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: 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.

Sold In Belmont: Let Us Now Praise Affordable Homes

May 1, 2016 By Franklin B. Tucker 1 Comment

Photo: Stairmaster, 1.0

53 Gilbert Rd., Condo (second floor) in a two-family (1925). Sold: $438,500.

29 Longmeadow Rd., Large ranch (1958). Sold: $1,075,000.

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

• 29 Longmeadow Rd., Large ranch (1958). Sold: $1,075,000. Listed at $1,099,000. Living area: 3,000 sq.-ft. 7 rooms, 3 bedrooms, 3 baths. On the market: 80 days.

• 53 Gilbert Rd., Condo (second floor) in a two-family (1925). Sold: $438,500. Listed at $418,000. Living area: 1,221 sq.-ft. 6 rooms, 2 bedrooms, 1 baths. On the market: 59 days.

Let’s praise affordability in Belmont. OK, you’ll need to climb a flight of steps to get to the second-floor condo and that could be problematic if you’re carrying two toddlers and a week’s worth of groceries up a flight of stairs. But this Gilbert Road condo is housing that’s economically feasible for a young, two-wage earning couple seeking their first home.

Let’s look at the numbers: Five percent down on a 30-year mortgage at four percent along with taxes and PMI is let’s say $1,600 a month. That’s doable for a young family of three – if they get some help with daycare, etc.

And look what you get (along with a daily aerobic session): a west-facing large living room, working fireplace, a sunroom off the living room and two good sized bedrooms. A nearly century-old built-in cabinet in the dining room. The kitchen is functional with “black and white speckled laminate countertops” with a pantry off the kitchen. The renovated bathroom is from Home Depot, and there is an enclosed back porch which would be called a “three-season alcove” if it was on the Hill. Ok, you have to share the yard as well as the washer and dryer hookup, and you get one car parking. But unless Ted Cruz is downstairs, this is what you have to deal with when you have a limited budget in the “Town of Homes.” And all said it’s not that bad. Now if Belmont could find someone to build 100 more of this sort of housing, we’d be in business of providing quality housing to a wider range of incomes.

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(Of course, if you get that dream job in Tampa, this is what $440,000 gets you in a good community with an excellent school system – well, great by Florida standards.)

The million dollar ranch on Belmont Hill is another home – I’ve counted four this year alone – in which the owner has spent four/five decades in and is now departing. And while this house is a nice size and all, you’d expect more from a seven figure house. An example is the kitchen. I think the Gilbert Road kitchen is warmer and more inviting. It’s all location, location, location.

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Sold In Belmont: How Hot Is The Market? Winn Brook Cape Tops $1 Million

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

Photo: This Cape sold for nearly $200K more than its assessed value.

150 Sherman St., Over-sized Cape (1940). Sold: $1,065,000.

7 Belmont Cir., Condo in a two family (1958). Sold: $389,900.

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

• 150 Sherman St., Over-sized Cape (1940). Sold: $1,065,000. Listed at $995,000. Living area: 2,463 sq.-ft. 8 rooms, 4 bedrooms, 3 baths. On the market: 90 days.

• 7 Belmont Cir., Condo in a two family (1958). Sold: $389,900. Listed at $389,900. Living area: 935 sq.-ft. 5 rooms, 1 bedroom, 1 baths. On the market: 70 days.

Ah, the Cape Cod-style of residence: simplicity in design, affordability in mind. Created in New England in the 1700s, the structure was intended to withstand the storms that hit Cape Cod with its recognizable amoderately steep, pitched roof – anyone more than six feet tall has to be careful navigating those rooms – with end gables and very little ornamentation other than the use of shutters. Even the 20th-century version especially those built after WWII (that include dormers that bastardize the roof’s pre-Revolutionary elegance) still retain the essence of its Puritan roots. For those reasons, the Cape was seen as a more affordable family residence to Belmont’s favorite, the Colonial.

Even the 20th-century version especially those built after WWII (that include dormers that bastardize the roof’s pre-Revolutionary elegance) still retain the essence of its Puritan roots. For those reasons, the Cape has been seen as a more affordable family housing compared to Belmont’s favorite, the Colonial.

So when the Cape at 150 Sherman sold last week in the heart of the family friendly and not-so-fancy Winn Brook neighborhood, you’d expect it would sell at or around the town’s assessed value.

