Revere home sellers have to offer steeper discounts than those in Mattapan
By adamg - 11/25/08 - 10:27 am
Redfin compiles charts showing the discount off list price in selected Boston Zip codes between Sept. 15 and Nov. 15. Prices are most heavily discounted in Revere and least discounted in Mattapan (Mattapan?). Is that because nobody wants to move to Revere or because Revere sellers have an unrealistic view of what the market will bear these days? Or something else?
Comments
Its interesting that 02151
Its interesting that 02151 (Revere) is on the high end and 02150 (Chelsea) is on the low end. One would expect these two cities to have similar reductions as they are so close to each other and have very similar populations. The argument that people wouldnt want to move to Revere, but are going to Chelsea instead makes no sense. It must be that Revere residents, for one reason or another, have an overinflated sense of their home prices and the local real estate agents obviously dont have enough clout to tamper that down.
maybe the Mattapan statistics
were gerrymandered by Finneran to include Milton?
Or
Or it could be that there wasn't much of a run-up in the prices in Chelsea in the past few years, so they didn't have far to fall. Raise your hands, you folks who were looking to get in on the hot, hot Mattapan and Chelsea real estate markets and missed your chance.
I'd expect the drops to be the highest in those marginal areas with recent run-ups.