Cushing Village’s New Owner Seeking Added Concessions From Town

August 19, 2016 By Franklin B. Tucker 2 Comments

Photo: The current state of the location of Cushing Village.

The more things change, the more they stay the same.

That 19th-century French saying has a ring of truth to it when the discussion turns to the long-stalled Cushing Village residential/retail/parking development as it appears the new owners are seeking their own set of concessions from the town.

Approved for construction in July 2013, the project suffered through two-and-a-half years of delays and missed opportunities under the former ownership of lead developer Smith Legacy Partners.

So there was hope in the community when national housing firm Toll Brothers purchased the development rights in March of this year that a change at the top would allow the $80 million project – 115 units of housing, 38,000 sq.-ft. of stores and approximately 200 parking spaces – to move quickly to the construction stage.

In fact, representative of the Pennsylvia company said then it would not seek changes to the project which would warrant restarting the process, expressing confidence it would make the Aug. 26 deadline for the firm to sign a purchase and sale agreement with the town to buy a key town-owned land parcel, the municipal parking lot adjacent to Trapelo Road and Starbucks for $1 million, that would allow building to commence.

For the town, Toll Brothers’ commitment to the site would stop the “endless loop of uncertainty” hampering work from commencing, said Selectman Sami Baghdady in March.

But what was said in the Spring appears to have fallen to the wayside in mid Summer. According to documents from the Board of Selectmen, Toll Brothers representatives will come before the Board at its Monday, Aug. 22 meeting seeking a new extension to the P&S deadline taking place four days later.

In addition, the firm will request amendments to the Land Development Agreement – which for commercial property is a development plan that typically includes the time frame for completing the project, the property description, design sketches, and other details.

The details of the changes and why they are being sought by Toll Brothers have not been publically flushed out – both the town and Toll are not speaking on the matter – as both sides appear ready to present their arguments on Monday.

Earlier this month, the board and the town appeared ready to sign all necessary paperwork on the 22nd, with current board chair Mark Paolillo saying that “both sides want this to go through.”

Cushing Village Deal With Town ‘Close’ As Deadline Looms

August 8, 2016 By Franklin B. Tucker Leave a Comment

Photo: Cushing Village.

Will the final chapter of the saga known as Cushing Village be written tonight?

Or will the Belmont Board of Selectmen and national developer Toll Brothers go down to the last few days before striking a deal on the cusp of a late August deadline?

Answering the question will occur at the Selectmen meeting on Monday afternoon, Aug. 8, as the three-member board, will discuss and possibly vote on a series of amendments to the joint development agreement and other documents concerning the $80 million three-building project in the heart of Cushing Square.

As of this weekend, a final deal between town and developer is “close,” according to one Belmont selectman.

But, said Selectman Chair Mark Paolillo on Sunday, “I don’t know if it will be done by [Monday’s meeting.]”

“We still haven’t gotten the [joint development] documents back [from Toll Brothers],” he said.

With a deadline of Aug. 26 for both sides to agree to a purchase and sale of the municipal parking lot adjacent to Trapelo Road, time is running short in finding consensus on a final agreement between the town and Toll.

“It really is one minor but important issue that needs to be resolved,” said Paolillo, who would not reveal what is the sticking point other than said it has to do with finances. .

Paolillo said the board is “holding firm” that there will be no significant changes to the joint development agreement between the town and developer.

The Horsham, Penn.-based company did not return calls for comment.

Toll Brothers purchased the parking lot’s development rights and two adjacent land parcels from the original owner, Smith Legacy Partners, on March 14. Since 2009, Smith Legacy shepherd the project through the permitting process and appeared ready to begin construction on the structure with 115 condominiums, 230 parking spaces and nearly 40,000 sq.-ft of shops in 2013 but could never secure the financing necessary to start construction.

Belmont’s selectmen voted unanimously on March 22 to approve a one-time only extension of the purchase and sale agreement to Aug. 26 for the sale of the municipal parking lot at the corner of Williston and Trapelo roads. As part of the deal, Toll agreed to pay the town $1 million for the parking lot and an additional $150,000 in fees to complete the transfer.

In March, Bill Lovett, senior development manager at Toll’s Apartment Living subsidiary, said the extension would allow the firm to do its due diligence of the property before committing to developing the site.

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.

In the little more than four months since the extension, a deal once described by the former owner’s attorney who dubbed the agreement “complicated.”

While it appears the selectmen and Toll Brothers are willing to take the negotiations to the board’s Aug. 22 meeting – only four days from the self-imposed deadline – Paolillo said: “both sides want this to go through.”

“I know that [Belmont Town Counsel] George [Hall] is going through the documents which may mean we’ll have something to agree to in principal on Monday,” said Paolillo.

