Sold in Belmont: Pricey Per Square Foot in Waverley

April 3, 2016 By Franklin B. Tucker 1 Comment

Photo: How much per square foot?

33-35 Lawndale St Unit 33, Condominium (1921). Sold: $462,000.

51 Stella Rd., Mid-century contemporary (1961). Sold: $1,250,000.

28-30 Lewis Rd., Arts & Crafts two-family (1924). Sold: $1,065,000.

2 Lambert Rd., Colonial (1930). Sold: $1,300,000.

159 Beech St. Condominium (1913). Sold: $415,000.

45 Dartmouth St. Unit 2, Condominium (1900). Sold: $380,000.

8 South Cottage Rd., Unit 63, Townhouse condominium (2008). Sold: $1,320,000.

79-81 Waverley St., Barracks-style two family (1974). Sold: $1,320,000.

A weekly recap of residential properties sold in the past seven-plus days in the “Town of Homes”:

• 33-35 Lawndale St Unit 33, Condominium (1921). Sold: $462,000. Listed at $425,000. Living area: 1,182 sq.-ft. 6 rooms, 2 bedrooms, 1 baths. On the market: 31 days.

• 51 Stella Rd., Mid-century contemporary (1961). Sold: $1,250,000. Listed at $1,250,000. Living area: 1,162 sq.-ft. 6 rooms, 2 bedrooms, 1.5 baths. On the market: 199 days.

• 28-30 Lewis Rd., Arts & Crafts two-family (1924). Sold: $1,065,000. Listed at $959,000. Living area: 3,326 sq.-ft. 14 rooms, 7 bedrooms, 3 baths. On the market: 54 days.

• 2 Lambert Rd., Colonial (1930). Sold: $1,300,000. Listed at $1,475,000. Living area: 3,825 sq.-ft. 10 rooms, 5 bedrooms, 4.5 baths. On the market: 66 days.

• 159 Beech St,, Condominium (1913). Sold: $415,000. Listed at $419,000. Living area: 1,005 sq.-ft. 4 rooms, 2 bedrooms, 1 baths. On the market: 72 days.

• 45 Dartmouth St. Unit 2, Condominium (1900). Sold: $380,000. Listed at $329,900. Living area: 695 sq.-ft. 4 rooms, 2 bedrooms, 1 baths. On the market: 72 days.

• 8 South Cottage Rd., Unit 63, Townhouse condominium (2008). Sold: $1,320,000. Listed at $1,359,000. Living area: 2,857 sq.-ft. 8 rooms, 3 bedrooms, 2.5 baths. On the market: 74 days.

• 79-81 Waverley St., Barracks-style two family (1974). Sold: $1,320,000. Listed at $1,359,000. Living area: 2,857 sq.-ft. 8 rooms, 3 bedrooms, 2.5 baths. On the market: 74 days.

It’s a tiny place, a condominium that is half the size of most apartments. Just under 700 square feet. And on a square foot basis, one of the most expensive pieces of real estate in Belmont.

The condo on Dartmouth Street has five rooms, two bedrooms (the living room can be transformed into a third bedroom) and a single full bath. They squeezed a clothes washer in the kitchen, which also serves as a dining room. This is less cozy that really tight. It has been pretty much gut rehabbed, so it doesn’t feel like you’re living in an 115-year-old structure. Oh, and you’re on the second floor.

The Dartmouth location is nothing like the condo that sold in the Woodlands this past week, one of those townhouses that is better situated outside of Houston with its vast open spaces – do you need a 20-foot ceiling? With approximately 2,900 sq.-ft., there’s enough room to park an RV inside.

But when comparing how much to get for the price you paid, the upscale home has nothing on the Waverley Square condo as its $380,000 price tag brings the dollar-per-area ratio to $547 per square foot or about $90 more per square foot than the South Cottage Road unit. Belmont, Mass. is catching up with a Silicon Valley bedroom community named Belmont, California for similar-sized property.

Compare that to the condo on Lawndale, which is roomier – nearly 500 more square feet and two extra rooms – with a fireplace, central air and is on the first floor. The ratio: $395 per sq.-ft.

And unlike the South Pleasant Street condo, which sold for a $39,000 discount off its initial listing price, the Dartmouth condo saw a nearly $20,000 increase from the first asking price.

The story here is that unless there is a way to bring more affordable housing to Belmont – new construction, incentives to developers or through a total collapse of the housing market – people will be paying a greater percentage of their income for whatever is available, especially someone looking for good schools and safe community.

