Sold in Belmont: Location Makes the Sale for Quintessential Belmont Colonial

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Photo: 67 Fairmont St. 

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67 Fairmont St. Center-entrance Colonial (1937). Sold: $1,300,000.

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33 Horace Rd. Brick Colonial (1923). Sold: $990,000.

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37 Wilson Ave. #3. Condominium (2000). Sold: $480,000.

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85 Lawrence Lane. Center-entrance Colonial (1937). Sold: $795,000

 

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

• 85 Lawrence Lane. Center-entrance Colonial (1937). Sold: $795,000. Listed at $799,000. Living area: 1,764 sq.-ft. 8 rooms, 3 bedrooms, 2.5 baths. On the market: 105 days.

• 37 Wilson Ave. #3. Condominium (2000). Sold: $480,000. Listed at $430,000. Living area: 1,123 sq.-ft. 6 rooms, 3 bedrooms, 1 full, 1 partial baths. On the market: 57 days.

• 33 Horace Rd. Brick Colonial (1923). Sold: $990,000. Listed at $935,000. Living area: 1,883 sq.-ft. 8 rooms, 4 bedrooms, 2.5 baths. On the market: 71 days.

• 67 Fairmont St. Center-entrance Colonial (1937). Sold: $1,300,000. Listed at $1,250,000. Living area: 2,274 sq.-ft. 8 rooms, 4 bedrooms, 2.5 baths. On the market: 78 days.

While there is some thought that home priced in seven figures will sooner than later find themselves sitting in the barber’s chair ready for their haircut, some are located in the right place at the right time to take advantage of their appeal. 

67 Fairmont St. is one such residential property. Located on one of the side streets between Common and Goden streets, it’s a good-size Colonial – nearly 2,300 square feet – with four bedrooms. Situated midway between the business hubs of Belmont Center and Cushing Square, its location is perfect for a young-ish family with schools on their mind. The Wellington is down a block, the Chenery four streets to the south and the High School close enough so the kids can’t bug the parents to let them drive to 221 Concord Ave. While the front is facing north, the backyard is sunny with a chance to do some serious gardening. 

A quarter century, during the real estate bust in these parts, the house sold for $60,000. Twenty years ago, the town valued it at $405,000. Since then, a new kitchen and roof were put into the Colonial. This year, the town said the house was worth $942,000. So think of the buyer paying a $350,000 premium for a 78-year-old house. Wow. 

Sold in Belmont: Allen House on Concord Ave. Tops $3 Million

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Photo: 580 Concord Ave.

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

• 6 Hurd Rd. Colonial (1930). Sold: $782,000. Listed at $779,000. Living area: 1,767 sq.-ft. 8 rooms, 3 bedrooms, 2.5 baths. On the market: 71 days.

• 182 Channing Rd. Modern reconstruct (1959/2015). Sold: $1,345,000. Listed at $1,389,000. Living area: 2,570 sq.-ft. 8 rooms, 4 bedrooms, 3 full, 2 partial baths. On the market: 56 days.

• 52 Unity Ave. #1. Condominium (1920). Sold: $460,000. Listed at $459,000. Living area: 1,652 sq.-ft. 5 rooms, 2 bedrooms, 2 baths. On the market: 106 days.

• 580 Concord Ave. (1987). Colonial. Sold: $3,300,000. Listed at $2,500,000. Living area: 3,850 sq.-ft. 9 rooms, 4 bedrooms, 2.5 baths. On the market: 108 days.

• 50 Slade St. #1. Condominium (1925). Sold: $467,500. Listed at $429,000. Living area: 1,100 sq.-ft. 5 rooms, 2 bedrooms, 1 baths. On the market: 65 days.

Simply put, the nearly 30-year-old box Colonial on Concord Avenue which was home to the late Anne Allen is an example of good taste in design and dimensions, a house built to impress through traditional residential architecture. There are no grand gestures or sweeping over-the-top statements that too many new construction attempts to do. There is symmetry both in the exterior – the six over six windows align, main entry centered, a balanced rear extension which is actually a separate wing  – and the interior where rooms are square with high ceilings, the kitchen doesn’t overpower the ground floor, details are refine. This is a Belmont classic, joining the “White House” on Alexander as wonderful residences in the Town of Homes. 

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Real Estate Firms Lawndale, CENTURY21 Adams Merge

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Photo: Lawndale Realty in Belmont Center.

Two well known real estate brokerages serving Belmont – an independent firm in Belmont Center and a local office of a national franchise – have merged to combined two of the longest-running firms in the “Town of Homes.” 

CENTURY 21 Adams Realty – located in Cushing Square at 486 Common St. – announced today, Thursday, Sept. 17, it has combined forces with Lawndale Realty of Channing Road, and will be known as CENTURY 21 Adams Lawndale.

“Led by Jim Savas, CENTURY 21 Adams Realty was established in 1989 and quickly became one of the top CENTURY 21 Real Estate Offices in New England, consistently earning two annual national awards for both sales and customer satisfaction. Lawndale Realty, Inc. was created 1984 by lifelong Belmont residents, Fred and Sue Pizzi, and has enjoyed continued success as the leading independent home seller in Belmont, specializing in residential sales and rentals,” read the press release issued on Sept. 17.

The new shop will be an independently owned and operated franchise affiliate of Century 21 Real Estate LLC, the well-known brand comprised of approximately 6,900 franchised broker offices in 78 countries and territories worldwide with more than 100,000 independent sales professionals.

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.

