Sold in Belmont: Time for a Pricing Haircut Across Housing Types

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Photo: 275 Brighton St.

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

483 Pleasant St. Condominium (1986). Sold: $840,000. Listed at $895,000. Living area: 2,175 sq.-ft. 6 rooms, 3 bedrooms, 2 baths. On the market: 155 days.

54-56 Falmouth St. Multi-family (1900). Sold: $780,000. Listed at $825,000. Living area: 3,684 sq.-ft. 13 rooms, 7 bedrooms, 3 baths. On the market: 64 days.

182 Waverley St. Condominium (1891). Sold: $477,000. Listed at $479,000. Living area: 1,095 sq.-ft. 7 rooms, 2 bedrooms, 1.5 baths. On the market: 52 days.

275 Brighton St. Colonial with extension (1946). Sold: $875,000. Listed at $895,000. Living area: 2,010 sq.-ft. 8 rooms, 3 bedrooms, 2.5 baths. On the market: 105 days.

Data compiled by Zillow, the online real estate database company, report that long-term sale prices for all housing in Belmont has hit its peak and will begin a slight downturn in values in 2016. 

So, was that the reason the four home sales – including two condos, a single- and a multi – that occurred last week in Belmont each failed to reach its initial list price? Is the hot real estate market cooling along with the seasons?

Probably not. While, indeed, the homes required a “haircut” of its list price to move the sale, there remains a short inventory of homes in Belmont. Also, mortgage rates remain low, enticing potential homebuyers as the market awaits the Federal Reserve raising grates by at least 25 basis points later in the month.

More likely, the failure of list prices to hold their position could be influenced by the small number of sales in the sample, half the usual number impacted by the holiday. Or sellers and their Realtor/sales person continue to overvalue homes, hoping to squeeze as much money from their houses.

So not to worry; there is no Belmont bubble homeowners need to be concerned over … yet.

Belmont Light Asking Customers to Limit Usage Over Next Two Hot Days

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Photo: Air conditioning units use a great amount of electricity.

Who said Labor Day is the unofficial end of summer?

The next two days will see temperatures in Belmont hit the 90s, and with that comes higher than normal energy usage and higher costs.

Sagewell, Inc. –the Woburn-based administrator of Belmont Light Energy Efficiency – is asking its 11,000 customers to help Belmont save energy and money by reducing their electricity consumption between 3 p.m.and 6 p.m. during the next two days.

Electricity cut during peak times helps Belmont mitigate rising utility costs, according to Sagewell.

“Nearly one-third of your electric bill is for the cost of procuring sufficient capacity for peak days and these costs are continuing to increase for all utilities across New England,” Sagewell notes.

Here are some tips to reduce Belmont peak electricity consumption:
●     Adjust air conditioners between four p.m. and 6 p.m. and turn off the AC in rooms that are not used. Adjusting the thermostat even by 2-3 degrees helps.
●     Use a microwave oven or an outdoor grill instead of a stove or a regular oven.
●     Shift laundry and dishwasher use to after 6 p.m.
●     Shift other electricity use to before 3 p.m. or after 6 p.m.

Residents and businesses with questions or would like advice on how to decrease peak energy consumption, feel free to contact Sagewell at support@sagewell.com or by calling 617-963-8141.

Cushing Square Municipal Lot Closing for Good in Fortnight

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Photo: The municipal lot in Cushing Square. 

A long-time landmark in parking scarce Cushing Square will soon disappear as Belmont Police announced Monday, Aug. 31, the closing of the municipal parking lot adjacent to Trapelo and Williston roads.

The lot, which serves neighborhood businesses, shoppers, overnight parking and commuters, will shut down in the next two weeks, said the release.

Police note that 50 underground spaces reserved for municipal use will be available to the public when the project nears completion in 18 months. 

The closure is due to the start of construction of the Cushing Village construction project, the long-delayed 167,000 sq.-ft. multi-use development that will occupy the lot, the location of the former S. S. Pierce store building at the intersection of Common Street and Trapelo Road and the former CVS site at Common and Belmont Street. 

After the lot is closed, area businesses that purchased town-issued monthly parking passes in the lot “will be allowed to park in the Cushing Square area free from time restrictions on parking with the exception of the following roads: Trapelo and Horne roads and Common Street. 

Belmont Police will work closely with businesses and residents to minimize the impact of an increase in vehicles in the surrounding neighborhoods. The department will rely on a similar plan in place during the reconstruction of the municipal lot in Waverley Square last year. 

Questions can be directed to Belmont Police Traffic Sgt. Ben Mailhot at 617-993-2538.  

