Desperately seeking decent habitation – below $250,000 - in the inner suburbs
A long-time newspaper buddy of mine has begun searching for a condo in the inner suburbs.
A renter for years, "Joe" recently met someone and now wants to buy. He and his girlfriend are open to a house, but right now are searching for a two bedroom condo.
And with most of their social life in the Cambridge and its environs, the two want to both keep within the inner suburbs and and stay below $250,000 as well.
That's turning out to be some challenging search criteria.
OK, in theory, the market is weaker than it was in the bubble years. But given Joe's experiences - and the still steep prices he is running into in and around Cambridge - I am not so sure whether that assessment applies to the inner suburbs.
A couple stories stick out so far. There was a cramped and decrepit bungalow in Watertown. The unfinished second floor had the look of a crash pad, with a "One Day at a Time" slogan, straight from the halls of Alcoholics Anonymous, hanging on the wall, Joe told me over coffee one morning.
From sober house to first-time buyer cannon fodder, I guess.
On the condo side, there was a promising, garden style unit in Belmont of the type popular during the post-war years. What it lacked in style, it seemed to make up in durability/space.
Yet was it also in an area that has been hit hard by last spring's severe flooding. The last time I talked, Joe and his girlfriend were examining stories about last year's flooding in Belmont to see if the complex was mentioned.
Skeptical? Here are some listings in Cambridge below $250,000.
My favorite, which I came across yesterday, is a 380-square-foot studio near Harvard Square. Just think a whole 190 square feet of space to call your own - for just $234,000.
It's all easy to chuckle about this stuff but there are some bigger issues here.
Joe may work in a challenging industry, but he and his girlfriend are fairly representative of the challenges facing buyers with average incomes in what is arguably a perpetually inflated housing market here in Greater Boston.
Now I am sure this will trigger a fair amount of commentary on how Joe should get a job in another field or give up on the idea of buying in the first place.
Fair enough, but I'm also interested in what the options are for average buyers who don't want to settle for an exhausting commute.