“I really think we are going to be fine,” he said.

Sold in Belmont: ‘Birder’s’ First Home Is A Historic Hit

August 1, 2016 By Franklin B. Tucker Leave a Comment

Photo: Birdland.

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

• 74 Richmond Rd., Colonial (1935). Sold: $807,400. Listed at $789,000. Living area: 1,935 sq.-ft. 7 rooms, 3 bedrooms, 2.5 baths. On the market: 59 days.

• 10 Indian Hill Rd., Colonal (1930). Sold: $1,270,000. Listed at $1,150,000. Living area: 2,293 sq.-ft. 9 rooms, 4 bedrooms, 2.5 baths. On the market: 69 days.

• 358 Brighton St., Garrison Colonal (1937). Sold: $913,000. Listed at $875,000. Living area: 1,946 sq.-ft. 7 rooms, 3 bedrooms, 2.5 baths. On the market: 75 days.

• 76 Lincoln St., Colonal (1939). Sold: $1,250,000. Listed at $1,225,000. Living area: 2,674 sq.-ft. 8 rooms, 4 bedrooms, 3 baths. On the market: 63 days.

• 46 Centre Ave., the Chandler Robbins house, Old-Style Italianate (1870). Sold: $1,250,000. Listed at $1,225,000. Living area: 3,708 sq.-ft. 9 rooms, 4 bedrooms, 3.5 baths. On the market: 77 days.

At the point where Old Concord Road turns into Centre Avenue stands a piece of history. Situated in the hillside with a view of Boston a mere eight miles away standing the Italianate-style home where a 12-year-old boy would start his journey to become one of the greatest ornithologist of our era.

Chandler Robbins. Photo credit: Barbara Dowell

Chandler Seymour Robbins was born on the last year of the Great War and grew up in Belmont, in a time and place, according to an article in the November-December 2014 edition of Audubon magazine, “where everything to the east of him was ‘houses and Boston’ and everything to the west was woods and fields.”

He obtained his love for birding and the outdoors from his father, Samuel Dowse Robbins, a pioneering research speech pathologist who was related from a long line of clergy and Roger Wellington, the first settler of Belmont in 1636. Chandler’s father established the town’s first Boy Scout troop who spent a great deal of time in the wildlife refuge Samuel preserved that included most of Belmont north of Pleasant Street.

They shared the love of studying all the bird that winged through the town, including leading Belmont’s annual Christmas Bird Count.

“[Chandler] roamed those woods using 3X opera glasses to watch birds and other animals – his de facto biology training – and spent his summers chasing shorebirds on the beach at Gloucester,” according to the Audubon.

From that beginning, the younger Robbins soon traveled to the Patuxent Wildlife Research Center in Maryland that became his base of operation. A legend among birders for his knowledge, dedication and friendliness, he initiated the annual North American Breeding Bird Survey, studied the effects of DDT on birds with his colleague Rachel Carson, and wrote A Guide to Field Identification of the Birds of North America with Bertel Bruun and Herbert Zim, the gold standard of reference books. Robbins continues to study birds at Patuxent to this day.

The house – named for Chandler’s grandfather – is on the original Concord Turnpike, laid out in 1804. Make no mistake, it has undergone extensive renovation in the past 20 years – for a total of $100,000 ($80,000 by the last owner) – including recent work on walls, windows, floors, bringing the electrical up to code, putting in a gas line and repairing the garage.

While much of the interior detail doesn’t appear to be original, the owner wisely showed a great deal of restraint in not loading up on extras such as track lightning or walk-in closets. There is a tasteful understanding that “less is more” to highlight the uniqueness of a historic house: the bay window in the dining room, the non-standard layout of the kitchen, the living room’s French doors that lead you visually and phyically to the enclosed porch. And look at the master bedroom – not huge but comfy – with an adjacent sunroom (which appears to be an addition). Much more appealing than the 20’x20′ bedroom “suite” with those attached horrid mega bathrooms (do you really need a tub ten feet from the bed?) which today’s “architects” inflict on the public.

A bit pricy for a house – at a million and a quarter – that, knock on wood, won’t suffer an aging related set back. But you do get a view of Boston (through the trees) and hopefully lots of birds flying in from the nearby Habitat.

Sold In Belmont: Condo Quintet A Nice Affordability Sound; Common Million Again

July 25, 2016 By Franklin B. Tucker Leave a Comment

Photo:

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

• 135 Slade St., Top floor condominium (1920). Sold: $649,000. Listed at $648,500. Living area: 1,777 sq.-ft. 8 rooms, 3 bedrooms, 2 baths. On the market: 74 days.

