March 30, 2008
Early Bird “Bargains” in Brookline and Brighton
Is there really such thing as a bargain in Boston real estate?
I think back ten years. My husband and I were shopping around for a small ”pied-d-terre” in the city. We saw good size one bedrooms for between $85-$100K in prime locations in The Fenway and Brighton. Today, those same apartments cost about three times that amount. Meanwhile, my salary has decidedly NOT increased three-fold. (Has yours?) So it’s pretty hard to see a “bargain” in anything on the market these days. And unlike some who believe that prices will eventually tumble back down to the levels of six or seven years ago, I don’t believe it. Condos in the Fenway will never be $100,000 again. Sorry. So with those remarks as a preface, I ran across a few listings that might be considered a “bargain” in the meaning of the word in today’s parlance. (That is, the sellers are not asking an obscene price that makes you laugh in disbelief or shake your head in wonder.)
147 Wallis Road, Brookline, 2094 square feet, $769K. I admit that I had been looking at a few units in the South End before I ran across this space. So suddenly, for the price of a two bedroom in South End, I found a four bedroom home with two and a half baths, a deck and a patio. Since I’ve seen much less than this in Brookline, for far more, the price seems almost reasonable. According to Zillow, this home is actually worth $745,500.
120 Nonantum, Brighton, 1291 square feet, $319K. The asking price on this home — which includes a two-car garage and 525 square feet of basement space — seems extremely (perhaps suspiciously) reasonable. According to Zillow, this property was a two-family that was sold last September for $588K and then quickly condoized into two units. Number 118 (part of the same building, apparently) is now also for sale for $329K. If the seller gets these prices, he or she will be making a good profit — about $60K minus the cost of improvements. But the asking prices on condos of this square footage with these amenities are generally much higher. These are only $238 and $247 a square foot. So I would label it a “deal.”
14 Commonwealth Court, Apt. 2, 604 square feet, $185K. Brighton. These are not fancy digs, but this modern condo is updated, clean and convenient. I’ve seen comparable places priced well over $200K and places in much worse shape priced in the same range. The Zillow estimate of this property is $210,500.
22 City View Road, Brookline, $479K, 1,449 square feet. This may be the only single family home in Brookline at this price, plus the house was renovated in 1999. The Zillow estimate for this property: $585,500!
Image: freedigitalphotos.net