And you would be wrong; this over-sized Cape (about 5oo extra square feet than the traditional abode) with a renovated kitchen – gray granite countertops and boxy cabinets doesn’t really work for me – along with a new air system and extensive landscaping broke the seven-figure barrier, a whopping $200,000 greater than this fiscal year’s assessment.

Just as the overheating real estate market has produced million dollars sales in neighborhoods where you least anticipated, you can now add Winn Brook to that list.

Sold In Belmont: Long(meadow) and Hard Fall For a Cape on the Hill

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

Photo: It would take more than 600 days and a drop in price by $400,000 to sell this Cape on the Hill.

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

95 Longmeadow Rd., Extended Cape (1960). Sold: $1,286,000.

438 Trapelo Rd., Unit 2, Two family (1917). Sold: $520,000.

• 95 Longmeadow Rd., Extended Cape (1960). Sold: $1,286,000. Listed at $1,699,900. Living area: 4,546 sq.-ft. 7 rooms, 4 bedrooms, 3.5 baths. On the market: 634 days.

• 438 Trapelo Rd., Unit 2, Two family (1917). Sold: $520,000. Listed at $519,000. Living area: 1,341 sq.-ft. 10 rooms, 3 bedrooms, 2 baths. On the market: 38 days.

You may not know this but Mother Nature has a sibling: Auntie Marketplace, and you shouldn’t fool with either one.

Whether it was hubris, a miscalculation or wishful thinking, the long-time (30 years plus) owners of the very-well preserved built-out Cape on Longmeadow sought to cash in on their house by cashing out. Considering the location – one of the cozy backstreets on “the Hill” – the seller and sales associate shot for the moon in May 2014 and put out an asking price of approximately $1.7 million.

But there appear to have been two major impediments to the price tag placed on the rather roomy (4,500 square feet) abode. First was Auntie Marketplace; even in the heady environs of Belmont housing, attempting to sell a house for m0re than 30 percent greater than the assessed value ($1.2 million) takes a lot of chutzpah.

In addition, while the house is rated above average (a B+ by town assessors) and it has many nice features, the interior architecture is unlike your typical Cape. You enter the front door and suddenly you’ve been transported into a ranch with low-slung ceilings and wide front windows. The living room is quite large – the house only has seven rooms – so you’ll need that oil truck (yes, oil heat) making a delievery every few weeks. While the basement is finished, it’s like a bowling alley at 100 feet by 16 feet.

And there is a period interior design element that is an eye opener and not the good kind: wood paneling. And lots of it in the kitchen, basement and den. I understand in the 1960 paneling was all the rage as manufacturing innovations made it affordable, it was a homeowner’s dream as it did away with having to paint or wallpaper walls and was a wiz to clean. But today, paneling just screams “outdated!” It’s like you’re on the set of “Boogie Nights.”

The need for a good interior renovation – new carpeting, wallpaper, paint – will keep the new owners busy and their wallets open for at least the first year. Sort of hard to ask for a premium price when the buyer is going to shell out to bring the place into the 2000s.

So it was no surprise that the fall from the original list price was steadily downward towards its assessed value:

May 19, 2014: $1,699,900
June 23, 2014: $1,649,900
June 30, 2014: $1,599,900
By July 12, the owners decided to pull it off the market until the coming spring.
Feb. 26, 2015: $1,439,000
June 25, 2015: $1,399,000
July 3, 2015: $1,349,000
By August, the sellers again decided to once again take it off the market.
It came back on Dec. 11, 2015, at $1,299,000.

Finally, the 600-plus day long sales march was over on Feb. 12 and it sold for $1,286,000.

And what is the 2016 assessed value of the property? $1,250,000. In the long run, Auntie Marketplace is almost always right.

Sold in Belmont: First Homes of 2016; Two Family and A Colonial

January 9, 2016 By Franklin B. Tucker Leave a Comment

Photo: The first house sold in Belmont this new year: a multifamily on Trapelo Road.

35 Audrey Rd. Colonial (1950). Sold: $835,000.

5-7 Trapelo Rd., Barrack-style multifamily (1949). Sold: $850,000.

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

• 5-7 Trapelo Rd., Barrack-style multifamily (1949). Sold: $850,000. Listed at $785,000. Living area: 3,236 sq.-ft. 12 rooms, 6 bedrooms, 2 baths. On the market: 91 days.

• 35 Audrey Rd. Colonial (1950). Sold: $835,000. Listed at $899,900. Living area: 2,359 sq.-ft. 7 rooms, 3 bedrooms, 3 baths. On the market: 164 days.

