You know, there are several good reasons why real estate costs so much in Boston, and in the suburbs, and in other towns and cities, across the country.
One reason: Dam lumber prices are so high
One of the other big reasons is because of restrictive land-use laws and regulations, which limit where you can build, and what you can build.
Of course, if you’ve already got your own home or condo, you’ll do whatever you can to keep others from being able to buy, as pointed out in this article appearing in The Wall Street Journal Online.
Question: Our city council is considering increasing the minimum lot size for all newly created single-family lots.
The current single-family lot size minimum is 15,000 square feet with 100 feet of frontage along a public street.
New lot sizes being considered to range from 20,000 square feet to 23,000 square feet.
There is a single-family lot, located within 350 feet of my home, large enough to be subdivided under the current ordinance. If this rule is not amended, should I be concerned about my home’s value (currently assessed at $850,000) being affected by future development?
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Updated: Boston Real Estate 2021
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