• 267 Beech St., Unit 2, Top floor condominium (1928). Sold: $725,000. Listed at $749,000. Living area: 1,965 sq.-ft. 9 rooms, 3 bedrooms, 2 baths. On the market: 80 days.

• 20 Chester Rd. Unit 1, Condominium (1917). Sold: $489,000. Listed at $460,000. Living area: 1,113 sq.-ft. 5 rooms, 2 bedrooms, 1 baths. On the market: 32 days.

• 191 Common St., Colonial (1925). Sold: $1,550,000. Listed at $1,425,000. Living area: 2,488 sq.-ft. 10 rooms, 5 bedrooms, 3 full, 2 half baths. On the market: 53 days.

• 90 Lewis Rd., Top floor Condominium (1923). Sold: $630,000. Listed at $599,900. Living area: 1,690 sq.-ft. 7 rooms, 4 bedrooms, 2 baths. On the market: 54 days.

• 274 Washington St., Brick and shingle English Colonial (1930). Sold: $1,040,000. Listed at $935,000. Living area: 2,251 sq.-ft. 8 rooms, 3 bedrooms, 2.5 baths. On the market: 54 days.

• 30 Marlboro St., Unit 1., Condominium (1916). Sold: $527,000. Listed at $499,000. Living area: 1,690 sq.-ft. 6 rooms, 2 bedrooms, 1 baths. On the market: 83 days.

There has been a great deal discussed – here in Belmont (through the effort of the Belmont Citizens Forum) and the State Senate – on modifying the town’s zoning bylaws to increase the number of affordable housing units in town and across the Commonwealth. One aim is to make building homes with greater density in residential neighborhoods, specifically allowing two families to be “by right” (and skipping the need for a Special Permit) in more areas of town.

This past week, five condominiums in two families were sold for between $729,000 – a big nine roomer with nearly 2,000 sq.-ft. – and $489,000, far more affordable (but barely reasonable for a couple with middle-class income) than the medium price for a single-family house that is nearly seven figures.

And the condos have something for many: a great starter home or a place for the empty nester. It would also be a place for a small family to spend the 12 years to get through the school years. Take a look at the detail.

267 Beech St., Unit 2

267 Beech St., Unit 2

267 Beech St., Unit 2

20 Chester Rd Unit 1

20 Chester Rd Unit 1

20 Chester Rd Unit 1

90 Lewis Rd.

90 Lewis Rd.

90 Lewis Rd.

135 Slade St.

135 Slade St.

135 Slade St.

And the star of the quintet of condo is the one on Marlboro Street. A steal at $527,000 for 1,300 sq.-ft. with beautiful wood molding, modern kitchen, renovated bath (in proper white), a quirky layout and space out back. Everything to love.

30 Marlboro St Unit 1.

30 Marlboro St Unit 1.

30 Marlboro St Unit 1.

30 Marlboro St Unit 1.

30 Marlboro St Unit 1.

30 Marlboro St Unit 1.

30 Marlboro St Unit 1.

It might be harder to develop these economical units in the future after Town Meeting approved a four-year moratorium (expanding on a temporary ban) prohibiting the construction of two-family houses on single families lots in the general residence zone.

Since the moratorium will sunset in 2018, hopefully, there will not be a prejudice against building two families that are similar to these beauties.

Common Street, as in “it’s now common to see a million house” on this road. The latest is 191 Common St., which is located near St. Joe’s and the Wellington, a building that just seven years ago barely broke $650,000. Much of that was due to a typical situation in Belmont; a long-time owner who didn’t keep up with repairs and modernizing the systems.

The new owners could see beyond the aging infrastructure and years of neglect and got to work. They threw in $105,000 into a new roof, replacing all 36 windows and all bathrooms were renovated as was the kitchen with a freaky harlequin black and white floor. They also enclosed the porch and built a new deck. They also put a few bucks to landscaping, siding and interior work.

The result: the once-threadbare home was sold for more than $1.5 million, nearly three times what they bought it.

Sold In Belmont: Mansions (And A Simple Ranch) Required Millions To Buy

July 18, 2016 By Franklin B. Tucker Leave a Comment

Photo: A.

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

• 52 Grant Ave., Unit 2, Townhouse (2007). Sold: $800,000. Listed at $730,000. Living area: 1,955 sq.-ft. 5 rooms, 3 bedrooms, 2 full, 2 half baths. On the market: 100 days.

• 635 Concord Ave., Colonial-ish (2005). Sold: $1,958,000. Listed at $2,100,000. Living area: 5,205 sq.-ft. 10 rooms, 4 bedrooms, 4.5 baths. On the market: 96 days.