Sold in Belmont: Mid-Level Homes Also Being Snatched Up

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Photo: 52 Thomas St.

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

67-69 Beech St. Two-family (1910). Sold: $678,000. Listed at $649,000. Living area: 2,454 sq.-ft. 10 rooms, 5 bedrooms, 2 baths. On the market: 70 days.

253 Payson Rd. Colonial (1940). Sold: $960,000. Listed at $906,000. Living area: 2,166 sq.-ft. 8 rooms, 3 bedrooms, 3 baths. On the market: 64 days.

25 Drew Rd.,#2, Condominium (1924). Sold: $480,000. Listed at $395,000. Living area: 1,124 sq.-ft. 6 rooms, 2 bedrooms, 1 baths. On the market: 63 days.

25 Drew Rd.,#1, Condominium (1924). Sold: $425,000. Listed at $400,000. Living area: 950 sq.-ft. 5 rooms, 2 bedrooms, 1 baths. On the market: 63 days.

46-48 Benjamin Rd. Multi-family (1924). Sold: $950,000. Listed at $899,000. Living area: 2,860 sq.-ft. 13 rooms, 6 bedrooms, 3 baths. On the market: 70 days.

21 Barnard Rd. #1, Condominium (1924). Sold: $470,000. Listed at $429,000. Living area: 1,265 sq.-ft. 6 rooms, 2 bedrooms, 1 baths. On the market: 70 days.

52 Thomas St. Antique early-Colonial (1870). Sold: $764,100. Listed at $749,000. Living area: 2,242 sq.-ft. 9 rooms, 4 bedrooms, 2.5 baths. On the market: 77 days.

Selectmen Agree To Sell Municipal Parking to Cushing Village Team

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Photo: The Belmont Board of Selectmen signing the agreement with Cushing Village.

Eight years after it was first proposed and 24 months since receiving the town’s go-ahead to begin construction, the developers of the proposed 164,000 square-foot Cushing Village multi-use project have the critical piece of town-owned property in its hand to possibly begin work on the long-delayed development. 

Without a representative of the development partners present for the landmark event, the Belmont Board of Selectmen voted at its Monday, Aug. 17 meeting to approve a purchase and sale agreement for the municipal parking lot at 116 Trapelo Rd. to Starr Capital Partners LLC., a Massachusetts Foreign Limited-Liability company based in Acton that registered in by the state in June.

“This is a major step forward for both Cushing Square and the town,” said Selectmen Chair Sami Baghdady. 

“It’s a long time coming,” said Selectman Mark Paolillo. 

The cost of the lot is $850,000 with total revenue to the town – including fees and permits – could reach $1.3 million, according to earlier estimates.

In addition, the town will “not tender the deed to the parking lot unless the financing closes … to give us the insurance that this project is actually going forward, and something doesn’t happen in the interim,” said Baghdady.

“I think that was key to the deal … and we did what was needed to be done,” said Selectman Jim Williams. 

According to the board, Wells Fargo Commercial is the primary lender with Cornerstone, one of the largest diversified global real estate managers, providing the secondary lending component. 

“We’re comfortable … with folks that we want to be involved with, and I’m happy that we are finally moving forward,” said Paolillo.

The agreement includes an easement to the town “in perpetuity” for 50 parking spaces in the project’s underground garage. 

In addition, the town will “not tender the deed to the parking lot unless the financing closes … to give us the insurance that this project is actually going forward, and something doesn’t happen in the interim, said Baghdady.

If the development is once again “unreasonably” delayed, the development team will be charged a monthly fee of $33,000 up to $800,000 in damages if the project ceases.

There is no information when construction will begin at the site at the corner of Common Street and Trapelo Road.

The project includes three buildings: at the municipal parking lot, at the corner of Trapelo Road and Common Street, and the intersection of Common and Belmont streets. The development will include approximately 38,000 square feet of commercial space, 115 dwellings units (60 two bedroom units and 55 one bedroom units) that includes 12 affordable units and 225 parking spaces as a result of the sale of the municipal parking lot. 

This is the second time the board has voted on selling the parking lot to a team led by Acton’s Chris Starr. In October 2010, the board voted to end negotiations with Starr’s Cushing Village Partners.

A week later, Starr files a lawsuit against the individual Selectmen alleging bad faith actions during the purchase negotiations. Six months after threatening the board, Starr and the town signed a preliminary purchase and sale agreement for a parking lot in March 2011.

It would take nearly a year before Starr submitted an application in January 2012. And it would take 18 months for the town’s Planning Board to approve a special permit to allow the project to be built in July 2013. 

