Thursday, November 19, 2009

After the Gold Rush

After the gold rush in the housing market comes reality. When Hendry street looked the way it did in the the view above left, three-decker units--even outside the most desirable locations--were still selling for more than $300,000 apiece. Not that anyone believed that made sense. In the view at right, from November, 2009, things look much better, thanks to the market, plus the intervention of government programs and non-profit developers. One conclusion is that if housing is more affordable, and market values seem more reasonable, there will be buyers. The tricky part is to make sure as many buyers as possible will fix up and maintain all those three-decker units that turned into condos and--eventually--foreclosures. See article about the market and the intervention in the Dorchester Reporter.