• 38 Audubon Ln., I have no idea (2012). Sold: $2,980,000. Listed at $3,150,000. Living area: 5,112 sq.-ft. 10 rooms, 5 bedrooms, 6.5 baths. On the market: 96 days.

• 28 Brettwood Rd., Ranch (1953). Sold: $1,012,000. Listed at $1,295,000. Living area: 2,686 sq.-ft. 10 rooms, 4 bedrooms, 2.5 baths. On the market: 89 days.

You remember the lyrics of the 70’s television show, “The Jeffersons.”

“Well we’re movin’ on up,
To the east side.
To a deluxe apartment in the sky.

And that’s what one Belmont couple is doing, swinging the sale of their house for one that’s on the better side of the town.

First, they had to sell the first house … for nearly $3 million.

Gah!

One thing you can say about the house at 38 Audubon Ln. (it’s a cul du sac off Concord Avenue at Mill Street) is the work of the five-year-old house is outstanding, or what the town assessing department calls “superlative” with the rare grade of A++. That should not come to a surprise since the builder/owner, John Eurdolian, is a master contractor. Just think if you were a sub on the job and had a client who knows how to hang a door better than you?

Eurdolian bought a bit of land on Audubon for $700,000 in 2010 then spent nearly $745,000 to construct the building he just sold, re-cooping his cost two-fold.

While there is no way to describe the eclectic exterior design – modern jumbled? – it’s new and big, and that’s what some rich people demand, especially those buyers who come from overseas. So it took less than 100 days to sell and at nearly half-a-million dollars over its assessed value.

Now, the Eurdolian’s won’t be living in the Hotel Tria in Fresh Pond‎ waiting to move into their new house. In fact, they’ll be movin’ on up Belmont Hill on, oh so proper, Marsh Street.

And similar to his former house, Eurdolian built a grand new house on Marsh, buying a fading old Colonial in 2014 that had suffered water damage. He put down $900,000 for the house, then quickly knocked it down and spent $854,000 to make a grand statement – 7,429 sq.-ft., 14 rooms, 5 beds, 5 full and 2 half baths – on a street with plenty of those. Its value today? $2,129,000. And how much do you think this would sell for? Plenty.

Sold in Belmont: Clifton Street ‘Vacant Lot’ Tops $1.2M

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

Photo: Ready, set, build!

You knew when Colleen Baxter O’Connell arrived at the Chenery Middle School from her home on Clifton Street on Belmont Hill.

“You’d see Colleen drive her Camero into the school’s parking lot,” said Ellen Cushman who was taught by O’Connell in the early 1970s when she was already in her 60s, who was known for her no-nonsense approach to teaching mathematics.

And her thrill for speed remained with her well into retirement.

“You didn’t start the Belmont Garden Club meetings until you heard Colleen’s driving up in her sports car,” said Cushman.

And in the past two weeks, O’Connell was remembered once again as the now vacant lot where her house once stood was purchased by a yet-to-be-named buyer for a cool $1.24 million from the Belmont resident who bought and quickly tore down what was a dilapidated Colonial two years ago.

The house – 2,642 sq.-ft., 10 rooms, 3 beds, 1.5 baths – was built in 1929 and the type of home a middle-income couple could afford in the 1950s, even with a Belmont Hill address. O’Connell spent nearly 50 years in the house, first with her husband, Harrison, and two children, and then by herself until she died in April 2004 at 99 years old.

After her death, the family attempted to make a go of the house by reportedly having renters stay in the building. But the overall condition of the house was rated by town assessors as “below average.” Yet the battered appearance didn’t appear to affect the home’s assessed value which nearly doubled from $542,000 in 1993 to $1,052,000 in 2003.

Finally, a decade after O’Connell’s dead, the property was sold in late 2013 to Claflin Street resident Paul Emello for $750,000. Emello then promptly took a wrecking ball to the house and placed a “for sale” sign on the street. The list price: $1.8 million. Wow, that’s chutzpah to attempt to flip a vacant lot for a million dollars.

Clifton Street is located on Belmont Hill which, it turns out, isn’t the same as Beverly Hills. A drop in price was expected, a reality set in. Within a year, the list fell to $1,349,000 and by November 2015 it took a $70,000 haircut to $1,279,000. Still nothing. Then in late June, a deal was made: step back another $40,000 and that’s that.

So who bought it? It hasn’t been recorded at the Middlesex South Registry of Deeds. But it won’t be an empty lot for long as the land is being groomed by a well-known Belmont landscape company.

Sold in Belmont: Back on the Market 51 Years Later; No Granite in this Kitchen

July 10, 2016 By Franklin B. Tucker 2 Comments

Photo: A unique home just off School Street.

