Movoto And Reality Hitting The Boston Real Estate Market

The Boston Real Estate Blog says that Movoto has come to town. It’s another disintermediation play like Redfin and ZipRealty, although I haven’t bothered to figure out what their specific angle is, because I don’t really want to buy a house right now.

See, I spend a lot of time drooling over loft condos, because that’s the kind of shallow yuppie I am. So I looked up a few in my neighborhood and found 7 Park Ave, which is asking a million bucks and has been on the market for over a year. I used to live across the alley from that building. It’s nothing special, and it’s shadowed on one side by the tall, unattractive apartment building I used to live in. Yeah, the library garden on one side makes up for that a little, but not much. And sure, the condo residents get offstreet parking, but it’s just not a million-dollar condo. Spacious, yes – 3BR, 3500 square feet. And well-appointed, too, with granite countertops (the harvest gold appliances and shag rugs of the ’00s). Whoever owns this place must be a real admirer of Manny Ramirez, who has had his condo on the market for two years now without a nibble or a price reduction.

There are a lot of fancy loft condos in this neighborhood for a lot less money, and they’re not moving either.

If they all started cutting their prices by, say, forty or fifty percent, then I’d consider trying to get a loan. (Yes, I know, I’m going to rent forever because I am too cheap to pay all the various fees, which strike me as deliberate insults. Shut up.)

One thought on “Movoto And Reality Hitting The Boston Real Estate Market”

  1. Some random economist I was reading recently argued that a larger home (3,500 square feet!) is one of the expenses that provide the least marginal increase in happiness of anything you can spend a gob of money on, because people so quickly get used to the additional space.

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