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.
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
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
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