Sold in Belmont: Supply and Demand Effecting Prices on Farnham

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

• 119 Farnham St. Cape (1938) Sold: $750,000. Listed at $699,000. Living area: 1,200 sq.-ft. 7 rooms, 2 bedrooms, 1.5 baths. On the market: 52 days.

• 33 Trowbridge St. Brick spilt level (1957) Sold: $600,000. Listed at $685,000. Living area: 1,435 sq.-ft. 6 rooms, 2 bedrooms, 2 baths. On the market: 148 days.

• 115 Farnham St. Sideways Garrison Colonial (1932) Sold: $728,000. Listed at $799,000. Living area: 1,740 sq.-ft. 7 rooms, 3 bedrooms, 2.5 baths. On the market: 52 days.

Three homes close enough to the commuter rail line for their new owners to hear the trains traveling to and from Boston were sold this week at prices well below Belmont’s median price of $845,000. What may come to a surprise to many, it was the smallest of the trio – a classic Cape on Farnham Street, a five-minute stroll to Belmont Center – that brought in the most for its seller, a cool three-quarters of the million dollars for 1,200 sq.-ft. of livable space. Compare that to the house one door down the street with an extra bedroom, half-bath and 500 sq.-ft. sinking to $728,000.

Sure, there are plenty of reasons for the difference in price: needed repairs, renovations, lot size, the terrible decision to place the side of the Colonial facing the street and more. Or it could have been the entry of the a second home into the market at a price that appeared to be a bargain. Let’s see how it worked out.

The larger house at 115 Farnham went on the market in November, 2014 at $799,000, more than $110,000 greater than its assessed value by the town. Likely the coming holidays and winter’s arrival deadened the market and so it sat at that price into the New Year.

Come Jan. 6, 119 Farnham hits the market at $699,000. While it too is well above its assessed value of $571,000, it’s the bargain on the street compared to the house one door down. The pressure of added supply and a lower cost alternative forced the hand of those selling 115 Farnham, who cut the price by $50,000 that day.

Here’s where supply and demand took charge: greater eyes viewing the more “affordable house” at 115 Farnham brought in more competition and bids at the expense of the larger house a few feet away.

When the sales were completed, the smaller house sold for $180,000 more than its assessed value while the larger home brought in a little more than $50,000 above its value. The winner in this case are the new owners at 115 Farnham, getting a bargain while over at 119, the new owners will love their new house just as much at $625 per square foot.

On the Market: A New Manse, a Ranch and a Trip Back to the ’20s

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 Photo: The newest manse in Belmont.

Examples of homes “on the market” in Belmont ranging from the affordable, the average and the very expensive.

529 Concord Ave. New construction, blown-out Colonial (2014). 4,954 sq.-ft. of livable space: 12 rooms, 5 bedrooms, 4 full and two partial baths. Two-car garage. Half-an-acre lot size. What’s special: Just about everything (it’s just been built) from the view – yup, that’s Boston out your window – to the custom mill work, red oak hardwood floors, high ceilings (calling all Boston Celtics seeking a cool place to live) and a granite backsplash in the kitchen. This place has six separate heating zones and is full of “smart home” technology. Although one person pointed out recently the owners will like catch the lights from cars traveling west as they ascend the twisting hilly section of Concord Avenue. Price: $2.25 million. 

The first sentence of the sale’s pitch: “Perched atop Belmont Hill and sited in an exclusive enclave with other significant properties, this newly constructed Colonial-style residence features views of Boston and beyond.” 

 

103 Shaw Road. The typical 50’s style ranch (1955). 1,562 sq.-ft. of livable space: 7 rooms, 3 bedrooms, 1 full and two partial baths. A garage for a very small car. Just less than a fifth-of-an-acre lot size. What’s special: It’s got a new roof! If you like ranch homes – not on most people’s list of favorite styles – it doesn’t appear to need much renovation work to bring out the charm and a return to the era of Laura and Rob Petrie. But it does seem a bit pricey although it’s in a nice location. Price: $809,900.