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

• 12 Oakley Rd., Unit 4, Townhouse (2011). Sold: $850,000. Listed at $875,000. Living area: 2,810 sq.-ft. 9 rooms, 3 bedrooms, 3.5 baths. On the market: 60 days.

• 58 Foster Rd., First-floor condo (1925). Sold: $500,000. Listed at $485,000. Living area: 1,222 sq.-ft. 5 rooms, 2 bedrooms, 1 baths. On the market: 40 days.

• 211 Marsh St., Expanded Colonial (1934). Sold: $1,600,000. Listed at $1,685,000. Living area: 3,065 sq.-ft. 8 rooms, 4 bedrooms, 3.5 baths. On the market: 124 days.

• 79 Douglas Rd., Brick/frame (vinyl siding) Colonial with Dutch Colonial elements (1932). Sold: $900,000. Listed at $849,000. Living area: 2,080 sq.-ft. 8 rooms, 3 bedrooms, 2.5 baths. On the market: 102 days.

Back on the market after 51 years! The Douglas Road Colonial/Dutch elements – it’s that funky street located off Louise and Watson (why does Watson remain a one-way street?) in the hill country behind the Burbank School – looks bigger than its 2,000 square feet two-story/basement footprint. Bought for $36,000 in November 1965 (the day before Ben Stiller was born), the structure’s interior features have been preserved, from the built-in cabinet in the living room, the French door leading into the 21’x14′ living room with its dark brown ceiling beams, and the nice touch of paired 6 over 6 rectangular windows in the kitchen. Hinting at its age is that the garage is located in the back of the house, before the importance of the car when it was built. It is oil/forced hot water heating which shows its age, the kitchen needs a complete overhaul and the bathrooms are too small to be called quaint. But the overall condition from the town is B plus which is a testament for homes owned for half a century by the same family.

I knew I liked the condo on Foster Road (located to the south of Grove Street Playground): the original wood window trim and ceiling casing, the subtle bathroom renovation (in my favorite white) and storage space. But look in the kitchen. NO GRANITE COUNTERTOPS! Placed above the counter top the former owner installed Caesarstone, which is 93 percent quartz (the other quartz countertop is Silestone) and has a better price comparison than the old-fashion granite tops. I was going to say that this house was a steal at $500,000 even before I discovered the Caesarstone, now I love it!

Why, in the rare case, do some brokers want the address of the house they’re selling hidden from the public? That was the case of 211 Marsh St. While the address was not given, the photo of the house gave it away – how many aqua blue/green houses are there on Belmont Hill? Was the reason the address was omitted had anything to do with the seller’s broker being the home owner? The broker and the name on the revocable trust have the same name. Maybe, maybe not. Next time, don’t add a photograph.

Sold in Belmont: And ‘Poof’ The House Was Off The Market

July 5, 2016 By Franklin B. Tucker Leave a Comment

Photo: A unique home just off School Street.

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

• 10 Anis Rd., Colonial with front extension (1940). Sold: $860,002. Listed at $760,000. Living area: 1,865 sq.-ft. 7 rooms, 3 bedrooms, 1.5 baths. On the market: 52 days.

• 10 Pine St., Philadelphia-style condo (1915). Sold: $512,000. Listed at $465,000. Living area: 1,762 sq.-ft. 7 rooms, 3 bedrooms, 2 baths. On the market: 59 days.

• 15 Francis St., Condominium (1927). Sold: $406,150. Listed at $375,000. Living area: 991 sq.-ft. 4 rooms, 2 bedrooms, 1 baths. On the market: 68 days.

• 104 Stony Brook Rd., Classic Ranch (1960). Sold: $930,000. Listed at $929,000. Living area: 1,720 sq.-ft. 6 rooms, 3 bedrooms, 2.5 baths. On the market: 54 days.

• 99 Louise Rd., English Colonial (1929). Sold: $1,150,000. Listed at $1,150,000. Living area: 2,676 sq ft. 10 rooms, 5 bedrooms, 3.5 baths. On the market: 81 days.

• 115 Channing Rd., Expanded Cape (1942). Sold: $655,000. Listed at $699,000. Living area: 1,527 sq.-ft. 5 rooms, 3 bedrooms, 2 baths. On the market: 103 days.

Remember the memorable final line in the outstanding film “The Usual Suspects”?

“And like that, poof. He’s gone.”

You could change a few words, and you have a metaphor for the Belmont real estate market.

“And like that, poof. The house for sale was gone.”

In the past week, six of the seven homes and condos that sold were bought just weeks after being listed on the market. And in half the sales, the final price was greater than the original list price.

