Tenants expecting to move into Quincy's newest apartment tower, Nova Residences, received bad news by email on the last Tuesday in August. The project developer, LBC Boston, informed residents that their new homes would not be ready for move-in by September 1st, the date when the project was originally scheduled to be completed. Instead, all apartments were expected to be ready by late September.
As the market for residential real estate continues to heat up, the local news media have been full of doom and gloom. However, there may be signs of a slowdown ahead.
As costs continue to rise in the Massachusetts residential real estate market, state and local governments struggle more and more with ways to provide affordable housing. Private builders and investors can usually make a lot more money creating luxury condominiums, and without outside help, they may have little economic incentive to create apartments or other housing units that lower-income people can afford. To provide that incentive, some local and state governments offer financing.
Housing in the Greater Boston metropolitan area has grown outrageously expensive in recent years, and state and local governments have struggled to come up with ways to help people afford to live and work in the region. Private companies have tried to come up with solutions, as well.
If you have been through the mortgage process in the last several years, then you know how tedious and time-consuming a process it can be. An increase in banking regulations, federal regulations and other stipulations has made buying a home more complicated than in years' past. Once the documents have been signed and the key put in a homeowner's hand, many think they have made it. However, many homeowners can hit a snag if they are unable to pay their mortgage payments.
A Massachusetts resident who is trying to purchase a home may upon reviewing their paperwork notice that they are paying several hundred dollars for title insurance on their home.
As the old saying goes, it's all about location, location, location. When considering purchasing residential real estate in Quincy, proximity to the waterfront, and potentially an ocean view, are naturally major factors in the decision process. However, a recent report may give many prospective buyers reason to think a little more carefully about that purchase.
Quincy residents all know that not making one's mortgage payments can lead to foreclosure. What they may not know is that Quincy is one of several cities in Massachusetts that practices the dubious, albeit legal, sale of tax liens to private companies. These companies are then free to move aggressively to foreclose upon owners of residential real estate who had no idea they were at risk.
During the Great Recession, many people in Massachusetts had their homes foreclosed upon. And while the results of the Great Recession are still being felt, Massachusetts residents may be encouraged to hear that as of June 2017, the number of foreclosure petitions went down over 18 percent when compared to the number of petitions in June 2016. In fact, it was the first yearly decrease the state saw since 2013.
Becoming a first-time homeowner in Quincy is very exciting, and for some is a major milestone in their lives. Other people in Quincy are into flipping houses -- that is, purchasing a home, renovating it and selling it, all within a short span of time. Still other homeowners in Quincy have lived in their house for many years and have decided to either upgrade to a larger home to provide space for a growing family, or conversely have decided to downsize once their children have flown the nest. In the end, however, there are many reasons why a person in Quincy may be interested in either buying or selling residential real estate.