Sold in Belmont: Big is So Passé, Small Is The Way to Go

March 27, 2016 By Franklin B. Tucker Leave a Comment

Photo: Small and livable on the Elm.

17 Little Pond Rd., Colonial (1947). Sold: $750,000.

54 Elm St., Brick Colonial condo (1928). Sold: $549,000.

A weekly recap of residential properties sold in the past seven-plus days in the “Town of Homes”:

• 17 Little Pond Rd., Colonial (1947). Sold: $750,000. Listed at $779,000. Living area: 1,542 sq.-ft. 7 rooms, 3 bedrooms, 1.5 baths. On the market: 123 days.

• 54 Elm St., Brick Colonial condo (1928). Sold: $549,000. Listed at $549,000. Living area: 1,162 sq.-ft. 6 rooms, 2 bedrooms, 1.5 baths. On the market: 62 days.

Today, many home buyers wouldn’t deem it worth their time to view a house that is smaller than 2,000 square feet. And as for new construction, 3,000 square feet appears the new minimum. Anything smaller is too “cozy” (translation: SMALL) for most modern families, the thinking goes.

But do you need a “great room” – remember when they were called living rooms? – with a kitchen the size of would equip a good-sized restaurant (so you can microwave dinner) in a floor plan in which you need roller skates to navigate the manse? Is it necessary to have five bedrooms when you only have two kids and relatives come by once a year and stay at the Meridian? A full size “play” space with the jacuzzi that no one uses? You’re a success of what you do, not what you own.

For a growing number of people, minimizing their footprint and their lives has become an important aspect of their lives. And there is a segment of the housing market to match these new demands. There is the extreme “tiny” home (300 square feet) phenomenon going on in the South and West – there aren’t any of these in Belmont … yet! – and the growing popularity of home designs and plans for homes with under 1,000 square feet, again outside of New England.

A pair of properties that sold this week in Belmont show why you would be wrong to think that big is better. The classic center-entry Colonial – just a bit over 1,500 square feet – on Little Pond shows what a little living care can go a long way to bring warmth and a modern feel to a fairly standard post-war design. The kitchen was upgraded with design smarts behind it, with new appliances and warm cherry color cabinets and Cambria countertop (Yes! anything but granite!). Space is not wasted here; you do most of your eating at the kitchen table adjacent where you cook (what a concept), and the bikes are parked beside the side door. The living room is a hop and step way and there is a dining room that is fine for most events; the stairway leads to three bedrooms and the full bathroom which was updated. Again, not a master suite in the boudoir but a bedroom that serves its function. Not a half acre out back for the coyotes to roam but a place for a grill and games.

The condo on Elm is fascinating as it was a single family segmented into condos. I know something of this as my grandfather and his employer, a banker, “bought” – they foreclosed on an elderly man and threw him into the street in 1930 – a beautiful 1874 Colonial Revival with Victorian elements on Aldersey Street in Somerville. They literally split the house down the middle including dividing the grand staircase (!) and master bathroom.

The Tucker half of the house on Aldersey Street in Somerville.

But here, a magnificent brick and frame Colonial was converted into condominiums in 2010 with the space separated horizontally (thankfully!) with the first-floor space having 38 percent ownership and the second and third floor with 62 percent (with 1,900 square feet).

As a side note; what a great way to foster affordability to Belmont by taking those big homes and turning it into condos or apartments. Solidly built, they can be converted with a little care allowing buyers who can’t afford a seven-figure mortgage into Belmont.

Sure it’s 1,100 square feet, but the buyer is getting a condo with a sense of largeness, big rooms and lots of windows, which, if smartly used, you can create a loft feel which is pretty cool. The kitchen is spare but again, just a few upgrades and you can have a combo kitchen/dining area. Plus, no stairs and a big porch where you can spend summers getting a bit tipsy on wine coolers.

3,500 square feet? So passé! Go small.

Cushing Village 2.0: Toll Brothers Project’s New Owner As Starr Falls

March 23, 2016 By Franklin B. Tucker 3 Comments

Photo: Toll Brother’s Bill Lovett.

After more than two-and-a-half years of delays and broken promises, the long-troubled Cushing Village multiuse development entered a new chapter Tuesday, March 22 as national real estate firm Toll Brothers announced its purchase of the project’s development rights and two land parcels from original owner Smith Legacy Partners completed on March 14.