The reason is simple enough to deduce for anyone who stayed awake for at least half of their Econ 101 Macroeconomics class: The residential housing market is being dictated by the lack of supply with an eager number of buyers.

According to research done by Real Estate Attorney Richard Vetstein, who runs the informative Massachusetts Real Estate Law Blog, inventory for residential homes in Boston’s suburbs frankly stinks. Speaking to brokers and salesperson, Vetstein discovered there isn’t much out there to sell in the spring which has bled over to the summer. And if you have a “quality” property (not beat-up, has some detail, not overpriced), expect a torrid of people attending your open house.

And with buyers dreaming of living in a community of great schools, bad roads and a pretty quick commute (unless you work in Marblehead), these homes were snatched up, pronto. The average time on the market was just over two months, and most of that time was likely taken up trying to determine which of the multiple offers to accept.

But there is one caveat to that supply/demand function for real estate in Belmont: don’t be greedy. There have been numerous examples – many involving high-end homes reported in the Belmontonian – of sellers who had to put their tails between their legs and recalculate (i.e., cut) the listing price. Buyers are willing to pay a premium but not a ransom for a house. Winchester is just one town over, and it has better roads, a new high school, and the same housing stock.

And in the past week, sellers and their brokers kept that initial list price reasonably close to the value of the homes calculated by the town’s assessors.

Property Assessed value List price

10 Anis Rd. $759,000 $760,000

10 Pine St. $506,000 $465,000

104 Stony Brook $865,000 $929,000

99 Louise Rd. $1,038,000 $1,150,000

115 Channing Rd. $612,000 $699,000 (reduced to $679,000 after a month)

And just a word on 99 Louise Rd., if you discount some of the interior updates (what’s worse than natural-color granite countertops? Granite countertops dyed shamrock green) the house has some beautiful details – in-the-wall custom bookshelves, ventilation windows, built-in cabinets – and original wooden floors that gives you an idea what so many homes in Belmont looked like that were built before the Market Crash of 1929 when less expensive material began being used.

Sold in Belmont: Reaching For The Stars, And Being Pushed Back Down To Earth

May 30, 2016 By Franklin B. Tucker 2 Comments

Photo: A $2 million house?

169 Orchard St., Brick Colonial (1930). Sold: $930,000.

38 Taylor Rd., Brick split ranch (1955). Sold: $886,000.

13 Francis St., Condo in a two family (1927). Sold: $610,000.

45 Middlecot St., Colonial (1953). Sold: $905,000.

11 Rutledge Rd., Colonial (1940). Sold: $1,125,000.

25 Thayer Rd., Condominium (1958). Sold: $275,000.

318 Trapelo Rd., New attached condominium townhouse (2015). Sold: $1,035,000.

104 Lewis Rd # 2., Condominium in two family (1923). Sold: $525,000.

100 Lexington St. Apt C3, Classic Colonial (1977). Sold: $238,000.

55 South Cottage Rd., Townhouse (2012). Sold: $1,240,000.

53-55 Trowbridge St., Brick multi-family (1973). Sold: $900,000.

21 Bartlett Ave., Second floor condominium (1964). Sold: $507,000.

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

• 169 Orchard St., Brick Colonial (1930). Sold: $930,000. Listed at $1,999,000. Living area: 2,664 sq.-ft. 9 rooms, 5 bedrooms, 2 baths. On the market: 340 days.

• 38 Taylor Rd., Brick split ranch (1955). Sold: $886,000. Listed at $869,000. Living area: 1,759 sq.-ft. 8 rooms, 3 bedrooms, 3 baths. On the market: 47 days.

• 13 Francis St., Condo in a two family (1927). Sold: $610,000. Listed at $579,000. Living area: 1,729 sq.-ft. 7 rooms, 4 bedrooms, 2 baths. On the market: 60 days.

• 45 Middlecot St., Colonial (1953). Sold: $905,000. Listed at $869,000. Living area: 1,610 sq.-ft. 6 rooms, 3 bedrooms, 2.5 baths. On the market: 46 days.

• 11 Rutledge Rd., Colonial (1940). Sold: $1,125,000. Listed at $1,199,000. Living area: 2,535 sq.-ft. 10 rooms, 5 bedrooms, 2.5 baths. On the market: 74 days.

• 25 Thayer Rd., Condominium (1958). Sold: $275,000. Listed at $274,900. Living area: 615 sq.-ft. 4 rooms, 1 bedrooms, 1 baths. On the market: 80 days.

• 318 Trapelo Rd., New attached condominium townhouse (2015). Sold: $1,035,000. Listed at $1,100,000. Living area: 2,900 sq.-ft. 9 rooms, 3 bedrooms, 3 full, 2 half bedrooms baths. On the market: 208 days.

