Photo: A two-family that sold for nearly one and a quarter million dollars?
A weekly recap of residential properties sold in the past seven days in the “Town of Homes.”
A pair of two-families on corner lots built in the same year, but way different sale prices.
• 92-94 Creeley Rd., Two family (1922). Sold: $1,220,000. Listed at $1,220,000. Living area: 3,089 sq.-ft. 15 rooms, 5 bedrooms, 3 baths. On the market: 54 days. Last sold: Dec. 2008, $595,000.
• 717 Belmont St., Second-floor condo (1922). Sold: $445,000. Listed at $449,998. Living area: 1,380 sq.-ft. 6 rooms, 3 bedrooms, 1 baths. On the market: 90 days. Last sold: Condo master deed filed Aug. 2007.
They must have discovered gold in the basement of 92-94 Creeley Rd. Surely that would explain how a C+ rated, 95-year-old two family would sell for nearly one and a quarter million dollars. OK, I give you the opportunity of a first-floor rental, there’s some renovation – the last permitted work was completed in 2015 with the deck and renovated bathroom costing $27,400 – and it’s a corner lot at the intersection of Gilbert. But do those amenities require a $337,000 premium above the town assessed value (2017) of $883,000? It’s a good-sized house at more than 3,000 square-feet but that space fills 15 rooms, and the images of the interior don’t give you the sense of wide-open spaces. The seller did add a second floor – it’s the attic – to the owner’s unit, just don’t be too tall when standing due to the slant of the roof. All this and an unfinished basement – which will likely stay in its present state for storage now that the attic has become living space – and a road out front that must be high on Glenn Clancy’s pavement condition index of streets to be repaired.
So is 92-94 Creeley Rd. the harbinger of a new pricing reality in two family sales in Belmont or a Casandra of a real estate bubble?