Archive for April, 2008
April 25, 2008
A couple of newbies to check out in Salem:
8 Albion Street is a steal; this 1850s house has some great features to work with. 1700 square feet for $204k! If I were in the market, you can bet I’d look twice at this one. No inside pics…so what does TLC mean, exactly?
Someone’s already loved on 11 Orleans Avenue — it’s on the garden tour (sigh). In 1993, it sold for $138k. Now it’s $389,900. Still, not bad for 1900 square feet. I’m curious to see what it goes for in this market.
12 Cox Court #PHB in Beverly isn’t far from the Anchor, where they have $3 Guinness drafts all week long and the best chicken parm sandwich in town. PHB? Pent House or Bust? Peanut, Hummus and Banana?
The image above links to its source. Salem Village, where the witch trials took place, is really in Danvers somewhere.
April 25, 2008
Sure, there are plenty of single-family homes in Brookline (with… gulp… an average price of about $1.4 million!), but what really drives the market in this town is CONDOS. Quite simply, none of us can afford to plunk down a couple of mil on a house. In fact, according to Greg Kiely, each year, 10 times more condos are sold in Brookline than houses. And this is despite the fact that Brookline is known as a “family town” (meaning the only reason people want to live here rather than the South End is because of the schools.) Evidently, quite a few of us are cramming ourselves into our tiny condos, kids and all.
So I decided to do a little house-hunting for the vast majority of us. Both young professionals and families alike are aching to buy in Brookline, but for something less than median price of a condo in the first quarter of 2008 — $432K (up from $415K in the first quarter of last year.) I opted for two bedrooms in this range, since it’s easy enough to find a $400,000 one-bedroom. While three-bedrooms has been sort of the baseline standard, two bedrooms can work for young professionals looking for a first home, as well as young families with small kids. (Heck, it can also work for older families committed to all the advantages of small-space living!)
236 Rawson Road, #2, $339K
2Beds/1Baths
SQ.FT.: 810
94 Naples Road, #5, $375K
2Beds/1Baths
SQ.FT.: 885
405 Washington Street, #6, $399K
2Beds/1Baths
SQ.FT.: 955
40 Parkman Street, #1A, $350K
2Beds/2Baths
SQ.FT.: 913
17 Perry Street, #3, $390K
2Beds/1Baths
SQ.FT.: 846
April 25, 2008
Mr Alyk and I took a late-night stroll through the North End Wednesday evening, enjoying the sights, the sounds, and the smells of Boston’s famous Italian neighborhood. While enjoying the coziness of the area, we stumbled upon one of our greatest culinary finds in a long time: A. Bova and Sons Bakery, selling sweet Italian pastries and fresh breads twenty-four hours a day, every day.
Boston, despite its reputation as a world class city, is not a twenty-four hour city, making this find even more significant. Bova’s serves sandwiches and pizza during the day, but not between 1 AM and 6 AM. After the bars close, you’ll have to make due with cannoli, tiramisu, and lobster tails.
Sunday, we’ll take the Orange Line to Haymarket and walk to Hanover Street, where we’ll drink espresso and cappuccino until we start to shake. Then it’s off to Bova’s to get messed up on sugary pastries for the dash.
52 Cooper Street, #4
Beds: 2/Baths: 1
SQ.FT.: 746
$499,000
Open House: Sunday, April 27, 11:30 until 1:00
26 Stillman Street, #4-5
Beds: 0/Baths: 1
SQ.FT.: 679
$379,000
Open House: Sunday, April 27, Noon until 1:30
135-137 Salem Street, #5
Beds: 2/Baths: 1
SQ.FT.: 1148
$599,000
Open House: Sunday, April 27, 1:30 PM until 3:00 PM
More Alyk on the South End
April 24, 2008
In my last post, I pointed out the average price of a US home, $200,700, gets you nowhere in my neck of the woods. But that post had such a negative vibe, I’d like to find something more upbeat.
