVE people buying with some cash in hand.

Without having seen the particular unit in Somerville I can’t say for sure, but I have a pretty good idea it’s not a place you would want to look at everytime you come home or bring someone over, regardless of space. The Cambridge one seems as convenient for work and more convenient for play, even if it is smaller. I know that when I lived there getting into town at night and home again to Davis was a bitch. Winter Hill, ironically, is much easier and cheaper by cab, and there’s a T line supposed to go there sometime, so it’s proabably the most attractive from an investment pov.

For me, (as of said umpteen times before), I’d give Dorchester another look and find someplace to fall in love with. Or, wait a while until you either do find that place or find something that’s a good investment.

Long story short, if you absolutely must, go for the Cambridge one, in my humble opinion.

]]> By: Fred http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/comment-page-1/#comment-8957 Fred Fri, 13 Oct 2006 16:45:19 +0000 http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/#comment-8957 Oh, forgot to add - based on what you say, I'd go for the better space in (Porter Sq. area, anyway - there/Davis is the ONLY part of Slummerville I'd even conceive of living in - the rest is just either too innately ugly or too innately inconvenient [there are some very nice parts of Winter Hill, but try getting there w/o a car...]) Somerville over crappy space in Cambridge - again, you're looking to LIVE in this place, not flip it, right? I think your chances of making money on resale on this thing are going to be about nil for the next few years (though fine in the long run, both places), so make sure you really LIKE the space. Favorite old adage: never buy the best of a bad stock! Oh, forgot to add – based on what you say, I’d go for the better space in (Porter Sq. area, anyway – there/Davis is the ONLY part of Slummerville I’d even conceive of living in – the rest is just either too innately ugly or too innately inconvenient [there are some very nice parts of Winter Hill, but try getting there w/o a car...]) Somerville over crappy space in Cambridge – again, you’re looking to LIVE in this place, not flip it, right? I think your chances of making money on resale on this thing are going to be about nil for the next few years (though fine in the long run, both places), so make sure you really LIKE the space. Favorite old adage: never buy the best of a bad stock!

]]> By: fred http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/comment-page-1/#comment-8956 fred Fri, 13 Oct 2006 16:41:12 +0000 http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/#comment-8956 Heya Karl - I'm in a similar place (though a bit farther back on the curve) - haven't fully read the blog piece and comments (but will), but, fer chrissakes, if you want an architecty-buddy to go along on some of these tire-kicking expeditions, I'm a total real estate (among other things ) voyeur - and a selling-agent's worst nightmare . Porter Sq. area of Slummerville is about as good as it gets, but I'm not a big fan generally, of either Cambridge or Somerville, really...at least until one gets to the upper end of the market. For myself, I think the current slump is still building - lots of people whose ARMs haven't gone up yet but are about to are going to end up foreclosed-on, etc., and the rhetoric in the press (including in the building-trades press) is unformly glum or very fake-pollyannaish "it'll be fine" with no hard facts backing that up - methinks we have a way to fall...so, take your time and don't settle for something bad, as you probably WILL be saddled with it for at least the next four or five years if you don't want to lose money (this is what happened with condos the last time - they take a long time to rebound once they fall...). For myself, I'm looking at Dorchester and, of all places, Providence first... Heya Karl –
I’m in a similar place (though a bit farther back on the curve) – haven’t fully read the blog piece and comments (but will), but, fer chrissakes, if you want an architecty-buddy to go along on some of these tire-kicking expeditions, I’m a total real estate (among other things ) voyeur – and a selling-agent’s worst nightmare . Porter Sq. area of Slummerville is about as good as it gets, but I’m not a big fan generally, of either Cambridge or Somerville, really…at least until one gets to the upper end of the market. For myself, I think the current slump is still building – lots of people whose ARMs haven’t gone up yet but are about to are going to end up foreclosed-on, etc., and the rhetoric in the press (including in the building-trades press) is unformly glum or very fake-pollyannaish “it’ll be fine” with no hard facts backing that up – methinks we have a way to fall…so, take your time and don’t settle for something bad, as you probably WILL be saddled with it for at least the next four or five years if you don’t want to lose money (this is what happened with condos the last time – they take a long time to rebound once they fall…).

For myself, I’m looking at Dorchester and, of all places, Providence first…

]]> By: Wendy http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/comment-page-1/#comment-8955 Wendy Fri, 13 Oct 2006 16:21:50 +0000 http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/#comment-8955 Well, Karl, you know I loved living in that building (amazing coincidence!). I am also pro-ownership because I have been paying my money into someone else's pocket for far, far too long. But I wouldn't say buy it unless you really want to commit to something. It doesn't have to be twenty years, of course, but it will probably have to be a few. Well, Karl, you know I loved living in that building (amazing coincidence!). I am also pro-ownership because I have been paying my money into someone else’s pocket for far, far too long. But I wouldn’t say buy it unless you really want to commit to something. It doesn’t have to be twenty years, of course, but it will probably have to be a few.

]]> By: Will http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/comment-page-1/#comment-8954 Will Fri, 13 Oct 2006 16:08:30 +0000 http://blogs.law.harvard.edu/snarl/2006/10/13/my-fate-is-in-your-hands/#comment-8954 Somerville is hardly an undesirable address these days. It's been upscaling for years. People who are smart, many of them in Academia, move there because it's still just barely affordable unlike Cambridge and Watertown. So, people are constantly looking for places in Somerville--YOU looked in Somerville, don't forget--because whatever happens to the housing market (and I'm looking to put my house in Roslindale up for sale next spring in the middle of what's predicted to be the bottom of the market) Somerville is always going to be a better price for people looking for shelter than Cambridge. The unit sounds far more comfortable and desirable than the one in Cambridge, view or no view. As to the man thing, I think you should remove that from the list of considerations. It's just too unpredictable. I think the agenda is about Karl Finds a Home that will build equity and stop him from giving money to a landlord and getting only shelter instead of shelter PLUS equity in return. I think you know I hope you find THE man and soon. You're a real catch, and it WILL happen (from my mouth to god's ears!). But if you take all the "what ifs" attendant upon finding this man, and factor in all the possible complications of his own living situation in conjunction with yours--you'll never buy ANYTHING. And that's not good. And this weekend, you might find something else that has little or no baggage attached--these two units are not the only condos on the market. Somerville is hardly an undesirable address these days. It’s been upscaling for years. People who are smart, many of them in Academia, move there because it’s still just barely affordable unlike Cambridge and Watertown. So, people are constantly looking for places in Somerville–YOU looked in Somerville, don’t forget–because whatever happens to the housing market (and I’m looking to put my house in Roslindale up for sale next spring in the middle of what’s predicted to be the bottom of the market) Somerville is always going to be a better price for people looking for shelter than Cambridge.

The unit sounds far more comfortable and desirable than the one in Cambridge, view or no view.

As to the man thing, I think you should remove that from the list of considerations. It’s just too unpredictable. I think the agenda is about Karl Finds a Home that will build equity and stop him from giving money to a landlord and getting only shelter instead of shelter PLUS equity in return.

I think you know I hope you find THE man and soon. You’re a real catch, and it WILL happen (from my mouth to god’s ears!). But if you take all the “what ifs” attendant upon finding this man, and factor in all the possible complications of his own living situation in conjunction with yours–you’ll never buy ANYTHING. And that’s not good.

And this weekend, you might find something else that has little or no baggage attached–these two units are not the only condos on the market.

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