The first sentence of the sale’s pitch: “Custom crafted single owner 3 bedroom Ranch in prime Burbank location offers fireplaced living room, formal dining room with chair rail, eat-in kitchen with Italian tile flooring, a full finished lower level with fireplaced family room, storage and utility rooms, 1 full and 2 half baths, walk-up attic with expansion potential plus a three season porch and direct entry garage.” 

39 Bartlett Ave. Colonial-ish (1927). 1,400 sq.-ft. of livable space: 6 rooms, 2 bedrooms, 2 baths. One-car garage. A small lot of about 3,000 square-feet. What’s special: You may have a tiny backyard but who cares when you a stone’s throw from a town playing field? PQ is next door which is great for the kids. The exterior is tired but the inside has some nice features including an enclosed porch for that bit of Southern livin’, wooden floors, good architectural details from the 1920s including the brick fire place and up-to-date Home Depot-ish cabinets and drawers in the kitchen. A real bargain in Belmont. Price: $525,000  

The first sentence of the sale’s pitch:”Charming two bedroom two bath colonial with enclosed front porch and level backyard in MOVE IN CONDITION!”

Sold in Belmont: Century-Old Two Family Only Sale during Snowy Week

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Photo: Two family on Hull Street.

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

• 60 Hull St. Multi-family (1930) Sold: $607,000. Listed at $625,000. Living area: 2,432 sq.-ft. 11 rooms, 5 bedrooms, 2 baths. On the market: 126 days.

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Good Investment: Belmont Home Values Increased 25 Percent Since ’05

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Photo: A renovated bungalow at 232 Trapelo Rd. 

While you may have made more money in equities since 2005 – the NASDAQ has grown at about eight percent annually – your Belmont house has been a good investment. And unlike stocks, you can sleep in it. 

The average Belmont residential property has appreciated by 25 percent since 2005, a time span which included a historic economic recession in 2008 and six years of a weak recovery, according to data compiled by the Warren Group, a Boston-based real estate analysis firm. 

“Statewide, the median home price in Massachusetts peaked in 2005 at $355,000. Since then, we have seen 46 communities rebound from the crash in real estate prices and record an increase in the median selling price of homes,” said Timothy Warren Jr., the Warren Group’s CEO.

Belmont is one of the top-ten municipalities to see double-digit increases in home values since 2005, according to the report, which included neighboring communities of Lexington (35 percent jump to $950,000) and Cambridge, which led the study with a red hot 80 percent increase in single-family home values, from $667,500 in 2005 to $1.2 million in 2014. 

The current median price for a single-family home in Belmont is $847,900.

Other towns on the list include Brookline, Concord, Newton, Somerville, Winchester and the Boston neighborhoods of South Boston and Jamaica Plain.

“Proximity to good jobs seems to be the common thread among the top communities. Location matters in real estate, and here we see these key communities adding even more in terms of their home values,” said Warren. 

Sold in Belmont: Dorset Road Colonial Takes a Price Tumble for a Reason

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

• 18 Dorset Rd. Center-entrance Colonial (1937), Sold for: $912,500. Listed at $1,035,000. Living area: 2,797 sq.-ft. 9 rooms, 4 bedrooms, 3 baths. On the market: 181 days.

Oh, the poor sellers of a very nice Colonial a stone’s throw from Route 2; victims of the reality of the housing market stomping on the perception that any home on Belmont Hill is worthy of a seven-figure sales price. Not to say that this house’s design is a detriment to the sale; in fact, it’s a beautiful period Colonial with outstanding architectural features (just look at the living room’s exposed arched beams – but why is that big flat screen in the bay window?! – and molding), what appears to be original lighting fixtures and a garage hidden in the back. Take away the horrible new shower and back-to-the-future granite-top kitchen island (next time, use tile), this is an outstanding house for a growing family with four bedrooms, three baths and a quarter acre.

