Photo: How much per square foot?
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.