How appropriate the first two homes sold in Belmont in 2016 included the most popular style, a Colonial, and a multifamily, that represents nearly 40 percent of the town’s housing stock. In addition, both sold for just under the median assessed value for residential housing in 2015.

Sold In Belmont: A Tiny House, a Place to the Manor Born and Mad Prices at McLean

December 31, 2015 By Franklin B. Tucker Leave a Comment

Photo: A “tiny house” on Westlund.

9 Westlund Rd., Ranch (1950). Sold: $615,000.

73 Dartmouth St. Multifamily (1900). Sold: $730,000.

69-71 Carleton Rd., Multifamily (1927). Sold: $899,000.

137 Claflin St. Center-entry Colonial (1934). Sold: $805,000.

93-95 Bartlett Ave. Multifamily (1928). Sold: $708,000.

204-206 Waverley St. #3, Condominium (1906). Sold: $399,900.

52 Summit Rd. #7, Townhouse condominium (2005). Sold: $1,300,000.

22 Wellesley Rd. Brick Manor House with a turret (1929). Sold: $3,092,500.

20 South Cottage Rd. #102, A unit within a renovated Georgian Colonial brick building (2015/1893). Sold: $1,495,000.

20 South Cottage Rd. #101, A unit within a renovated Georgian Colonial brick building (2015/1893). Sold: $1,450,000.

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

• 9 Westlund Rd., Ranch (1950). Sold: $615,000. Listed at $629,000. Living area: 864 sq.-ft. 4 rooms, 2 bedrooms, 1 baths. On the market: 91 days.

• 73 Dartmouth St. Multifamily (1900). Sold: $730,000. Listed at $725,000. Living area: 2,016 sq.-ft. 10 rooms, 4 bedrooms, 2 baths. On the market: 71 days.

• 69-71 Carleton Rd., Multifamily (1927). Sold: $899,000. Listed at $915,000. Living area: 2,640 sq.-ft. 12 rooms, 4 bedrooms, 3 baths. On the market: 107 days.

• 137 Claflin St. Center-entry Colonial (1934). Sold: $805,000. Listed at $778,000. Living area: 1,686 sq.-ft. 7 rooms, 3 bedrooms, 1.5 baths. On the market: 57 days.

• 93-95 Bartlett Ave. Multifamily (1928). Sold: $708,000. Listed at $719,000. Living area: 2,200 sq.-ft. 11 rooms, 5 bedrooms, 2 baths. On the market: 127 days

• 204-206 Waverley St. #3, Condominium (1906). Sold: $399,900. Listed at $399,900. Living area: 1,044 sq.-ft. 5 rooms, 2 bedrooms, 1 baths. On the market: 79 days.

• 52 Summit Rd. #7, Townhouse condominium (2005). Sold: $1,300,000. Listed at $1,450,000. Living area: 3,240 sq.-ft. 7 rooms, 1 bedrooms, 3.5 baths. On the market: 113 days.

• 22 Wellesley Rd. Brick Manor House with turret (1929). Sold: $3,092,500. Listed at $3,200,000. Living area: 4,905 sq.-ft. 11 rooms, 5 bedrooms, r.5 baths. On the market: 57 days.

• 20 South Cottage Rd. #102, A unit within a renovated Georgian Colonial brick building (2015/1893). Sold: $1,495,000. Listed at $1,495,000. Living area: 2,825 sq.-ft. 7 rooms, 3 bedrooms, 2.5 baths. On the market: 481 days.

• 20 South Cottage Rd. #101, A unit within a renovated Georgian Colonial brick building (2015/1893). Sold: $1,450,000. Listed at $1,450,000. Living area: 2,680 sq.-ft. 7 rooms, 3 bedrooms, 2.5 baths. On the market: 525 days.

It was once known as Upham Memorial Hall, the building at McLean Hospital that served for 80 years as the upscale home for a select number of wealthy residents who were stark, raving mad. And a half century ago, Upham was the involuntary home of the great blues and pop performer Ray Charles, who beat a heroin possession charge by agreeing to a judge’s order to spend some time in the care of the hospital for “observation and tests.”