With Smith Legacy’s lead partner Chris Starr sitting quietly in the front row, Toll Brother’s Bill Lovett was introduced to the Board of Selectmen during a joint meeting of the Planning Board held at Town Hall.

“We’re very excited as we see this as a perfect location in a perfect community,” said Lovett, a senior development manager at Toll’s Apartment Living, a relatively new whole-owned subsidiary within the Horsham, Penn.-based firm.

With the sale, the project and town moves from an “endless loop of uncertainty” that prevented any work from commencing at the site for 969 days under the previous owner’s stewardship, said Selectmen Chair Sami Baghdady.

Lovett said Toll Brothers was initially interested in Cushing Village about a year ago when Smith Legacy was actively seeking a deep-pocket investor to partner with but did not pursue the offer then.

“So we actually selfishly very excited when it came back around [at the beginning of the year] because it is such a terrific asset,” said Lovett, saying Cushing Village “checks many, many boxes” of a project it is seeking such as retail on the location, walkability, and a lifestyle community.

“[Cushing Village] really fits the bill,” said Lovett.

The price Tolls Brothers paid for the rights and the parcels was not revealed.

As part of the agreement, Toll will pay the town $1 million for the parking lot and an additional $150,000 in fees to complete the transfer.

After the announcement, the selectmen voted unanimously to approve a one-time only extension of the purchase and sale agreement to August 26 for the sale of the municipal parking lot at the corner of Williston and Trapelo roads to Toll Brothers.

Lovett said this will allow the firm to do its due diligence of the property – which once housed a dry cleaning store – before committing to its development of a property Smith Legacy’s attorney Mark Donahue called “extremely complicated.”

Lovett told the board it is taking the project “as is” with no plans to ask for changes to the massing and basic design that the Planning Board took 18 months to create in July 2013.

“There will be no refiguring of the project,” said Lovett.

As for financing the project which bedeviled the previous owner, Lovett said Toll Brothers “is fortunate that we have a very large balance sheet” with $1.5 billion in cash on hand which will allow the project to be self-financed with available liquidity.

Founded in 1967, the firm is the country’s largest luxury housing “brand” said Lovett, known for its upscale communities in 19 states – mostly on the coasts – and ability for clients to “build” their house. It was also named one of the most admired companies worldwide, according to a survey by Fortune magazine in 2016. It is also known as the company that in 2005 rescued the weekly Metropolitan Opera broadcasts (now in its 85th year) after longtime sponsor Texaco dropped out a year earlier.

The Apartment Living division was created after the 2008 economic crash, said Lovett. With ownership in upscale apartments nationwide, Toll Brothers receive a consistent cash flow as a hedge to protect its financial position if the core business of residential housing construction falters. As of March 2016, Toll has just a few apartment buildings under profile, but several are in the pipeline including a few in Massachusetts.

Lovett reassured Baghdady that the firm is not looking to “flip” the project – place it on the market – once it is completed.

“We are long-term holders of our assets, and we also manage [them],” said Lovett, calling Cushing Village “a core asset.”

Lovett said once its due diligence is complete, the firm will hire a general contractor and begin to move the development “cautiously but quickly.”

“Our business model is to move people in, to start construction and move them in as quickly as possible,” said Lovett, describing it as putting “heads into bed.”

Pressed on a timeframe in which the project would be completed, Lovett said due to some difficulty in the underground parking; he expects the project to be completed “in less than 30 months.”

The purchase of the site and the special permit was the inevitable finale of a nearly 1,000 days of grand designs that could not match the business reality of a small-time developer in Starr – his previous real estate experience was as a partner in a modified strip mall in his hometown of Bedford.

Like Sisyphus, Starr’s dream of leaving a lasting monument in the town from where his family hailed led to frustrating and futile labor that in the end all his work and effort was all in vain.

With the sale, Starr leaves the scene as a cautionary tale for developers and town officials to take care before committing to a builder’s dream.

Sold in Belmont: Math Says Hurd Road Colonial Goes for Seven Figures

March 20, 2016 By Franklin B. Tucker 2 Comments

Photo: A million no matter how you count it.