The project was delayed another 25 months as Starr found it difficult to obtain financing for the project. After attempts to sell the project or find an equity partner, Starr joined forces with Cambridge-based Urban Spaces, in the spring of this year. 

Belmont Light to Customers: Cool It Using Electricity During Peak Heat

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Photo: Air conditioning units use a great amount of electricity.

The summer’s first official heat wave – three consecutive days of 90-plus degree temperatures – is expected to put a mighty mechanical and monetary strain on Belmont Light, the town’s utility.

In anticipation of Monday and Tuesday, Aug. 17-18, being high electricity usage days, Sagewell, Inc. –the Woburn-based administrator of Belmont Light Energy Efficiency – is asking its 11,000 customers to help Belmont save energy and money by reducing their electricity consumption on the first two days of the week between 3 p.m.and 6 p.m. 

Electricity cut during peak times helps Belmont mitigate rising utility costs, according to Sagewell.

“Nearly one-third of your electric bill is for the cost of procuring sufficient capacity for peak days and these costs are continuing to increase for all utilities across New England,” Sagewell notes.

Here are some tips to reduce Belmont peak electricity consumption:
●     Adjust air conditioners between four p.m. and 6 p.m. and turn off the AC in rooms that are not used. Adjusting the thermostat even by 2-3 degrees helps.
●     Use a microwave oven or an outdoor grill instead of a stove or a regular oven.
●     Shift laundry and dishwasher use to after 6 p.m.
●     Shift other electricity use to before 3 p.m. or after 6 p.m.

Residents and businesses with questions or would like advice on how to decrease peak energy consumption, feel free to contact Sagewell at support@sagewell.com or by calling 617-963-8141.

Selectmen Decision on Long-Delayed Cushing Village Set for Monday

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Photo: The proposed future home of Cushing Village development. (Google map)

While many residents attending the Belmont Board of Selectmen’s Monday evening meeting, Aug. 17, are coming to see how the three-member council reacts to last week’s Special Town Meeting vote, it’s another decision before the board which will have long-lasting ramifications for town.

Monday will likely see the selectmen decide to accept what insiders are calling a “voluminous” and “complicated” financial plan for the long-delayed multi-purposed Cushing Village project proposed for the heart of Cushing Square at the corner of Common Street and Trapelo Road.

Cushing Village’s development partners Smith Legacy Partners and Cambridge-based Urban Spaces is seeking to construct a three-building complex comprising 115 apartments, about 36,000 square feet of retail/commercial space and a garage complex with 230 parking spaces. It would be Belmont’s largest commercial/housing project in decades.

The selectmen will meet in a “working session” with town officials early Saturday morning before going into a second executive session to discuss the terms for both the sale of the municipal parking lot at Williston Street and Trapelo Road for $850,000 to the partnership as well as their ability to finance the project.

Since winning approval from the Planning Board after an 18-month review, the project has stalled due to several reports that Smith Legacy – the development company which began pursuing the project nearly eight years ago – could not secure commercial financing for the project.

Earlier in the month, the Planning Board extended by 30 days the Special Permit allowing for the construction of the approximately 167,000 square-foot development beyond its two-year limit of Aug. 19.

After paying nearly a quarter of a million dollars in fees to extend its opportunity to purchase the parking lot, Smith Legacy found an equity partner in Urban Spaces in April of this year at which time the stalled project began moving forward.

Yet with distractions including Urban Spaces’ CEO being arrested for soliciting sex on Craigslist and a hurried filing of the proposed financial plan, the selectmen have the options of rejecting the proposal, accept it or tell the partners to clarify and resubmit sections of the proposal. 

Sold in Belmont: Historic Walter Pierce Modern Abode Tops $1.2 Million

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Photo: Walter Pierce-designed house on upper Concord Avenue.

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

39 Payson Rd. #2, Condominium (1923). Sold: $525,000. Listed at $ 459,900. Living area: 1,288 sq.-ft. 6 rooms, 2 bedrooms, 1.5 bath. On the market: 50 day.

18 Brookside Ave. Colonial (1935). Sold: $865,000. Listed at $749,000. Living area: 2,000 sq.-ft. 7 rooms, 3 bedrooms, 1.5 baths. On the market: 77 days.

661 Concord Ave., Walter Pierce-designed modern (1961). Sold: $1,250,000. Listed at $1,195,000. Living area: 2,660 sq.-ft. 9 rooms, 4 bedrooms, 3.5 bath. On the market: 78 day.

117 Beech St., Multi-family (1915). Sold: $640,000. Listed at $619,900. Living area: 3,825 sq.-ft. 11 rooms, 5 bedrooms, 2 baths. On the market: 28 days.

