Inside the 93 /95 belt, forget about it. There is so much demand and everyone is doing whatever they can to try to delay new buildings.
Compared to commiefornia though they're not blocking shit. There's stuff going up all over the place, and a lot of it isn't shitty either, like it is in CA where everything is 2 floors at
best. Most of the shit my friend is running into is not "we don't want the building" its about stuff like regular vs affordables, etc, that kind of mix. Of course eventually they are
going to run out of old shitty property to roll and that will sort of stagnate the new build outs.
Where I am at, they finally got permits to build a couple of condo developments, I think like 20 units each. A bigger 300 unit downsized to like 200 and people are fighting it. And everything new is rentals, so house/apartment ownership in Boston is not increase that much.
Depends, some of those things are starting as rentals now, but there's nothing stopping them from switching them, IIRC.
Let's put it this way though, the 2-4 story condo/apartment buildings theyre putting up all over the cup right now are like twice the density of the shit in northern CA, and MA's demand is probably only half as bad as what it is out there. In CA there are college kids making like $125G's sleeping in motorhomes on side streets...
We might feel a slow economy in this area, but it will be nothing.
Now, places like Ashland, MA, Nashua, NH and places West of Ashland and north of Nashua, they will feel it if it's bad. But at the same time you have enough people that have been saving, that they might jump at it and keep pricing from dipping too low.
Yes, I agree, during the next bust... outside the cup, will get hit harder, because some of those people will either move away, or move into the cup.
Where it will be really bad is all over the south. Carolinas, TN, GA, FL ... the building of units in those areas is INSANE. There are soooooo many new developments. Go to Realtor.com and look around, there are thousands of properties on sale. Those will get screwed.
Oh yeah... well, they got porked in 08 with the supbrime loan scandal, etc... people bought scads of big property down there and the employment market just didnt exist to
support it long term....
-Mike