As for this week, the building enters its second life as the upscale home for a select number of wealthy residents who are willing to pay stark, raving mad prices to live next to other rich folks. (It’s so exclusive, developer Northland Development won’t distribute photos of the interior. “If you have to ask …”) Maybe it’s just me, but when I spend $1.5 million, I want something more private than a 2,600 sq.-ft. “apartment” that shares a floor with other “tenants.” How annoying it must be being interrupted while watching “Keeping up with the Kardashians” by some burdensome neighbor knocking on the door asking if they can borrow some Grey Poupon for their Poulet aigu de Tarragon. Oh, dear!

(I like this English version of the Grey Poupon commercial with the great English actors Paul Eddington and Ian Richardson.)

Top billing in terms of “wow” factor goes to the brick manor house on Wellesley Road, which was the long-time home of the Palandjian family, bought in 1969 by the father Petros and now owned by a trust for the kids. Although the exterior and elegant European/English landscape is more impressive than the relatively standard interior (What? No cathedral ceiling? Hrumph!)

Here’s a bit of trivia: Peter Palandjian is the last Belmont resident to play on the ATP Tour, ranking 280th in singles in 1989, reaching the quarterfinals in Johannesburg and Telford.

As for the house hidden on a back road on the Hill, its value has taken off. Appraised by the town at $651,000 just 20 years ago, it was assessed at $1.9 million in 2015. That’s a nice little $1 million bubble “profit” for the family homestead. Well, it does have a sauna in the basement, and the master bath has a fireplace, just like those in medieval castles.

My favorite house is the itsy-bitsy ranch on Westlund, a stone throw away from the Winn Brook. At less than 900 square feet, it’s smaller than most condominiums on the market. It almost qualifies for a “Tiny House,” which run from 100 to 400 square feet. While the exterior needs work, the interior is rather nice. The wood floors and walls are in great shape, the kitchen is a good size, and you get a living room/dining room that supplies all you need.

The only issue facing this great starter house is who bought it. Hopefully, it is a growing family who can gain some equity from the purchase. But the marketing pitch had an ominous final sentence: “Ideal for first-time buyers who can move right in and expand the house later or developers.”

With the town’s Planning Board still months away from formulating new bylaws on bulk and height limits for new construction, this little gem could be lost to an oversized faux Colonial with no style or soul.

Sold In Belmont: A Million Dollar Flip That Fizzled on Highland

December 20, 2015 By Franklin B. Tucker Leave a Comment

Photo: 6 Highland Rd. sold for nearly a quarter of million dollars profit in 2014, not so in 2015.

6 Highland Rd., Classic Colonial (1941). Sold: $1,300,000.

8 Oakley Rd. #2, Condominium townhouse (2011). Sold: $860,000.

60 Newcastle Rd. Side-entry Colonial, (1947). Sold: $800,000.

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

• 6 Highland Rd., Classic Colonial (1941). Sold: $1,300,000. Listed at $1,250,000. Living area: 2,237 sq.-ft. 6 rooms, 3 bedrooms, 2.5 baths. On the market: 65 days.

• 8 Oakley Rd. #2, Condominium townhouse (2011). Sold: $860,000. Listed at $899,000. Living area: 3,175 sq.-ft. 6 rooms, 3 bedrooms, 2 baths. On the market: 58 days.

• 60 Newcastle Rd. Side-entry Colonial (1947). Sold: $800,000. Listed at $775,000. Living area: 1,593 sq.-ft. 8 rooms, 3 bedrooms, 1.5 baths. On the market: 51 days.

Selling a house for nearly half-a-million dollars greater than the appraised value for a fairly standard Colonial, you’d be, as Donald Trump/Charlie Sheen would put it, “a winner.”

Dante Muzzioli was a Hall of Fame hockey coach for five decades with Belmont High School. And he proves to be a solid real estate developer. Back in November 2013, Muzzioli purchased the rundown prewar house on Highland Road for $890,000, a nice premium over the assessed value of $718,000.

Within days, Muzzioli got to work putting in $97,000 of renovations and improvements – strip and reroof, install a three-ton AC system in the attic to service both floors, and $60,000 in bath and kitchen renovations – then place it on the market. By August of 2014, the once-threadbare house sold for $1,250,000 (he had originally listed the house at $1,395,000! but that price was just crazy), a more than quarter of a million dollar profit. Try getting that margin playing with equities.

But the most recent sale did not turn out as lucrative for the new owners. A mere 14 months after purchasing the house, the new owner placed the Colonial on the market for the original sales price. If this was purposely low-balling a house to spark a bidding war, it wasn’t that successful. Not to say $50,000 isn’t hay feed, it doesn’t come close to the last jump in sales price.