As every Bostonian knows, a David Ortiz jersey was recently buried, then unearthed, from the foundation of the new Yankee Stadium. Showing their surprisingly philanthropic side, the Yanks put the shirt up for auction to benefit the Jimmy Fund. A lucky car dealer nabbed it on eBay for a mere $175,100.
To most people, $175,000 makes a solid, 20% down payment on a $700,000 home. What will that get you in Beacon Hill and Back Bay? Some decidedly sweet digs.
50 Comm Ave #703
Beds: 1/Baths: 1
SQ.FT.: 795
$629,000
Like most native New Englanders, I harsh on the condo lifestyle; buildings that *barely* pass the architectural rigors of the neighborhood association, and slab upon slab of faceless studios. In a word, ick. But this place could be ok: a view worth viewing, a common roof deck that might actually lead to socializing with your neighbors, and a short walk to the Pru.
100 Charles St #A
Beds: 2/Baths: 1
SQ.FT.: 973
$799,000
A big, old colorful two bed, right smack dab in the middle of the shopingest part of Beacon Hill. It even bucks the letter-address-equals-basement-apartment rule. I’ll admit my skepticism toward the “private balcony” they didn’t picture; I’m thinking it’s a fire escape. Then there’s the eternal question of parking… But those hairy bits aside, it’s a darn fine home.
27 Bowdoin Street #2A
Beds:1 /Baths: 1
SQ.FT.: 524
$415,000
Before you go on about how dark or dreary or narrow or not well appointed this apartment seems, re-read that first line of the description: one deeded parking spot. Believe me folks: in Back Bay, those aren’t cheap; in Beacon Hill, they should come with an Ortiz jersey buried under each one. Subtract the value of that parking spot from the asking price, and you have a deal you’re not likely to see again soon.
…unless, of course, a few more condo develpments hit the auction block.
More Of Cosmo Catalano on Beacon Hill and Back Bay
Sweet Digs Boston Home
Image: the $175k Ortiz Jersey. Stolen from Bostonist.com; lord knows where they got it. Probably ebay.
April 23, 2008
Last week, I professed my affection for the Columbus Avenue/Dartmouth Street area. I love the non-stop activity, the convenient shopping, and the world-class dining. I also get to enjoy amazing views of the Prudential, 111 Huntington and the John Hancock(s). Steps from my front door I can catch the T to shuttle me to anywhere in the city. Fun, beauty, and convenience, all in one place.
Several homes a quick walk away from the Back Bay T station dropped their prices in the last two weeks. Unfortunately, even after a quarter-million dollar price drop, I still can’t afford 151 West Canton Street. The dream of buying indoor acreage remains a dream.
These price drops will surely entice some more nice, wealthy families to move into the neighborhood.
51 Appleton Street
Beds: 4/Baths: 3
SQ.FT.: 2575
was $1,595,000
now $1,485,000
30 Montgomery Street
Beds: 4/Baths: 3.5
SQ.FT.: 3100
was $ 1,695,000
now $1,649,000
151 West Canton Street
Beds: 4/Baths: 4.5
SQ.FT.: 3357
was $3,295,000
now $2,995,000
More of Alyk on the South End
April 23, 2008
Listen, I know you don’t want to be at work today, you know you don’t want to be at work today, and chances are your boss knows you don’t want to be at work today. Even your boss doesn’t want to be at work today. When are we all going to come together and cast off this self-imposed oppression!
For most of us, when we’re between sixty-five and seventy years old, if we’re lucky.
I greeted the older couple who live on the point near our house, and while H. gave me a shovel full of onions from her garden, we were both distracted by the water’s glare. She and her husband lived on that point, watching half of their “yard” disappear and reappear with the tides, for twenty-seven years.
(They have their own patch of sea lavender. Sea lavender! You can’t grow sea lavender unless you have a place that gets covered by brackish water every day. Who has sea lavender?)
She said, “My God, we’re so lucky.” And by that, she meant they spent their money on a place they could have forever. I’m sure they never expected to make a million bucks on their modest investment.
And that’s a lesson.
