Does it Get Cheaper Than This?

I was walking around my neighborhood the other day when I passed a guy who was in the process of selling a used car to a couple who seemed to be prospective buyers. I overheard him say to his customers that his car, a BMW convertible, would sell for about $60,000 new. That got me to thinking: are there apartments out there that cost no more than, let’s say, a mid-price Mercedes Benz or a Maserati?

Perusing the ads, it didn’t take long for me to find condos in that price range in Brighton. In fact, I found one right around the block from where the guy was trying to sell his Beamer. It’s heartening news for first-time buyers who are tired of paying rent and willing to live in close quarters for a while. It’s also good news for professors and other professionals looking for an inexpensive pied-d-terre in the city. About the cheapest unit out there right now is a 297 square foot studio  in Cleveland Circle for $138,500. That officially makes it much less than a Mercedes. There are no pictures of the interior of this unit, so my guess is that it may be in tough shape. But the building is well-maintained and this part of Cleveland Circle has a lot of condominium buildings which means it is not quite as student-ridden as some parts of Brighton. This unit is currently rented for $975 a month, which may even mean that the numbers work out for investors.

 If you can afford $10,000 more, there is a 306 square foot studio available on Allston Street for $149,500. I’ve been in this building and can see that the building appears to have a strong condo association. The unit is tiny, but has got a new kitchen and a great location across from Whole Foods, just one block from the B line. It’s currently rented for $1050 a month, which again means the numbers may work for someone looking for an investment.

But can a one-bedroom be found in this price range? Well, almost. Over on Commonwealth Avenue, there’s a 451 square foot studio for sale for $155,000. It’s almost a one bedroom because it’s got a sleeping alcove. Add a little more dough to the pot and you come up with a full-fledged one bedroom for $168,900 — a 477 square foot top-floor, sunny unit that has a great location near the B, C and D lines. Only catch is it needs some work in the kitchen and bathroom. But what do you expect for a condo that costs less than a car?

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