25 Elm St., Colonial (1923). Sold: $820,000. Listed at $ 799,000. Living area: 1,930 sq.-ft. 7 rooms, 3 bedrooms, 1.5 bath. On the market: 77 day.

6 Prentiss Ln. Colonial (1932). Sold: $1,170,000. Listed at $1,295,000. Living area: 3,093 sq.-ft. 11 rooms, 4 bedrooms, 3.5 baths. On the market: 120 days.

37 South Cottage Rd, #93, Townhouse condominium (2011). Sold: $1,325,000. Listed at $1,395,000. Living area: 2,994 sq.-ft. 7 rooms, 3 bedrooms, 2.5 bath. On the market: 154 day.

12 Franklin St., Colonial (1924). Sold: $815,000. Listed at $849,000. Living area: 1,648 sq.-ft. 8 rooms, 3 bedrooms, 1.5 baths. On the market: 73 days.

10-12 Upland Rd. #10, Condominium (1925). Sold: $444,000. Listed at $439,900. Living area: 944 sq.-ft. 6 rooms, 2 bedrooms, 1 bath. On the market: 71 day.

14 Dundonald Rd. Ranch (1951). Sold: $1,180,000. Listed at $1,095,000. Living area: 2,374 sq.-ft. 7 rooms, 3 bedrooms, 3 baths. On the market: 70 days.

32 Foster Rd. #2, Condominium (1927). Sold: $457,500. Listed at $ 469,900. Living area: 1,268 sq.-ft. 6 rooms, 2 bedrooms, 1 bath. On the market: 70 day.

54-56 Sycamore St., Two-family (1925). Sold: $752,000. Listed at $729,000. Living area: 2,600 sq.-ft. 12 rooms, 4 bedrooms, 2 baths. On the market: 135 days.

Changes to the original design have taken place – the kitchen was enlarged in 1998 and the windows replaced in 2000 – and the house is not the “spare but stylish split-level” he is famous for (located in Peacock Farms in Lexington), but the sublime modernist residence at 661 Concord Ave. designed by Walter Pierce is a house of historic architectural merit.

While some may lump Pierce with another young post-war architect Carl Koch – the architect/builder of Belmont’s Snake Hill Road development (do yourself a favor and take a walk up Snake Hill Road off Pleasant Street to view this impressive experiment in suburban housing) – they were from two distinct school’s; Pierce is from MIT’s “American” version of modern architecture with its Scandinavian influences of emphasizing the space in and outside the building.

You can see (actually it’s hard to see from the road with non-native evergreens and an ugly fence out front) Pierce’s deft touch – a great profile of the Lexington resident is in his obituary – in the upper Concord Avenue house near Day School Lane.

The house is, in fact, a triple, split level (which in less-trained builder’s hands became a tired stereotype by the late 60s, the home of Mike and Carol Brady’s bunch) with a towering facade that slopes towards the back yard. Designing with the land in mind, the building has a narrow front (going from 17 feet at the entry to 28 feet in the back) with a substantial length, about 50 feet. Open the front door and up you go to the bedrooms; down to the family room, kitchen and dining room, the “basement” level is the open family space that leads to the patio and impressive backyard that is next to Habitat land.

While the interior space might be a distraction to modern homebuyers who want space over function – the dining room is a tight spot, and the kitchen is functional, not grandiose – the house works due to Pierce’s use space; it’s just so open and airy (can you say Sweden?) without interior walls. It’s impressive to have all that weight carried by the walls yet have nice sized windows to add natural light and a view of the landscaped yard. Modern touches include lack of detail – I love the mid-level fireplace – and stuff. What? No center island in the kitchen with indoor grill and install wok? It’s not a masterpiece or a trendsetter, but a solid design that any architect would love to have in their portfolio.

Surprisingly, the Pierce house – so thoughtfully created by a master architect – sits next to one of the worst-designed homes in town, both built within a year of each other. Go figure.

Besides having one of the best names in Belmont – a wee bit of the Highlands in dear ol‘ New England – and being a rare dead-end in town, Dundonald Road is one street on “the Hill” that has kept its modest homes intact. But that might be coming to an end; do you really spend $1 million plus for a 60 year old ranch without envisioning a demolition permit in your hand? 

Planning Board Extends Cushing Village Permit, Hopes for Resolution

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Photo: Cushing Village.

Like the tardy student who always needs more time to complete a school project, the partnership seeking to build the troubled Cushing Village multi-use project was provided an additional month for the town to review and vote on a $80-million financing package submitted days ago.

The Belmont Planning Board approved the extension unanimously at its Tuesday, Aug. 4 meeting held at Town Hall, adding an extra 30 days to the Special Permit approved two years ago on Aug. 19, 2013.