But was it worth the initial +$1 million price tag? Obviously the population of buyers seeking this house have kids they were expecting to be hanging around for a few years and putting down a cool mil along with handing Treasurer Floyd Carman a $1,000 check each month was not in their calculations, especially when houses in Belmont’s “Lowlands” can be gobbled up for 250,000 fewer dollars. The result: take a look at the offering price from Independence Day to New Year’s Day. It’s like watching a climber fall off the Matterhorn.

List Price: July 9, 2014: $1,035,000

Sept. 4: $1,025,000

Sept. 5: $1,024,000

Sept. 24: $999,000

Oct. 22: $949,000

SOLD: Jan. 6, 2015: $912,500

Remember the days when sellers and their salespersons would list low and see the bids come in? I do. What’s happened?

Sold in Belmont: A Million Dollar House that SHOULD be Torn Down

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

• 5 Lodge Rd. A framed Colonial (1930), Sold for: $716,000. Listed at $695,000. Living area: 1,505 sq.-ft. 7 rooms; 3 bedrooms, 1.5 baths. On the market: 47 days.

• 665 Concord Ave. “Contemporary” (1961), Sold for: $1,175,000. Listed at $1,175,000. Living area: 3,080 sq.-ft. 10 rooms; 4 bedrooms, 4 baths. On the market: 64 days.

• 53 Leslie Rd. Two-floor condominium (1929), Sold for: $457,200. Listed at $437,000. Living area: 1,339 sq.-ft. 6 rooms; 2 bedrooms, 1 baths. On the market: 50 days.

Some lucky individual just bought an upper Concord Avenue house for just more than a million dollars. (Kudos to the salesperson for selling the property the town appraised in 2014 at $920,000!)

Now the buyer(s) can provide a public benefit by tearing down this out-of-place, contemporary, rabbit hutch.

If this badly-aging, low-to-the-ground substandard example of Usonia architecture was situated in Palo Alto or Boulder or any of many western/West Coast communities where this sort of building is appreciated (along with “A” frames and split-levels such as Colorado which is actually attempting to preserve this architecture) then fine. But in Belmont, the Concord Avenue house is akin to the nice person on Bright Road who places palm trees and other exotics on his lawn most of the year: it’s interesting but out of place.

Frank Lloyd Wright developed this design (it’s also called Wrightian) as a low-end Prairie School-style house in which he attempted to “integrated the house with the landscape and nature in an attempt to get away from box-like structures (1)” that were plopped onto a plot of land.

Arranged in zones, typically with three areas: living space, small bedrooms, and a kitchen-dining area, the “Usonian houses were quite unlike the boxy, stark International Style houses that appeared to be dropped onto, rather than a part of, their location.”

But the Belmont house fails because it wasn’t designed by Wright but by a lesser architect who threw up (pun intended) a building that is a mashup of Wright’s principles and suburbanites’ demands. The structure the public can glimpse around that ugly fence (what did Robert Frost say about fences in “Mending Walls“?) is the garage! Is this Belmont, California? Garages are fine but not as your “Welcome” mate. Usonia is where carports (a word Wright created) became an architectural feature. Additionally, the open floor design with a large footprint has become hopelessly old-fashioned and inefficient, like having a typewriter on your office desk.

The house is a duck out of water, a dud. In temperament and temperature, New England is bound with Scandinavia. Residencies here need compartmentalization with multiple floors and designated rooms with doors to conserve warmth and energy but also large vertical windows to capture daylight especially in fall and winter. The Concord Avenue house had to rip out portions of the roof to install skylights to bring in the light.

Additionally, Belmont is suited for the tall over the squat (I would fear my six-foot, one-inch tall son would bump his head on the low ceilings at Concord Avenue): high windows allow for a view of the canopy of evergreens and the changing leaves; the narrow slits of the Usonia – which are fine for seeing the scrub and low grass of the West and Midwest – limits you to tree trunks and pet-eating coyotes to stare inside.