54 Hurd Rd., Colonial (1926). Sold: $1,000,000.

35 Radcliffe Rd., Ranch (1975). Sold: $701,000.

329 Mill St., Ranch (1955). Sold: $714,000.

A weekly recap of residential properties sold in the past seven-plus days in the “Town of Homes”:

• 35 Radcliffe Rd., Ranch (1975). Sold: $701,000. Listed at $679,000. Living area: 1,557 sq.-ft. 7 rooms, 3 bedrooms, 2 baths. On the market: 67 days.

• 329 Mill St., Ranch (1955). Sold: $714,000. Listed at $747,900. Living area: 2,092 sq.-ft. 7 rooms, 3 bedrooms, 2.5 baths. On the market: 131 days.

• 54 Hurd Rd., Colonial (1926). Sold: $1,000,000. Listed at $995,000. Living area: 2,644 sq.-ft. 10 rooms, 4 bedrooms, 2.5 baths. On the market: 70 days.

The quintessential Belmont Colonial; on a side street (Hurd Road, with its tumbling elevation change) on a “squat” lot (6,400 sq.-ft.) with lots of room for kids and just general living. So how much is the oh-to-typical Belmont house is going for?

The sellers did know how to crunch the numbers: one a prominent math professor – he has a well-known theorem in number theory named after him! – while his spouse is a mathematician, computer expert and biologist. Don’t have to worry about how much to tip or split a check when you’re out with this Belmontian couple. When the wife was named this summer to a big-time position in San Diego, the house purchased exactly 30 years ago for $259,000 was placed into a market in which family homes are at a premium.

What a boom for the homeowners: The typical 30-year mortgage is paid off, the sale is pure profit, and they got great use from a wonderful house. Win, win, win.

And what a nice well-cared for house with an up-to-date kitchen. It’s also in that zone of homes that are within “walkable” distance for elementary, middle and high schools, so you don’t have to drive the kids every morning (“I don’t care if it’s a snow day, you’re still walking to school.”)

And for the past three years, the assessed value has shot up $130,000.

2014: $776,000
2015: $832,000
2016: $906,000

And the sum of it all: a cool million for the homeowners.

But still, a million for a 90-year-old house in a neighborhood that isn’t the first place people will look for a seven-figure house is a bit much to swallow. But this is Belmont, 2016. I will not be surprised if the Board of Assessors come to the Selectmen in December with its property tax rate recommendation with the data showing the median home in Belmont tops $1,000,000.

Let’s do the time warp again

The house on Radcliffe is likely one of the last ranch-style homes built in town, in 1975 when they were seen as out-dated (townhouses where the “cool” structures being built.)

I just want to show the photos of the interior – which is all original as the couple who built the house sold it – which is like opening an interior designers book from the mid-1960s. Wow, The vibrant pink bathroom, patterned wallpaper, the iron railings. And the kitchen: words can’t express this look into this time tunnel: much like Howard Carter’s experience opening King Tut’s tomb.

But you can’t be that critical of the owners choice: it’s of its time when it was furnished, an age that’s best remembered in photos.

Ohlin’s Owners Declare ‘We’ll Be Back’ After Flash Fire, Explosion Closes Shop

March 16, 2016 By Franklin B. Tucker Leave a Comment

Photo: The rear of Ohlin’s Bakery that suffered the most damage.

The flash fire that rocked Ohlin’s Bakery early Tuesday morning, March 15, sent the family who’ve owned the store since the 1960s reeling.

“We are still in shock,” said Marybeth Klemm, who with her husband owns and runs the century old Belmont institution in the heart of Cushing Square.

But even as they start the difficult work of getting back on their feet, the Klemm’s have been the recipients of a steady stream of support from their loyal customers.

“It warms our hearts to know the community is rallying behind us,” Marybeth told the Belmontonian Tuesday afternoon, March 15.

Belmont has been following closely the news of the early morning explosion that knocked down both Klemm and his assistant that came from an oven that was turned on to start a long morning of baking the store’s award-winning baked goods including its famous donuts.

“I’m extremely grateful that Paul and Nouri [Hessasta] were not hurt! They have angels watching over them!” said Marybeth.

David Frizzell, Belmont Fire Chief, told the Belmontonian dispatchers received a call at 2:47 a.m. for an explosion and a fire at Ohlin’s at 456 Common St. near the intersection of Trapelo Road.

“When the fire companies arrived, the fire was out,” said Frizzell. Fire personnel found two people at the scene, one, the owner Paul Klemm, had been “engulfed” in the flash fire that followed the explosion. While singed by the flames, both he and Hessasta declined medical attention.