Even as the market dips, my neighbors confirmed that real estate investments perform best over the long term.
Here are some open houses to check out this weekend:
25 Brimbal Avenue in Beverly is a big house in the Montserrat neighborhood. I have no idea what keeps Montserrat houses within range of a lot of first time buyers, but this one’s 2000 square feet on a good size lot. It’s within walking distance of the train, common, and more than one beach. To boot, Beverly has a decent bar and restaurant scene. Sunday, April 27, 11:00 AM - 1:00 PM
14 Dearborn Avenue -also in Montserrat. This massive Bungalow for $349k is only $93 per square foot! The lot is small, but it would be a great place to raise a family, with plenty of room for a home office. Sunday, April 27, 11:00 AM-12:30 PM
6 Cliff Street in Beverly’s Goat Hill area. It’s next to a giant park with unreal water views, and it’s only $321k. It’s also just over 1100 square feet, like ours. It costs more per square foot, but heat is cheap, and we never run the a/c because we’re right on the water. I think the selling agent expects to turn this one over for a quick commission after a slow winter, so don’t wait — you might not have another shot at this great neighborhood just a couple blocks from the Depot. Sunday, April 27, 11:00 AM-2 PM
More form Mike Martin on Beverly and Salem
Sweet Digs Boston Home
April 23, 2008
The blogosphere got all hot and bothered with two big Brookline stories last week:
- The foreclosure on the elegant Longwood Towers.
- The rebuilding of Brookline — just outside of Charlotte, North Carolina, that is.
In case you hadn’t heard, about 200 units at Longwood Towers will be auctioned off as a single block next month. New York-based iStar Financial announced plans to bid on the condos and, with any luck, complete renovations on the towers, where units range from $300,000 to $1.5 million.
Will prices precipitously drop? Will the poor souls who bought-in find themselves out of a whole lot of bucks? And what about the valet parking?
Although I don’t have any answers, I disagree with some of my blogging colleagues (I’m talking to you John Keith!) who wrote off the whole project as a “lemming” –you know, a follower.
Greg Kiely at the Brookline Real Estate Blog mentioned poor location for the Longwood project. Call me crazy, but but I think it’s in a perfect location. It’s a short walk to the Longwood Medical Area and directly across from the Longwood D branch Green Line station. It’s steps away from the Emerald Necklace and within walking distance of Coolidge Corner and the Fenway. Remember, not everyone wants to live on Boylston Street!
Prices for these units don’t seem that far off target; keep in mind, in 2007, the average house in Brookline sold for $1.4 million and the average condo fold for half a mil. Someone will pay to live in a lovely 20’s era building with green space and views. Certainly, other million-dollar condos exist in the neighborhood. So what’s the problem?
John and Greg speculated buyers dislike the awkward floor plans and high condo fees. I can see how fees might hurt sales a bit, but plenty of empty-nesters looking for something near the city without ending up downtown might show some interest. Maybe things would pick up with lower fees and updated floor plans.
We’ll closely watch what happens next, but I wouldn’t write off Longwood Towers, yet. And for those who already bought in the building– chin-up!
The second story, of replicating Brookline in North Carolina, is so laughable it’s hardly worth a mention. Evidently, a developer so loved the look of Brookline, Massachusetts, he thought he’d recreate it outside Charlotte, North Carolina. I’m with the Boston Globe real estate blogger Binyamin Appelbaum on this one. What makes Brookline special is its mix of single-family and multi-family housing built amidst ample greenery, yet still close to the big city. A gated community in the middle of nowhere isn’t Brookline; it’s Disneyland.
Image: freedigitalphoto.net
April 22, 2008
So the March numbers are out: average US home price is now $200,700. What does that get you in Back Bay or Beacon Hill? Not a whole lot, and I’ve shown you each before:
366 Comm Ave, #2L - $179,000, 190 sq. ft.
Might sound ideal for a bargain hunter who laughs in the face of claustrophobia, but it’s still a steep $942/sq. ft.
