Posted 11 months ago

Housing Musical Chairs- Good news- More Chairs are coming.

Housing is a game of musical chairs.  But instead of removing chairs they have been adding people.  SAME RESULT- LOTS OF LOSERS IN THE MARKET

Also, some people can only fit in a big chair, so they have to take more time looking, or just need small chair.  We could go on for a long time with this concept, but remember you do not give up your big chair for a smaller one, unless you get a deal on both.

But it is an evolving game.  

Remember how you start the game of musical chairs?  First everyone finds a chair in the room and moves it to the game area.  We are having a problem here too, as more people are playing(trying to find houses) and they are not willing to bring their chair to the party.

I was talking to my brother the other night and he told me he thought that he was 4 houses down right now.  What does that mean?  

Well he has a house, but he has 3 kids who have graduated from college who are renters and do not own houses.  Additionally he rents his "Winter house" instead of owning it.

Where are the chairs for his kids?  For his Winter house?

Since people have decided that they do not want to rent summer houses, or winter houses or ski houses or whatever, they have decided to purchase them.  Some people want their 25 year old children to own as well- a path to long term wealth.  They have taken those chairs away from the people playing as well.

The only way to make the game at least close to fun/fair again is to add more chairs.

This is done by builders and flippers and other entrepreneurs putting more properties on the market.

If we look to the Worcester Market, we can see that there is supply coming to the market.  Here is a list from the Chamber just of Residential projects.  By my count that is 1221 new housing units, and that doesn't include the scores of others that small developers are cleaning up and putting back on the market.

The units are coming to the market, which means there will be more chairs when it comes time for you to take a seat.  And people who want them can have a couple chairs if they can afford them.

Proposed Projects

110 Webster St apartments | $495,000

Address: 110 Webster St

Developer: Maverick Real Estate Investment

Housing Units: 18

30 Winfield Homeless Housing | $89,000

Address: 30 Winfield St

Developer: South Middlesex Opportunities

Housing Units: 18

300 Southbridge St | $1 million

Address: 300 Southbridge St

Developer: Dalfior Development Inc.

Housing unit: 21

441 Sunderland Road luxury apartments | $6.6 million

Address: 441 Sunderland Rd

Developer: Premier Investment Properties

Housing units: 48

Goddard/Homestead senior living apartments | $4.75 million

Address: 781 Grove St

Developer: Goddard/Homestead

Housing units: 158

Goodbridge Brook Estates | $225,000

Address: 1103 Millbury St

Developer: Crescent Builders

Housing units: 51

Hemans Street apartments | $720,000

Address: Hemans St

Developer: Boghos Properties LLC

Housing units: 216

Lagrange Street affordable housing

Address: 35 Lagrange St, 42 Lagrange St

Developer: Rees-Larkin Development

Housing units: 63

Underway Projects

222 Brooks st

Address: 222 brooks St

Developer: GoVenture Capital Group

Completion date:Feb. 2022

Housing Units: 111

Alta Seven Hills | $106 million

Address: 28 Mulberry st

Developer: Wood Partners

Housing Units: 371

Botany Bay townhouse | $20 million

Address: 261 Clover St

Developer: Botany Bay construction

Completion date: Apr. 2022

Housing Units: 90

Cheney-Ballard Building renovation

Address: 517 Main St

Developer: MG2 Group

Housing Units: 8

Grand Street Commons | $18 million

Address: 92 Grand St

Developer: Main South Community Development Corporation

Housing Units: 48

Completion date: 2021