Any Guesses? Brighton Edition
Last week I threw out a question: why were several perfectly decent Brookline properties languishing for months on the market like so many dried up pears under a tree? I got some good answers from attentive readers. Thanks to those who responded. Today, I ask the same question of these units in Brighton which have lingered on the market way past their shelf life.
165 Chestnut Hill Ave, no.9 $799K for 2,150 square feet—Has been on the market for YEARS now — more than 870 days. It’s chic, it’s new construction, it’s got parking, and yes, it’s pricey, but there is always someone looking for an Architectural Digest-style loft in the city… isn’t there?
150 Kenrick Road, No. 4, $329K for 1,050 square feet. It’s been on the market for more than 200 days. Now it’s true that this complex is not T-friendly. And it is also true that the Towne Estates have a certain anonymous quality that may turn some buyers off. Still, there are a lot of plusses here too. The place is bordered by Chandler pond and Newton Commonwealth Golf Course. The kitchen and bath have been totally renovated. There is a swimming pool too. (Which comes with a highish condo fee). Maybe it’s sitting there because dogs aren’t allowed?
12 Nottinghill Road, No. 1, $375K for 1215 square feet. It’s cute, it’s got a nice kitchen and a nice bathroom. It’s not all that far from the T. And yet, it’s languished on the market for more than 165 days. So what ugly secret resides on Nottinghill Road? (Sounds like a horror movie, doesn’t it?)
114 Strathmore Road, No.106, $199K for 553 square feet. The listing says this unit has been on the market for 102 days, but I remember when this unit first came on the market nearly one year ago. At the time, the asking price was much higher — $239K, but since then the price has dropped considerably and the owners have even repainted. The Cleveland Circle location is good and $199K seems to be within the going rate. So what’s the problem?
15 Braemore Road, No. 5, $255K for 688 square feet, on the market for more than 125 days. It’s more expensive than the average one bedroom, but then again, it’s got parking, and in Cleveland Circle that ought to count for something.
45 Bigelow Street, $574K for 2,465 square feet. It’s big and stately and less than $233 a square foot, and it’s been on the market for more than 90 days. With 5 bedrooms and 2 bathrooms and its proximity to Oak Square. you’d think that this house might appeal to a young and growing family looking for a little space not too far from the city. I guess not.
The Buyer's Broker said:
165 Chestnut Hill Ave – Here’s the issue. Guess how many $700k + condos sold in Brighton over the last 2 years. 20! Less than 3% of the total condo transactions (766 condos sold in Brighton between 2/5/2006 and 2/5/2008). This is a clear case of white elephant syndrome.
February 5, 2008 12:12 PM
The Buyer's Broker said:
Really I think it’s less about these particular listings and more about the direction of the local market. Condo sales for Brighton have been sliding steadily. The sales numbers for condos look like this: ‘04 = 598, ‘05 = 530, ‘06 = 402, ‘07 = 364. Fact is it’s just hard to sell a condo in Brighton right now. Three cheers for the Buyer’s Market!
February 5, 2008 12:23 PM
Pamela Reynolds said:
To Buyer’s Broker:
You’re right, 165 Chestnut Hill is probably a little bit more condo than most Brighton buyers want to chew! On the other hand, it is precisely because it’s unusual that I would think someone might bite… maybe a Boston College professor or a well-to-do artist?
As far as general sales go, without having actual listing figures in front of me from 2004-07(maybe you can help me out there) I would imagine that listings have also fallen sharply. So I would think it would all even out in the wash. Fewer buyers have fewer properties to choose from. There may be fewer sales, but properties nevertheless should be absorbed at a decent clip.
February 5, 2008 12:59 PM
Mike said:
What’s the “anonymous” quality of Towne Estates that might turn some buyers off? I was looking at this complex last year and liked it, but we decided to move to the ‘burbs instead and enjoy our elbow room.
February 6, 2008 9:24 PM
Pamela Reynolds said:
Hi Mike,
Well, this is all subjective of course, but the “anonymous” quality to which I refer probably has to do with the number of units in this complex (354) and the fact that the complex centers around a parking lot in motel-like fashion. Despite all the convenience, nothing kills the charm of a complex faster than having a parking lot outside your front door!
February 7, 2008 6:41 AM