Frizzell said his crews found the back of the operation, where the baking takes place “suffered significant structural damage” with a portion of the roof and a part of the back wall collapsed.

“Right now it’s unsafe to be in that portion of the building so the owner needs to get an engineer in there to do a structural analysis of that section to find out what repairs need to be done,” said Frizzell.

In addition, the front window of Jerry’s Barber Shop next to the bakery was blown out.

While first indications point to natural gas as the culprit, Frizzell said the incident remains under investigation. As a precaution, gas and electrical service were shut off to surrounding businesses so town inspectors could inspect the infrastructure.

Glenn Clancy, director of the Office of Community Development which includes the Building Department which handles inspections, said initial inspection determined the back space of the bakery is “unsafe for occupancy.”

It will be up to the landlord to pull building permits to begin repairs. Clancy’s office will need to inspect the work while other town departments, such as health, will be involved as the business readies to open.

Clancy said he could not say how long the work will take but the retail portion of the building will remain closed until the bakery section is approved for occupancy.

Marybeth said the family is moving forward in reopening the business, although it will be later than sooner before the business opens once again.

“We are in the process of talking with the insurance company. There was a lot of structural damage; so we are not sure how long it will take to fix,” she said.

Marybeth wanted the public to know; “We will try and be back in business as soon as possible! Thanks for your support!”

Selectmen Set March 22 As D-Day for Cushing Village Developer to Move on Project

March 15, 2016 By Franklin B. Tucker Leave a Comment

Photo: Cushing Village.

The Belmont Board of Selectmen Monday warned the developer of Cushing Village that unless it sees “significant progress” towards construction of the three building, residential/retail/parking project at its March 22 meeting, it would be unlikely to extend a purchase and sale agreement for a critical parcel of town-owned land that expires March 28.

“It would be very difficult for us to approve an extension … unless the developer comes back with something new, something that gives us absolute security that [the] project will proceed and go forward and not lag for years and months,” said Selectmen Chair Sami Baghdady of the 167,000 square foot project approved by the Planning Board when he was chair back in July 2013.

After cancelling a scheduled meeting to update Belmont elected officials on the status of its long-troubled development at its Monday, March 14 meeting, the board pointed to its next public meeting, on March 22, as the final opportunity for Chris Starr, the managing partner of Smith Legacy Partners which owns two parcels and is seeking to purchase the municipal parking lot adjacent to Trapelo Road and abuts the Starbucks cafe in Cushing Square.

Starr told the town he will attend next Tuesday night’s meeting to be held at Town Hall where he will “make a presentation,” said Baghdady.

“Something has to be done by March 28,” said Baghdady.

Under a long-standing agreement, Smith Legacy was to gain title to the lot for $850,000, but only when it secured a complete financing deal. It has been the inability to nail down the money needed to begin construction that has delayed the project for the past 958 days.

Baghdady said if Starr does not convince the board the project is moving forward, it is likely the board will revoke the purchase and sale agreement and retain ownership of the parcel. It would be unlikely that the expired P&S agreement could be revived unless that town issues a new request for proposal for the municipal parking lot and with it the Special Permit – which took 18 months to craft – would also expire.

On March 29, Starr would only have ownership to two small parcels – the former CVS building at Common and Belmont and the building at the intersection of Trapelo and Common that once housed the S.S. Pierce store, “and that could be potentially two more moderately-sized projects.”

With the P&S taken off the table, the town will keep nearly $700,000 in penalties that Starr has been paying the town over the past two years in option payments.

“I want to reassure everybody that Belmont is being protected. While we want to see development in Cushing Square, we want to support the local businesses, we know what the residents have gone through, its been a roller coaster ride. But we need to protect the town.” said Baghdady.

Hotel Takes Step Closer To Town OK as ZBA Requests Technical Data

March 10, 2016 By Franklin B. Tucker 3 Comments

Photo: The development team for the proposed hotel in Belmont: (from left, standing) Jennifer Conley, president of Conley Associates; Robert Levy, attorney with Eckert Seamans Cherin & Mellott; Waltham developer Michael Columba; and Andy Rojas, architect.

For the two dozen residents who attended the Monday, March 7 meeting of the Zoning Board of Appeal anticipating a decision to approve a small hotel at the base of Belmont Hill, at least, they had to opportunity to view an impressive new art installation at the Belmont Gallery of Art where the board meetings take place.

