January 28, 2008
Any Guesses?
These properties have been on the market forever in Brookline, and the prices keep coming down, but they haven’t sold. Now I know these are not great times in the housing market. Still, Brookline is weathering the housing slump pretty well. Prices are still high and inventory has dropped, so the laws of supply and demand still reign. Take a look at these stats on single-family houses in Brookline: In 2007, the median sale price of a family home in Brookline was $1,100,000 — up $100,000 from 2006. The days on the market increased to 139 days in 2007 from 129 days in 2006. Not bad. In short, Brookline is still a hot neighborhood because the school system is good, the town is an easy commute for medical personnel in the Longwood Medical Area, and Brookline is right next door to Boston. So what gives with these particular properties? Has anyone been in these units? I’m stumped.
213 Reservoir Road, 2 bed on market since April 8, 2007- price has dropped from $369K to $349K.
42 Clark Road, 4 bed on market since May 9, 2007, price has dropped from $589K to $499K. (This one is rented out until August, which may explain things.)
86 Griggs Road, Apt. 24, 2 bed on market since October 17, 2007 , price dropped from $437K to $398K.
The Buyer's Broker said:
213 Reservoir Road - This one actually started at $419,000 back in February ‘06. It’s actually a very nice apartment but its far from the T and at this price point proximity to the subway is huge. A lack of deeded parking and a dated kitchen might also be holding things up.
January 29, 2008 10:02 AM
The Buyer's Broker said:
42 Clark Road - Condos in a two unit association are always a tough sell. Buyers are loath to put themselves in situations where a disagreement with a neighbor could have huge ramifications on the upkeep of a half a million dollar investment.
86 Griggs Road - This one has been under agreement since January 14th.
January 29, 2008 10:08 AM
pamela.reynolds said:
Thanks Buyer’s Broker for clearing up the mysteries! 213 Reservoir Road looked nice to me, and even seems to be well priced, so I couldn’t figure it out. 42 Clark Road looked pretty good too, but I can see what you mean about a two-unit association! Glad to see someone finally picked up Griggs Road.
January 29, 2008 11:47 AM
The Brookline Connection said:
86 Griggs actually went under agreement very quickly originally but the deal fell apart. This is the second under agreement for the property.
January 31, 2008 9:32 PM