In this newsletter:
- Mass and Cass: Find me the most depressing place in Boston.
- Inflation Bloodbath: Say goodbye to all your realtor friends.
- State of the Market: The story just got more complicated.
TOP IDEA
The Saddest Place
If you’ve ever driven around Boston, there’s a good chance you’ve crossed Melnea Cass Blvd. or as Bostonians lovingly call it, the Methadone Mile. This mile-long stretch has become the epicenter of homelessness and drug abuse in Boston. This concentration is largely driven by the amount of social and recovery services available in this area.
Prior to 2015, these drug recovery and shelter services were housed on the Long Island (off the coast of Boston Harbor and Quincy). However, a structural issue caused the Long Island bridge to be demolished and these social services have never been restored. While the city has promised to clean up Mass and Cass, homelessness and illicit drug use is still rampant on the methadone miles.
BUBBLY BUBBLY
- Inventory for Single Family Homes is WAY up, with more homes staying on market longer!
- Average price per sqft is still UP from last year with homes selling on average above asking.
- Buyer sentiment is definitely shifting with higher interest rates projected to be in the 7% range by end of Summer
REALTOR BLOODBATH
In the next 12 months, we are going to see lot of real estate agents lose their jobs or change their profession. During the pandemic, a record number (156,000+) of Americans became real estate agents. This is driven by a combination of office job burn outs, rising cost of housing, and a craving for flexible careers. However, a career in real estate is not at all like HGTV. Agents end up sacrificing many nights and weekends and only about 10% of new agents are expected to make a full-time living selling homes. During the 2008 recession, more than 10% of real estate agents left the profession amidst plummeting sales and experts are already projecting that a record number of real estate agents will leave this time as well.
MEME OF THE WEEK
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