The necessity for his committee to add-on a month to the permit’s expiration date “was not to benefit the developer as it is to benefit the Board of Selectmen,” said Michael Battista, Planning Board chair speaking of Cushing Village’s development partners Smith Legacy Partners and Cambridge-based Urban Spaces.

The newly-formed partnership is seeking to construct a three-building complex comprising 115 apartments, about 36,000 square feet of retail/commercial space and a garage complex with 230 parking spaces. It would be Belmont’s biggest commercial/housing project in decades.

Within the past few days submitted a large and complicated package of finance documents that needs to be analyzed by Aug. 19.

“Shame on them,” Battista said of Smith Legacy and Urban Spaces. “They had two years to get it together and, at the 11th hour, they send the selectmen this voluminous package that needs to be waded through, town counsel must review and due diligence performed on the financing,” said Battista.

“Plus they had the thing on the news that effects the deal,” he said, speaking of Urban Space’s CEO Paul Ognibene arrest for soliciting sex at work on Craigslist back in July.

Demonstrating the project’s financial feasibility was one of the main requirements the Selectmen placed on the Cushing Village developer to allow the sale of the municipal parking lot at Williston and Trapelo Road. The price tag for the lot adjacent to Starbucks is $850,000.

“[The selectmen] are now doing their due diligence and the expiration date looming, I didn’t what the [three member board] have to feel like if they don’t make a decision, the permit will expire on Aug. 19,” he said.

“It would have been a real shame for the permit, which took a year and a half to craft, to expire when everything is at the doors step,” said Battista, adding the project should move forward, “hopefully sooner than later.”

Seeking Added Revenue, Moozy’s Expands to Breakfast Hours

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Photo: Moozy’s in Belmont. 

When it’s July and the temperatures reach 90 degrees, owning a successful ice cream store like Moozy’s at the intersection of Trapelo and Belmont is the easiest business around, said owner Dante Muzzioli. All he  has to do is open the doors and the crowds follow.

But in February, when record winter snow levels made finding his front door a challenge, Moozy’s’ business literally freezes in place.

“It’s a ghost town when the weather gets cold. It gets really rough for six months,” said Muzzioli. “It’s a nice spot and it looks beautiful but I’m still trying to recoup the money I lost over the winter.”

In an attempt to expand his revenue base, Muzzioli came before the Belmont Board of Selectmen on Monday, July 27, seeking to expand the hours on his Common Victualler license to allow the popular ice cream shop to compete in the breakfast trade.

The former long-time head coach of the Belmont High School boys ice hockey team – in May, Muzzioli was inducted into the Massachusetts State Hockey Coaches Association’s Hall of Fame – said while he has been keeping Moozy’s – located at 2 Trapelo Rd. – afloat by transferring funds from his other businesses, “it really has to stand on its own” to continue in operation over the long term. 

“It’s all about survival and that place can not survive without a change,” said Muzzioli.

Muzzioli, who runs a successful landscaping firm and other businesses, was seeking to open the store beginning at 6 a.m. during the week to compete with nearby eateries and coffee shops such as Starbucks, Aram’s Cafe and Teddy’s Kitchen, each in nearby Cushing Square. 

The breakfast trade would include coffees, bagels, pastries and plates for sit-down service, serving residents on their way to work – the store is located on an inbound stop for the bus to Harvard Square – and those seeking a weekend morning meal. 

“I think the town needs a nice high-end breakfast place,” he said. 

Yet those living in the residential neighborhoods across Trapelo Road worried that new hours would exacerbate parking issues on their streets in addition to an earlier start to commerce in the area. 

Oak Avenue’s Rita Butzer Carpenter said there would not be enough parking at the store – there is no lot parking for the store – to accommodate a high-volume coffee shop-type operation, suggesting language be included with any approval that would prevent the store from accepting a Starbucks “kiosk” selling that brand of coffee at the location. 

Carpenter’s neighbor Dr. David Alper said a 6 a.m. start would be “egregious” to the neighbors especially on the weekend. He sought a compromise in which the store would open at 7 a.m. on weekdays and 8 a.m. on the weekend.

Selectmen Chair Sami Baghdady, who said that he would hate to see the town possibly loss an independent store and risk seeing a chain coffee shop take its place, voted with his two fellow members to allow the store to open at 6 a.m. during the work week and 7 a.m. on weekend.

Muzzioli said the vote will allow him to see the operation moving into the future on a more stable financial footing. 

“This will help because now we have something that isn’t weather impacted. Breakfast is everyday,” said Muzzioli.