In the end, the neighborhood has a new comparable sale ($1.3 million) that is way out of whack from the 2015 market value the town has placed on the value of the land and building of $872,000. What better definition of a bubble is there?

Sold in Belmont: The Roof on the Exploding Colonial, No-So-High French Country

November 30, 2015 By Franklin B. Tucker Leave a Comment

Photo: 25 Greensbrook Way.

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

15 Temple St., Colonial (1928). Sold: $1,060,000.

47 Homer Rd., Colonial (1940). Sold: $917,500.

10 Marlboro St., Unit 1., Condominium (2006). Sold: $420,000.

93 Country Club Lane, French Country-style (1938). Sold: $894,000.

138 Dean St., Brick Ranch (1957). Sold: $765,00.

25 Greensbrook Way, Great exploding Colonial (2008). Sold: $2,010,000.

• 15 Temple St., Colonial (1928). Sold: $1,060,000. Listed at $1,150,000,. Living area: 2,426 sq.-ft. 10 rooms, 5 bedrooms, 2 full, 2 half baths. On the market: 68 days.

• 10 Marlboro St., Unit 1., Condominium (2006). Sold: $420,000. Listed at $449,000. Living area: 1,140 sq.-ft. 5 rooms, 2 bedrooms, 1 bath. On the market: 74 days.

• 47 Homer Rd., Colonial (1940). Sold: $917,500. Listed at $885,000. Living area: 2,094 sq.-ft. 8 rooms, 4 bedrooms, 2.5 baths. On the market: 130 days.

• 93 Country Club Lane, French Country-style (1938). Sold: $894,000. Listed at $1,149,000 Living area: 2,225 sq.-ft. 5 rooms, 4 bedrooms, 3 baths. On the market: 65 days.

• 138 Dean St., Brick Ranch (1957). Sold: $765,00. Listed at $789,000. Living area: 1,353 sq.-ft. 7 rooms, 3 bedrooms, 2 baths. On the market: 61 days.

• 25 Greensbrook Way, Great exploding Colonial (2008). Sold: $2,010,000. Listed at $2,245,000. Living area: 5,663 sq.-ft. 10 rooms, 5 bedrooms, 4.5 baths. On the market: 92 days.

The town calls the design of the pretty house on Country Club Lane a “French Country style” house, which, while popular in some part of the country, never really caught on here.

On closer inspection, the Belmont structure has few of the typical design elements associated with the French countryside; stonework and stone floors, wood beams, a large fireplace, small, panelled windows with heavy shutters and a mishmash of styles.

It was also overpriced, even by Belmont Hill standards. Nearing 80 years old without any significant improvements, a nearly $1.15 million price tag – or more than $500 per square foot (that’s new construction value) sent most people out the door. It’s little wonder the owners took a steep $200,000 reduction in the initial offer.

• • •

The builders of the structure on nearby Greensbrook Way decided they needed to build the equivalent of a second house on the sode of their massive exploding Colonial. Because who doesn’t have use for nearly 5,700 square feet of livable space! You literally need roller skates to effectively get around the place. The “main” section is all about space with a massive 19-foot ceiling height (If you need to ask how do you heat this barn, you can’t afford it!) and blown out walls to give almost freakish amount of openiness. And what wouldn’t a house be without a 1,000 sq. ft. master suite. The secondary section has bedrooms, au-pair suites, a media room and three vehicle garage.

Built and first sold in 2008, there is one thing somewhat particular about the house: it appears to have a hard ceiling on the final sales price. Both in 2008 and this year, the house sold for a deep discount of its list price, coming in at $2,010,000 (giving back $685,000 and $235,000 respectively) each time. You can understand the first sale being impacted by the financial crisis on 2008-9 but what kept the buyers holding onto their wallets is a question mark. Is the popularity of the “small(er)” house movement creeping upward impacting the supply of high-end buyers?

Sold in Belmont: Homes with a View Reap in a Million

November 13, 2015 By Franklin B. Tucker Leave a Comment

Photo: 41 Hay Rd.