60 Myrtle St, #1 - $225,000, 285 sq. ft.
Holy crap, it’s not even a basement! And there’s a private porch! Of course, it’s also 12.5% higher than our $200,700 limit…
Thing is, though, that $200,700 dollars is only about 125,000 Euro, or a mere 100,000 GBP. And if you’ve seen the book value of some properties in downtown London recently, you won’t wonder why so many foreigners are investing in Boston’s real estate market.
Kind of appropriate, then, that our marathon has been dominated for so long by foreigners; they’ve owned that final stretch of Boylston Street for the past twenty years. Pretty soon, they’ll own the property alongside it, too.
Image: Robert Cheruiyat, 2008 Boston Marathon Winner. George Roberts, 2008. Public Domain via Wikimedia Commons
April 22, 2008
- Isn’t this too important for the T’s involvement? [Boston.com]
- The more I read Boston Real Estate Blog, the more I like John Keith. He’s never afraid to speak his mind. [Boston Real Estate Blog]
- Breaking News: most second homes are condos. [Condo Domain]
- Channel 7 probably won’t be giving us in-depth coverage of the story, but I wish they would. [Boston Magazine]
- Redfin’s CEO Glenn Kelman tells us what’s moving in Boston. [Redfin]
- Tiny apartments can be beautiful. [Small Space Living]
- How different would our cityscapes be with a few mile-high buildings? [Wired]
April 21, 2008
Okay, so we all know that an open-air parking space in downtown Boston might go for as much as $250,000. At least, that’s what some flush soul paid for a few square feet of brick pavement in the Back Bay in 2006.
But how much should a parking space cost in an outlying neighborhood — like Brighton?
A reader posted this question in the Redfin Forum recently, and naturally, I had to add my two cents. According to the author of the post, sellers in Brighton are asking $35,000 more than other condos because of a parking space. Can a parking space in Brighton possibly be worth that much?
My answer: no.
Though some will disagree, my feeling is that Brighton is NOT the Back Bay, or even Brookline, which has no overnight on-street parking. With a residential sticker and a little patience, anyone can find a parking space, even if it takes a while. And of course, in some parts of Brighton you wouldn’t even have to circle the block before swooping into a prime spot.
Obviously, the value of the parking spot depends on the density of neighborhood, but because a parking space doesn’t provide shelter, electricity or washer and dryer hook-ups, it should not cost $35,000. The upper reaches for me would be $15-$20,000 above a comparable property without parking in a sardine-can neighborhood where parking is clearly at a premium. But of course, that’s my own personal financial limit.
I noticed that when sellers ask significantly more for a condo because of parking, the units languish until the prices drops to slightly more than a comparable unit without parking. For example, a condo at 15 Braemore Road near Cleveland Circle sat on the market for about a year. If I recall correctly, the seller priced it thousands more than one might expect of a 1 bedroom unit of 688 square feet. The price dropped first to $255K, then $249K, where it remains.
Did the sellers put too high a value on that parking space?
Here’s another example at 84 Strathmore Road. It’s an 877 square f00t, two-bedroom, one-bath unit with parking. Last fall the price was $355K, then it dropped to $345K, then, again, it dropped to $325K. The original price was quite high for an 877-square-foot, first floor condo in Brighton, but even with the reductions, it’s still sitting there, waiting for someone to come along.
If parking is worth $35,000 a spot, isn’t this condo on Lake Shore Road terribly undervalued at $359K? It’s 1050 square feet with 3 bedrooms, 2 bathrooms, and TWO parking spaces.
Parking is like ketchup on a burger: it’s nice to have it, but I wouldn’t pay much extra for it.
Buyers, how much would YOU be willing to fork over for your own private piece of asphalt? Realtors, how much are your clients willing to pay for a parking space in Brighton? I’m curious to hear your thoughts.
More of Pamela Reynolds on Brookline and Brighton
Boston Sweet Digs Home
From DC To Boston: What I Love About the Hub
Image: http://www.freedigitalphotos.net/