• 104 Lewis Rd # 2., Condominium in two family (1923). Sold: $525,000. Listed at $499,000. Living area: 1,349 sq.-ft. 7 rooms, 2 bedrooms, 1 baths. On the market: 60 days.

• 100 Lexington St. Apt C3, Classic Colonial (1977). Sold: $238,000. Listed at $239,000. Living area: 774 sq.-ft. 3 rooms, 1 bedrooms, 1 baths. On the market: 95 days.

• 55 South Cottage Rd., Townhouse (2012). Sold: $1,240,000. Listed at $1,249,000. Living area: 2,800 sq.-ft. 7 rooms, 2 bedrooms, 2.5 baths. On the market: 124 days.

• 53-55 Trowbridge St., Brick multi-family (1973). Sold: $900,000. Listed at $869,988. Living area: 3,200 sq.-ft. 13 rooms, 6 bedrooms, 3 full, 2 half bedrooms baths. On the market: 84 days.

• 21 Bartlett Ave., Second floor condominium (1964). Sold: $507,000. Listed at $484,000. Living area: 1,173 sq.-ft. 6 rooms, 2 bedrooms, 1.5 baths. On the market: 82 days.

If you attend St. Joe’s or walk your kids to Wellington Elementary, you are certain to have seen the brick Colonial at the north corner of the intersection of Common and Orchard streets. It’s at the crosswalk that’s busy twice each day school is in session and on Saturday before and after afternoon mass. It’s been owned by the same family for more than 50 years according to town assessor records.

It’s one of several brick homes built by the same developer in and around 1930, solidly built (although the roof looks a bit threadbare) with lots of period interior features: wood floors, built-in cabinets in the dining room, original molding and baseboards and a custom center spiral staircase. There’s the standard upgraded kitchen with the standard cabinets and horrid granite countertop. It’s not a small house by any standard, at 2,700 sq.-ft. with five bedrooms, but several of the rooms do appear a bit … tight, such as the rectangular living room at 14×25 (the big bedroom is 20×16), dining room, 13×14, and a family room of 11×18. Throw furniture into the rooms and your walking sideways to get here to there.

All in all, a solid 85-year-old house … that’s worth $2 million? Gagh! Talk about reaching for the stars. While over the past decade, homes on Common Street have reached the $1 million threshold, rarely do you see a single family home breech $2 million outside of Belmont Hill. But there it was: a listing price of $1,999,000 in June, 2015, a mere thousand dollars from a double mill. Yes, Colonials are selling for a premium, but by more than a million dollars over its fiscal 2016 assessed value of $927,00?

[Editor: There is some readers who contend that the $1,999,000 is a misprint. Maybe so but it’s in the MLS under that amount.]

The initial price tag could have simply been a homeowner cashing in during a two-year stretch when property values soared by more than $200,000:

2016: $927,000
2015: $845,000
2014: $711,000

But even your wildest dreams need some basis in reality, and quickly the sales price tumbled by $800,000 to $1,199,000. And while the new listed price was that’s nearly $300,000 greater than the assessed value, it appeared the salesperson and owner were going to make that price work come hell or high water, stubbornly sitting on the price for seven months. Yet the broker had to put the waders on as buyers were unwilling to part with their hard-earned cash.

Despite two price reductions – $1,099,000 in February and $1,050,000 in March – the brick Colonial sat there as the Spring season was about to pass them by. Likely, a buyer put a “low-ball” bid on the property which was happily accepted at $930,000, nearly bang-on the assessed value of $927,000. And for once, the market value prevailed.

The twin is sold

Back in March, one half of newly-built attached townhouses was sold on busy Trapelo Road for $1,040,000. The story of the condos – located the the midst of the hurly-burly of the Fire Department, banks, parks and a busy roadway – showed that sometimes a good design and new construction can be a success, even if you have to share a common wall and no backyard.

Last week, the other half of the townhouse was purchased for $1,035,000. A bargain.

Sold In Belmont: Not All-That-Special Colonial Barely Misses $1Million Sales Price

May 19, 2016 By Franklin B. Tucker 1 Comment

Photo: A nearly $1 million house with just one-and-a-half baths and oil heat.

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

102 Crestview Rd., Brick Ranch (1961). Sold: $1,019,000.

81 Taylor Rd., Classic Colonial (1956). Sold: $975,000.

54 Newton St., Bungalow-ish (1925). Sold: $775,000.

340 Common St., Early 20th-century two-family (1918).

23 Bartlett Av., First-floor condo (2/3 Family)(1964). Sold: $530,000.

29 Homer Rd., Colonial (1928). Sold: $1,385,000.

11-13 Thomas St., “Standard” two-family (1928). Sold: $750,000.

