Photo: The multi-family at 7 Pine St. in the arbor-named neighborhood at the corner of Belmont and Trapelo.
A weekly recap of residential properties sold in the past seven days in the “Town of Homes.”
• 7 Pine St., Multi-family (1913). Sold: $1,199,000. Listed at $1,299,000. Living area: 2,754 sq.-ft. 11 rooms, 6 bedrooms, 3 baths. On the market: 114 days. Last sold: Dec. 2004, $650,000.
• 32 Chester Rd., Multi-family (1918). Sold: $1,135,000. Listed at $1,199,000. Living area: 2,772 sq.-ft. 12 rooms, 6 bedrooms, 2.5 baths. On the market: 56 days. Last sold: Nov. 1987, $322,500.
• 50 Bartlett Ave., Condominium/converted multi-family (1927). Sold: $536,000. Listed at $489,000. Living area: 1,140 sq.-ft. 5 rooms, 2 bedrooms, 1 baths. On the market: 50 days. Last sold: Oct. 2015, $448,000.
• 158 Watson Rd., Colonial (1935). Sold: $1,040,000. Listed at $925,000. Living area: 1,962 sq.-ft. 10 rooms, 4 bedrooms, 1.5 baths. On the market: 42 days. Last sold: Oct. 1992, $295,000.
• 16-18 Watson Rd., Multi-family (1939). Sold: $912,500. Listed at $825,000. Living area: 2,273 sq.-ft. 11 rooms, 3 bedrooms, 3 baths. On the market: 44 days. Last sold: Nov. 1987, $322,500.
It shouldn’t come as a surprise multi-family homes – which makes up a significant proportion of residential structures in Belmont – would follow the lead of the traditional single-detached dwellings in the ever-increasing escalation in value and sales price in Belmont’s housing market. Take a look at 7 Pine, which oversees the busy intersection of Belmont and Trapleo in the neighborhood of arbor named streets. This section of town, developed a decade or two after the turn of the last century, has seen the myriad of two-families that distinguish the area really pop in popularity due, in part, to the unique post Victorian, pre-Colonial styles – affectionately dubbed “Old Style” by the Belmont Assessors in the town’s property database – and the affordability of renting or owning a condo conversion.
Returning to 7 Pine, the assessed value was remarkably stable for a decade from 2004 to 2014 in the upper $600,000. But in the past three years, the property has increased in value by a third (in one year alone, 2015 to 2016, the assessed value jumped $170,000) to $953,000 in ’18. The property did undergo $30,000 in permitted renovations (replacing the windows a few years back), but other than that, it’s just the bubble-like skyrocketing of the price-tag on anything “Belmont” that can explain the rise in value. It has two nice, smallish units – with an eye-popping color selected for the walls – with original woodwork/moulding, updated kitchen/baths and nice porches. The best feature, for anyone who walks by the place, will know, is the sort-of English-style garden and landscaping.