With nearly half an acre of land that is adjacent to Week’s Pond and Meadow, why not envelop the ever-changing coloring provided by the Southern light onto the trees and land? You want a unique, then go with a Farnsworth House-type structure (OK, you’ll probably need $10 million to build that today … ) On the more affordable side, there are great modular houses from noted Canadian and Swedish companies that would be a great modern addition to upper Concord Avenue.

So paraphrasing Ronald Reagan: “Mr. Homeowner, tear down this house!”

(1) “Selected Post-World War II Residential Architectural Styles and Building Types” Center for Historic Preservation, Research Office of Archaeology and Historic Preservation, Colorado Historical Society, 2006.

Open Homes: The Priciest Open House in Belmont is on … Waverley?

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Belmont has some neighborhoods and byways that are readily associated with upscale homes and family manses: Belmont Hill, the McLean property, Somerset, Marsh, Grey Birch and Rutledge.

And this week, joining the avenues of the ritzy-priced homes is … Waverley Street.

Where are the smelling salts?

If you knocked on the doors of property owners along that fine street between, let’s say, Town Field and the square, the homeowners would say they live in a great neighborhood with good folks. But they would admit their humble road would hardly be considered a place where high-income houses are located.

But this weekend, the priciest open house is not in the converted asylum on McLean Hospital (a mere $1,495,000 for a condo) or on the Hill. No, it is the attached townhouses at 54-56 Waverley St. Priced at nearly $1.6 million, the new construction (built in 2009) duel homes are, um, tightly situated (i.e. crammed) onto 9,000 square feet of land with a garage – the salesperson calls it a “barn” that can become an office space – in the back.

So what do you get? Just like some newly-built residences around town, this is a standard two-family that has been fed steroids: each townhouse has three levels along with a portion of the basement that takes up nearly 4,400 square feet total. Each unit has six rooms, three bedrooms and either 2.5 or 3.5 bathrooms. It’s the Arnold Schwarzenegger of multi-family homes. Ja!

The townhouses are also being shopped around separately but how can you break up this pair? It’s being showed today, Saturday, Dec. 13, from noon to 2 p.m.

 

Sold in Belmont: To the Manor Born, a Monster Colonial

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

• 2 Radcliffe Rd. Colonial with Cape-design features (1938), Sold for: $756,625. Listed at $775,000. Living area: 1,887 sq.-ft. 8 rooms; 3 bedrooms, 1.5 baths. On the market: 61 days.

• 20 Wellington Ln. New construction/Colonial inspired (2014), Sold for: $2,350,000. Listed at $2,475,000. Living area: 5,701 sq.-ft. 18 rooms; 5 bedrooms, 4.5 baths. On the market: 52 days.

• 26 Alma Ave. #A1. Condominium (1923), Sold for: $356,000. Listed at $379,999. Living area: 970 sq.-ft. 5 rooms; 2 bedrooms, 1 baths. On the market: 90 days.

• 11 Frederick St. Newly-renovated townhouse condo (1927/2013), Sold for: $699,000. Listed at $729,000. Living area: 1,909 sq.-ft. 7 rooms; 4 bedrooms, 2.5 baths. On the market: 98 days.

Sold in Belmont: Inexpensive on Belmont Hill, But to What End?

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

• 44 Scott Rd. Brick English Cottage (1930), Sold for: $860,000. Listed at $929,000. Living area: 2,368 sq.-ft. 8 rooms; 4 bedrooms, 2.5 baths. On the market: 104 days.

• 667 Belmont St. Up-and-down two family (1923), Sold for: $678,000. Listed at $699,000. Living area: 2,667 sq.-ft. 12 rooms; 5 bedrooms, 2 baths. On the market: 59 days.

