My Spring Fever: Real Estate

I can’t help it.  It feels like I moved into Waltham Street years ago.  In reality it’s only been a little over 4 months.  Don’t laugh – I made, and had the offer accepted just after the July 4th weekend, so that’s practically a year without a dedicated shopping effort.  Oh I’ve poked my nose into an open house or two since then.  If they did’t want me to come investigate then they should require you to call for an appointment.

77 Waltham

A steal of a deal . 77 Waltham Street . Boston – offer pending

Two weeks ago I visited a property across the street from my apartment.  I noted that it had gone on the market about a month ago, disappeared immediately – who wouldn’t want a reasonably priced one bed on one of the most sought after streets in the South End.  No surprise there, but here’s the interesting part of the story.  It resurfaced.  The why of it is somewhat foggy, but I don’t care about why and neither should you if you are looking for a deal, and trust me, this property was a steal.  When the switched brokers they maintained there asking price of $649K – not terrible  The mind plays funny games, and one must resist the temptation to allow it to control you.  When the property returned to the market – buyers thought it was tainted.  Something must be wrong they said.  They lowered the price by $20K, buyers still remained reticent.  I can assure you – if I had the money, I would have bought it myself.  I was practically jumping out of my skin at the deal.  Now in retelling this story to friends, the consensus was they didn’t want to get involved in a property that had something wrong with it, that was going to end up costing them more money than they anticipated.  I can understand and sympathize.  Still, every single property that I have purchased has required additional, unforeseen work. In each property I have been assessed.  In each property I have turned a profit.  They’re old.  Imagine if someone told you they never had to go to the gym, eat right, or take care of themselves and they were fit as a fiddle.  These brownstones need love, attention, and regular check-ups.  It’s part of the agreement in which you enter when you sign on the line.  I feel strongly it’s important to do your part – don’t be a taker.

Ocean Cove . West Harwich – 2 Bed . $249K

So I wasn’t able to purchase that property, but I hope the lucky devil that got it loves it just as I did.  As Spring turns to summer I am setting my sites on Cape Cod real estate and rental income producing properties.  I just adore the sound of unearned income.  I say a little tongue in cheek.  Everything worth doing requires an effort.

Happy Sunday.


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