22 Hartley Rd. Garrison Colonial (1955). Sold: $848,000.

35 Elizabeth Rd. Expanded colonial (1935). Sold: $1,400,000.

533 Pleasant St. Deck House/Mid-century modern (1964). Sold: $1,250,000.

41 Hay Rd. Arts & Crafts-inspired Cape with studio designed by Nelson Chase. (1925). Sold: $1,000,000.

32 Holden Rd. Condominium (1926). Sold: $425,000.

69 Cedar Rd. New England shingles Colonial (1920). Sold: $891,000.

246 Blanchard Rd. Colonial (1914). Sold: $485,000.

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

• 22 Hartley Rd. Garrison Colonial (1955). Sold: $848,000. Listed at $859,000. Living area: 1,921 sq.-ft. 8 rooms, 3 bedrooms, 2.5 baths. On the market: 140 days.

• 35 Elizabeth Rd. Expanded Colonial (1935). Sold: $1,400,000. Listed at $1,350,000. Living area: 3,309 sq.-ft. 12 rooms, 5 bedrooms, 3.5 baths. On the market: 32 days. $767,500

• 533 Pleasant St. Deck House/Mid-century modern (1964). Sold: $1,250,000. Listed at $1,195,000. Living area: 2,769 sq.-ft. 10 rooms, 4 bedrooms, 3 baths. On the market: 52 days.

• 41 Hay Rd. Arts & Crafts-inspired Cape with studio designed by Nelson Chase. (1925). Sold: $1,000,000. Listed at $1,100,000. Living area: 1,490 sq.-ft. 6 rooms, 2 bedrooms, 1.5 baths. On the market: 148 days.

• 32 Holden Rd. Condominium (1926). Sold: $425,000. Listed at $429,000. Living area: 1,166 sq.-ft. 6 rooms, 2 bedrooms, 1 baths. On the market: 54 days.

• 69 Cedar Rd. New England shingles Colonial (1920). Sold: $891,000. Listed at $899,900. Living area: 2,024 sq.-ft. 8 rooms, 4 bedrooms, 1.5 baths. On the market: 45 days.

• 246 Blanchard Rd. Colonial (1914). Sold: $485,000. Listed at $499,000. Living area: 1,498 sq.-ft. 7 rooms, 3 bedrooms, 1.5 baths. On the market: 47 days.

Tidbits

How do you double the value of your house in five short years? After buying the Colonial on Elizabeth Road for $767,500 in 2010, the owner laid down $37,000 to create an open floor plan that allowed the back end of the house to experience a spectacular view of Boston and install a new kitchen. Spend another $60,000 on new windows and siding, and then put it on the market and keep showing potential buyers the view of the Back Bay, Beacon Hill and Downtown. It sold for a cool $1.4 million.

You don’t see this happen much; a seller delisting their house only to return with a higher price tag. That’s what occurred on Cedar Street as the price went from $859,000 in June to $865,000 in September. Did it achieve its goal of selling for the higher of the two list prices? Nope. It sold for $11,000 below the beginning sales price.

Extensive water damage to a house on Pleasant Street in 2014 nearly laid low a house style you don’t see in Belmont even though the manufacturer is located in Acton: a deck house. Only 20,000 worldwide, the deck house is a prefabricated house built by the Deck House company founded in 1959. The structure is post and beam construction with Cedar tongue and groove ceilings. Trim is mahogany and siding was furred Mahogany. Popular in the Carolinas and in and around the factory, the Belmont example needed $178,000 to rehab the interior with another $46,000 to remodel the main and master bedroom. It sold for $1.25 million, which isn’t bad for a house built on a factory floor.

It only has 6 rooms, a pair of bedrooms and a bath and a half crammed into less than 1,500 sq.-ft. of space. But the house is a pristine example of an Arts & Crafts cottage designed by the artist and architect Nelson Chase. Add to that it’s on quirky Hay Road, has a view of the Center, and has an artist’s studio, and the $1 million final sales price is acceptable … for some.

The Belmontonian

Belmont's Independent Media Outlet Covering the 'Town of Homes'

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

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

Sold In Belmont: Let Us Now Praise Affordable Homes

Sold In Belmont: How Hot Is The Market? Winn Brook Cape Tops $1 Million

Sold In Belmont: Long(meadow) and Hard Fall For a Cape on the Hill

Sold in Belmont: First Homes of 2016; Two Family and A Colonial

Sold In Belmont: A Tiny House, a Place to the Manor Born and Mad Prices at McLean

Sold In Belmont: A Million Dollar Flip That Fizzled on Highland

Sold in Belmont: The Roof on the Exploding Colonial, No-So-High French Country

Sold in Belmont: Homes with a View Reap in a Million

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