For a second time in as many months, the ZBA voted to continue its hearing, postponing a final vote on the request by Waltham developer Michael Columba to secure five special permits to allow construction of a 19-unit “European-style boutique hotel” at the corner of Brighton Avenue and Pleasant Street at the location of the now vacant Mini-Mart convenience store.

But with public support the proposed development has received and the technical nature of the data the board is requesting, it’s beginning to appear that the first new hotel in several decades, if not a century, could be up and running in early 2017.

“I do feel good that this is a win, win with the town,” said Columba after the meeting.

“I understand the concerns of neighbors, and I take [those] personally. It is something I want to resolve,” he told the Belmontonian after the meeting.

At the conclusion of the meeting, the board asked Columba for additional technical information on issues such as sound measurements from the HVAC system, venting, and lighting, attempting to assure themselves that assumptions being made by the development team were accurate.

Former Selectman and the project’s architect Andy Rojas reiterated the projects highlights from his presentation last month: renovating the two-building, two-story structure at 334 Pleasant St. – the old Mini Mart convenience store and offices – to open a boutique hotel consisting of 18 guest rooms, a cafe for guests, a fitness room, a business center and management offices on the 14,400 sq.-ft. site.

The building’s exterior will not be altered – with the exception on new siding – significantly in an attempt to “express Belmont’s agrarian history.”

Rojas said the hotel would have less impact on local traffic than what can operate on the site “as right” (without needing any zoning change) including a retail store, and will generate tax revenue from lodging and meals “without having an impact on the schools.”

Colomba, who purchased the property last year, said he rented rooms “to a lot of people visiting Belmont” at his first hotel, the Crescent Suite Hotel in Waltham, whether it was for a funeral, graduation parties or visiting patients in hospitals and beliefs there is a demand for European-style lodging.

He said his experience showed the hotel will be three-quarters occupied with the majority of guests registering during the day and coming back to their rooms between 9 p.m. and 10 p.m. at the latest.

Jennifer Conley, president of Conley Associates, a Boston-based transportation planning, and engineering firm, said a small hotel will generate around 160 total trips in the day with a maximum of 12 trips per hour during rush hours, much lower than the 35 trips per hour a convenience store would attract.

As he did in February, ZBA Chair Eric Smith again questioned the team just how a hotel fits within the town’s bylaws. Since there is no mention of hotels in the table of uses in the zoning documents, “so the closest … is apartments which are a prohibited use in [this zoning district],” said Smith.

Robert Levy, an attorney with Eckert Seamans Cherin & Mellott representing Columba, said his reading of the zoning bylaw and its parking requirements – which does briefly refers to hotel use – suggests the hotel would be more akin to a daycare center or a catering business, retail and service uses that are allowable at the site with a special permit.

For the most part, board members wanted to nail down several techical assumptions made by the developer, including just how noisy climate control systems will be running at the same time.

“Have everything written down,” requested Mariann Scali, a long-time resident.

If all goes to plan and the Board awards the special permits to Columba, work at the site will begin within weeks and will be completed in six to eight months.

Two Months After the Fire, Il Casale Reopens Monday

March 7, 2016 By Franklin B. Tucker Leave a Comment

Photo: The interior of il Casale which reopens for business on March 7.

A smokey fire in an exhaust flue on Jan. 7 not only sent Belmont and Arlington fire departments to 50 Leonard St., it resulted in il Casale Belmont in Belmont Center being closed so owners Dante, Damian and Filippo de Magistristo could make the necessary repairs to the landmark restaurant.

Today, Monday, March 7 – two months to the day of the fire – the de Magistris’ are opening the doors to their eatery which did not undergo any major renovations aside from some minor aesthetic upgrades.

“While the damage to the restaurant was minimal, it has been no small feat for us to re-open,” said Dante, who is il Casale’s chef.

“We are a small 100 percent family-run local business with 50 talented and dedicated employees who are eager to serve and awaiting the moment when guests fill our space with their convivial spirits,” he said.

The chefs have been busy setting up the line to cook il Casale’s tried and true favorite dishes and will be introducing some new menu items including roasted swordfish “chop” al livornese and roasted skate wing – oreganata with brown butter and celery spears

“We are so grateful for the support of our local community over the past seven years and appreciate all of their support in getting us back on track for many more,” said Dante.

Sold in Belmont: ‘Old Fashion’ Flip Pays Off on Trowbridge

March 7, 2016 By Franklin B. Tucker Leave a Comment

Photo: Flippin’ old fashion single family on Trowbridge.