Sold in Belmont: ‘Tired’ Homes on the Hill Sell Below List

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Photo: 60 Stony Brook on Belmont Hill. 

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

48 Summit Rd. Townhouse condominium (2005). Sold: $1,345,000. Listed at $1,375,000. Living area: 2,520 sq.-ft. 9 rooms, 3 bedrooms, 3.5 baths. On the market: 84 days.

19 Thayer Rd. Condominum (1958). Sold: $263,750. Listed at $259,000. Living area: 625 sq.-ft. 4 rooms, 1 bedrooms, 1 baths. On the market: 42 days.

89 Bay State Rd. Colonial (1928). Sold: $1,050,000. Listed at $1,050,000. Living area: 2,616 sq.-ft. 10 rooms, 4 bedrooms, 2.5 baths. On the market: 70 days.

60 Stony Brook. Custom-design/ranch (1959). Sold: $1,100,000. Listed at $1,400,000. Living area: 2,616 sq.-ft. 10 rooms, 5 bedrooms, 3 baths. On the market: 161 days.

112 Winter St. Renovated (1946/2001). Sold: $895,000. Listed at $929,000. Living area: 3,100 sq.-ft. 8 rooms, 3 bedrooms, 3.5 baths. On the market: 78 days.

58 Crestview Rd. Ranch (1959). Sold: $1,025,000. Listed at $1,100,000. Living area: 2,816 sq.-ft. 7 rooms, 5 bedrooms, 4 baths. On the market: 70 days.

If you’ve lived in Belmont for any amount of time, you know that not every house on Belmont Hill is a brick manse with sculptured gardens with a view of Boston. Yes, they are pricey but many are beginning to show their age especially in their design and style.

Likely the custom-built house on Stony Brook Road was a humdinger of a residency when it was constructed half a century ago. Just how trendy was it to have a two-car garage projecting out from the Colonial-style split ranch with a brick wing jutting from the side. Not like those boring Colonials! Well, while those “boring” Colonial are much sought after, this mish-mash of styles looks and feels old. The interior is cramped with little in ways of options to use the available 2,600 square feet. It shouldn’t come as any surprise that the structure’s asking price fell by $300,000 before selling at $1.1 million. 

The same could be said for the ranch on Crestview (in the shadow of the Boston Temple), and the terrible retro build structure on Winter, each selling below their list. Sometimes “location” can’t help a tired old building sell for what their owners think. Sorry to say but these homes would be suitable candidates for demolition with a new building on the foundation. 

Sold in Belmont: Easy as Ones, Twos and a Three

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Photo: A split-level ranch in the Winn Brook neighborhood sold for nearly 12 percent of its original list price.

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

9-11 Sabina Way. Two-family (1923). Sold: $880,000. Listed at $825,000. Living area: 2,520 sq.-ft. 12 rooms, 6 bedrooms, 3 baths. On the market: 63 days.

218-220 Blanchard Rd. Multi-family (1952). Sold: $900,000. Listed at $849,000. Living area: 2,520 sq.-ft. 12 rooms, 6 bedrooms, 3.5 baths. On the market: 42 days.

63 Country Club Ln. New construction (2014). Sold: $2,050,000. Listed at $2,475,000. Living area: 4,824 sq.-ft. 12 rooms, 4 bedrooms, 4.5 baths. On the market: 225 days.

14-16 Vincent Ave. Multi-family (1910). Sold: $860,000. Listed at $895,000. Living area: 3,090 sq.-ft. 15 rooms, 6 bedrooms, 3 baths. On the market: 70 days.

65 Marlboro St. Three-family (1900). Sold: $875,000. Listed at $849,000. Living area: 3,216 sq.-ft. 14 rooms, 5 bedrooms, 3 baths. On the market: 42 days. 

199 Beech St., #2. Walk-up condominium (1924). Sold: $391,000. Listed at $429,000. Living area: 868 sq.-ft. 4 rooms, 2 bedrooms, 1 baths. On the market: 106 days.

115 Lexington St. Colonial (1925). Sold: $625,000. Listed at $699,000. Living area: 1,682 sq.-ft. 7 rooms, 4 bedrooms, 1.5 baths. On the market: 139 days.

55 Sherman St. Split-level ranch (1955). Sold: $907,000. Listed at $799,000. Living area: 1,840 sq.-ft. 8 rooms, 3 bedrooms, 2.5 baths. On the market: 139 days.

306 Orchard St., #2. Condominium (1900). Sold: $455,000. Listed at $435,000. Living area: 1,525 sq.-ft. 6 rooms, 2 bedrooms, 2 baths. On the market: 70 days.

I think it comes as a surprise to many people when they discover that Belmont’s housing stock is far from being a homogeneous collection of Colonials and brick mansions. 

Unlike outlying surburban locations such as Wilmington where 93 percent of the housing stock is the typical single-family house, just under half (45 percent) of Belmont’s 9,600 residential structures are detached homes, with an almost equal number being multifamilies.

This past week, more than half of the sales in the “Town of Homes” were multifamilies including one three-unit building or a condo in a two or greater unit building. It appears the market for multis is healthy as all but one of the buildings sold for more than its list price. 

On the single-family side of the week, the owners of the split-level on Sherman Street stuck to their guns (leaving their house on the market for nearly four months) and saw a nice bump of nearly 12 percent from their list price. Twenty years ago, the term split-level was a deal breaker for many buyers as the style was considered old-fashion and the structures cheaply constructed. Not now.

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. 

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?