St Investor, Home Buyer in Cambridge, MA

With a new huge condo community coming up in East Cambridge, do you think it's wise to wait before buying

Asked by St Investor, Cambridge, MA Wed May 7, 2008

condo in the surrounding area? Or do ou think condo prices in Cambridge has somewhat bottomed out?

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John Dean, Agent, Somerville, MA
Wed Feb 20, 2013
The market in Cambridge is red hot at the moment. Honestly there is no waiting in 2013 if you are looking to purchase the best bet is to find an agent that is plugged into the community and meet to discuss a strategy. I realize this question is from 2008 and it is amazing how different the market is now in comparison .
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Linda Balliro, Agent, Cambridge, MA
Sat Feb 2, 2013
Cambridge is in a seller's market and has been for at least a year. I believe that prices "bottomed out" at least a year ago if not earlier. If you're thinking of buying in Cambridge, I wouldn't wait if you don't have to. I'm an expert in East Cambridge since its where I live and work and I've sold many properties here - jump in as soon as you are comfortable. I'd be happy to send you market stats.

all the best,
Linda Balliro
Andrew Mitchell & Co
"Experience You Can Trust"
0 votes
Jeff Stephens, Agent, Cambridge, MA
Fri Feb 1, 2013
Personally, I feel East Cambridge (especially sections referred to as "Area 4") may be the last underdeveloped and affordable area Cambridge has to offer. Situated in between Kendall Square and Central Square this location is primed for the next boost in condo conversion. I feel it is ALWAYS a good time to buy in Cambridge. IF you are looking for "THE DEAL OF THE CENTURY" you may never end up buying at all. The truth of the matter is, there is a housing shortage in Cambridge and rents have skyrocketed in the past few years (Studio rentals are priced like 1 Bedrooms used to be and it is not uncommon to see 1 Bedrooms be as much as $1900 or $2000). If you have saved up some money for a down payment, it is ABSOLUTELY a benefit for you to BUY a condo over renting an apartment ESPECIALLY with interest rates still as low as they are. There is no time to waste!

I have a great tool I can share to help you consider the "Rent vs. BUY" concept relative to your personal budget. Please contact me for more information about this:

Jeff Stephens
Real Estate Consultant
830 Massachusetts Ave, Cambridge, MA 02139

cell: 617.733.9635

office: 617.864.4600 x314

fax: 617.864.4601

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Patty Tyrcha, Agent, Schaumburg IL 60194, IL
Mon Jun 9, 2008
I can't really say if the prices in Cambridge have hit bottom. I think its a really good time to buy right now no matter where you live.
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Jon Ernest, , Brookline, MA
Wed May 7, 2008
Not if you have your eyes set on that particular project. The longer you wait, the fewer "choice"units will be available to you. And while it really slows down around here in the winter months, these big projects tend not to be very flexible in price. They know that it's going to take years to sell the entire building. They have their overhead budgeted for it, and would rather wait than drop their price.

If you're talking about buying something AROUND the project, there's no point in waiting either... if you already know about it, so do countless others, and the speculation has already began.

The only advantage to waiting, would be to take advantage of less buyer competition.... but fear not.. there's not TOO much of that running around now anyway...

As far as bottoming out... my rarely reliable prediction says not yet.... but in the span of owning a condo... close enough.....
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