100 Lexington St., Apt. B7, Condo (1972).

60 Richardson Rd., Colonial (1927). Sold: $935,000.

26 Trowbridge St., Condo (1890). Sold: $469,500.

60 Creeley Road Unit 1, Condo (1927). Sold: $469,500.

• 81 Taylor Rd., Classic Colonial (1956). Sold: $975,000. Listed at $875,000. Living area: 1,924 sq.-ft. 7 rooms, 4 bedrooms, 1.5 baths. On the market: 66 days.

• 54 Newton St., Bungalow-ish (1925). Sold: $775,000. Listed at $729,000. Living area: 1,221 sq.-ft. 8 rooms, 5 bedrooms, 2 baths. On the market: 80 days.

• 340 Common St., Early 20th-century two-family (1918). Sold: $1,060,000. Listed at $1,050,000. Living area: 3,251 sq.-ft. 16 rooms, 6 bedrooms, 3 baths. On the market: 66 days.

• 23 Bartlett Av., First-floor condo (2/3 Family)(1964). Sold: $530,000. Listed at $479,000. Living area: 1,068 sq.-ft. 6 rooms, 2 bedrooms, 1.5 baths. On the market: 67 days.

• 29 Homer Rd., Colonial (1928). Sold: $1,385,000. Listed at $1,299,000. Living area: 3,011 sq.-ft. 9 rooms, 4 bedrooms, 2.5 baths. On the market: 38 days.

• 11-13 Thomas St., “Standard” two-family (1928). Sold: $750,000. Listed at $829,000. Living area: 2,392 sq.-ft. 12 rooms, 6 bedrooms, 2 baths. On the market: 73 days.

• 60 Creeley Road Unit 1, Condo (1927). Sold: $469,500. Listed at $469,900. Living area: 999 sq.-ft. 6 rooms, 2 bedrooms, 1 bath. On the market: 109 days.

• 26 Trowbridge St., Condo (1890). Sold: $469,500. Listed at $469,900. Living area: 999 sq.-ft. 6 rooms, 2 bedrooms, 1 bath. On the market: 109 days.

• 60 Richardson Rd., Colonial (1927). Sold: $935,000. Listed at $949,000. Living area: 1,985 sq.-ft. 9 rooms, 3 bedrooms, 2.5 baths. On the market: 74 days.

• 100 Lexington St., Apt. B7, Condo (1972). Sold: $337,500. Listed at $299,900. Living area: 772 sq.-ft. 3 rooms, 1 bedrooms, 1 bath. On the market: 81 days.

• 102 Crestview Rd., Brick Ranch (1961). Sold: $1,019,000, Listed at $1,249,000. Living area: 1,754 sq.-ft. 6 rooms, 3 bedrooms, 2.5 baths. On the market: 86 days.

You may have heard of Taylor Road but likely never traveled on it; it’s one of the rare dead end streets in Belmont which you can get to from Dana (off of Bright) or Glenn roads. One advantage of living in one of the post-war homes built in the 1950s is being neighbors to the historic 10-acre Richardson Farm which was part of a land grant from Charles I of England and has been cultivated since 1634. It will be used for agricultural purposes into perpetuity as the land is protected by an Agricultural Preservation Restriction thanks to the local Land Trust.

Knowing that you’ll always have a view of farm life could be one reason the “classic” Colonial at 81 Taylor was so very attractive to one buyer. When the final check was passed at the closing, it was a cool $100,000 over the list price, nearly topping the $1 million mark.

This is not the first time the favorite architectural style of Belmont residents has garnered a price that may seem a bit excessive at first (and second and third and fourth) glance. In fact, the structure is kinda small (at under 2,000 sq.-ft.) and, frankly, not that special. The living room measures 14 by 25 feet, the “master” bedroom is 14 by 13 while the other bedrooms are just 2 feet shorter lengthwise. Nearly a million dollars for one-and-a-half baths (that need updating) and oil heat. Not one-and-a-half baths on the first floor; for the entire house.

But the market for Colonials have exploded (as we all know): the assessed value of the house was happily stuck in the low-to-mid $600,000 range for more than a decade until 2015 when it shot up to $709,000 and then jumped approximately $100,000 to $800,000 this year.

Just wait until the relocating GE employees start arriving looking for a great school system and a Colonial to occupy.

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The Belmontonian

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Sold in Belmont: Reaching For The Stars, And Being Pushed Back Down To Earth

The twin is sold

Sold In Belmont: Not All-That-Special Colonial Barely Misses $1Million Sales Price

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