The Fixer-Upper Fallacy: Why Forced Appreciation Fails in Massachusetts Premium Markets

$1M+ fixer-uppers in Winchester/Wellesley/Lexington aren't deals—apparent 40-50% discounts collapse to 20-25% after construction costs ($250-400/sqft), carrying costs ($88K+/year), financing penalties, and 24% average cost overruns. Financial trap for owner-occupants.