• 20 Wilson Ave. #2 First-floor Condominium, Sold for: $402,850. Listed at $392,500. Living area: 1,060 sq.-ft. 5 rooms; 2 bedrooms, 1 baths. On the market: 48 days.

• 56 Davis Rd. #1 First-floor Condominium, Sold for: $440,000. Listed at $469,000. Living area: 1,600 sq.-ft. 7 rooms; 3 bedrooms, 2 baths. On the market: 83 days.

• 27 Dorset Rd. Historic Royal Barry Wills designed Cottage Cape (1937), Sold for: $742,000. Listed at $859,000. Living area: 1,805 sq.-ft. 8 rooms; 5 bedrooms, 2 baths. On the market: 208 days.

It’s a beautiful Belmont house once the pentacle of residential design when it was built in 1937; a Cape Cod-style cottage lying in the then out-of-the-way section of “the Hill.”

The house at 27 Dorset Rd. was designed by one of the most influential modern residential architects, Royal Barry Wills – whose firm continues today – famous for building the quintessential New England home: solid, classic, refined.

The style was so popular that the year after the Dorset Road house was built, a Wills Cape was selected by winners in a national contest over a modern design by Frank Lloyd Wright! (In retrospect, not the correct choice.)

The Belmont Hill house is modernized with a new chef’s kitchen with maple cabinets and granite (ugh!) counter tops, a new gas furnace, central air and the garage has been heated.

But many of Wills’ quality remains; the square rooms, the bay in the living room, the well-proportioned “wing” which houses two bedrooms and a full bath, the small dormers (so they don’t look “clumsy”), a low roof line, narrow hallways to allow for great space for the rooms.

But the sale of this historic house gives me a bad feeling. I truly hope the buyers – who got the house on “the cheap” for $100,000 below the list – have fallen in love with the beauty of fine architecture and will care for it.

But the house, with a “mere” 1,805 sq.-ft. of livable space – less room than the million dollar condos on Boston’s Waterfront – sits on a third of an acre on the top of sought after Belmont Hill. I fear the sale might be for the land rather than the pretty Cape that sits on it.

Belmont Home of the Week: Single Family Affordability in SoTra

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In Lower Manhattan, there is SoHo (South of West Houston Street).

In Boston’s South End, there is SoWa (South of Washington Street – which, of course, is an impossibility as the throughway runs north to south).

And in Belmont, there is SoTra, as in South of Trapelo Road, where you are more likely than not find housing that can be called affordable for Belmont. The housing stock “below” Trapelo – from the intersection of Belmont Street to Beaver Brook Reservation – was built to meet the rising number of middle-class home seekers who were coming to Belmont with the laying of the trolley line in 1898 and the growth of Waverley and Central (at the intersection of Beech Street and Trapelo) squares. And that trend continues today as SoTra remains one location a double income-earning family can sneak into Belmont.

Much of the housing inventory includes two-families but there remains classic single family homes, such as the one on sale at 10 Cutter St. This 109-year-old Colonial “box” – located equal distance from Central and Waverley squares – is just north of 1,600 sq.-ft. with four bedrooms and one and a half baths.

A previous owner decided to knock down a few walls on the first floor to give the interior that 70’s “open layout.” So you wander from entry way into the living room, look around a partial wall to see the dining table which is next to a wide-open wood cabinet kitchen. The lower floor has high ceilings, hardwood floors and newer windows. The full bath has a deep, oversized Jacuzzi with a shower. There is a walk-up attic and a expansive basement with high ceilings.

A nice surprise to this century old home is a large wood deck off the dining room that overlooks the backyard, is perfect for entertaining overflow and overlooks an ample level backyard.

All this for $689,000, about a hundred grand less than the medium home value for Belmont homes. There will be an open house on Cutter Street today, Sunday, Oct. 19, from noon to 2 p.m. Or call Century 21/Adams KC for more information,  781-648-6900.