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Brookline and Cambridge soar beyond old bubble prices

Amazing. Home prices in Brookline, Cambridge and even Arlington are now back to their old pre-recession bubble prices.

Actually, that’s not true. Their current home prices now exceed pre-recession levels. Obviously those communities are a little bit different and have long had zany prices. There’s also inflation. But still …

Update: Read Nemo’s first comment below. Makes a good point on the reliability of data.

2 Responses to Brookline and Cambridge soar beyond old bubble prices

  • Zillow’s numbers in this regard are highly questionable. I bought a North Cambridge condo in 2010 for a price that was ~$20k below thier estimate at the time. At some point they re-calculated their estimates retroactively and it now says I bought for $14k more then their estimate. So they changed their historical estimate by $35k, more then 10% of the price I paid!

  • So? I thought this was standard modelling technique in the real estate world – NAR does it all the time. Adjusting historical estimates (or changing your “method”) allows you to show the trend that supports your business objective. It’s so much more effective than actual “data” or “truth”. And really, when you come right down to it, what is “truth” or “accuracy” anyway? It’s only a philosophical ideal. The real world uses estimates, and those change all the time, right?