18 Trowbridge St., “Old fashion” (1929). Sold: $811,000.

438 Trapelo Rd., Unit 1, Ground-floor condo (1917). Sold: $400,000.

38 Slade St., Unit 1, Condominium (1925). Sold: $450,000.

A weekly recap of residential properties sold in the past seven-plus days in the “Town of Homes”:

• 18 Trowbridge St., “Old fashion” (1929). Sold: $811,000. Listed at $699,000. Living area: 1,700 sq.-ft. 7 rooms, 4 bedrooms, 1.5 baths. On the market: 56 days.

• 438 Trapelo Rd., Unit 1, Ground floor condo (1917). Sold: $400,000. Listed at $419,000. Living area: 941 sq.-ft. 5 rooms, 2 bedrooms, 1 baths. On the market: 90 days.

• 38 Slade St., Unit 1, Condominium (1925). Sold: $450,000. Listed at $425,000. Living area: 1,097 sq.-ft. 6 rooms, 2 bedrooms, 1 baths. On the market: 61 days.

A Watertown firm brought back some sparkle to a beautiful but worn down “old fashion”-style house on Trowbridge Street. With a little rehab, maintenance and paint, the single-family was good as new.

But Foxhound Properties on Whitney Street – literally a baseball throw from Belmont – isn’t a contractor or renovation specialist hired by the homeowner. Foxhound “sniffs out” properties which owners who are looking, for a myriad of reasons, to sell fast and so will cut a deal.

“If you are looking to sell your house quickly or if you have found yourself in a real estate dilemma and you are only looking for answers, we can help!” says the company’s Web site.

Once in its hands, the clock starts and the team has contractors it has at the ready to whip the property into shape and flip it asap.

Take 18 Trowbridge – which stands side-by-side to one house that in 2011 burned to the ground (20) and the other severely damaged (16) by fire in 2008. The owner put the property, rated as a C- by town assessors, on the market in July 2015 for $669,000 then lowered it to $659,000 two weeks later. But no one was taking the bait.

In October, Foxhound made a deal with the owner and bought the house for $525,000, below the town’s assessed value ($556,000) in a market where sales prices most always exceed that level.

And the clock starts. Foxhound likely assembles its usual crew to do basic maintenance such as paint the interior and exterior (I like the blue they used outside, reminds me of rural Maryland) and redo the hardwood floors. Other contractors came in and updated the baths and kitchen (which always means adding that horrid granite counter tops), ripped out the old heating system and added central air and make the deck pretty again.

Time is money, and the property was back on the market in January at $699,000. Offers come in because 18 looks nothing like it did before. The sale took place on March 4 for $811,000.

So let’s say Foxhound’s construction expenses were $75,000 (I doubt that amount) and additional costs of $25,000, these guys made an “old fashion” profit of $185,000. That’s relatively good for a firm that is seeking to make money flipping homes.

The result is that a uniquely styled house is given a new life, some family comes into Belmont to add yet more kids to the school system, and the former homeowner isn’t holding onto a property they wanted to be sold. Win, win, win?

Sold in Belmont: Waverley Affordability in a Pair of Condos

February 29, 2016 By Franklin B. Tucker Leave a Comment

Photo: Cozy and affordable on Maple in Waverley.

202 Beech St., Second-floor condo (1928). Sold: $396,000.

47 Maple St., Condo (1910). Sold $311,000.

A weekly recap of residential properties sold in the past seven-plus days in the “Town of Homes”:

• 202 Beech St., Second-floor condo (1928). Sold: $396,000. Listed at $429,000. Living area: 1,646 sq.-ft. 8 rooms, 4 bedrooms, 2 baths. On the market: 151 days.

• 47 Maple St., Condo (1910). Sold $311,000. Listed at $329,900. Living area: 1,027 sq.-ft. 4 rooms, 1 bedroom, 1 bath. On the market: 145 days.

If you don’t mind cozy – less than 1,100 square feet so keep your elbows up – then the condo on Maple should have been considered. With only a single bedroom, a bath and two other rooms, it would be inexpensive for Belmont – about a third of the median price of Belmont homes that is nearing $900,000 across town – but you do get something for your money: century-old molding, restored hard wood floors, nice size living room and some unique cubby corners. I wonder who bought this rather nice condo? A young couple thinking of staying for a few years while starting a family? An investor who can rent this for $2,000 a month?

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