Coincidence or Tom Cruise?

by Redfin Blogger | 10 Comments

tomcruise.jpg

Within two weeks of the Church of Scientology acquiring the Alexandra Hotel, asking prices of neighboring homes dropped dramatically. Ten homes within a few hundred yards of their new, high profile Boston headquarters dropped in price an average of $55,000, with two homeowners slashing $100,000 from the original asking price.

Is it Tom Cruise, or is it coincidence? I need to defer to my LA crew on this one…

The biggest price reductions:

499 Shawmut Avenue, #4
New Price: $849,000
Original Price: $949,000
Beds: 2/Baths: 2
SQ.FT.: 1772
$/SQ.FT.: $479

19 Worcester Street, #3
New Price: $1,325,000
Original Price: $1,425,000
Beds: 3/Baths: 2.5
SQ.FT.: 2078
$/SQ.FT.: $638

57 E. Concord, #5
New Price: $649,900
Original Price:$719,900
Beds: 1/Baths: 1
SQ.FT.: 1312
$/SQ.FT.:495

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  • Lisa

    do you blame them. Their afraid nobody is gonna want to pay big bucks to live near the wackos.

  • http://curiositykilledthe.com/ LankaKitten

    It’s going to keep happening. Scientology is good for no one.

  • John

    Ah remember the days when the South End was where the interesting whackos resided, instead of the bland, suburban white-bread botique hotel, condo and retail lusting bores that now haunt the neighborhood?

    Pretty ironic!

    By some miracle, the Back Bay apparently survivded the presence of the Scientologists. I’d imagine this outer edge of the South End will somehow soldier on despite their presence.

  • Kristie

    OT: that picture is terrifying.

  • Maaaaary

    Eh, property values near Scientologist HQ are still pretty high. Although part of that is that, if I’m not mistaken, all of the homes/apartment buildings on LRH way are owned by Scientologists.

    One time I went to visit a Scientology school to show them art books, and the teacher pronounced Georgia O’Keefe “George- eea O keefy.” And refered to her as a him. Fine education!

  • jill

    Still so so so so so expensive. Ah, someday.
    Also, such a creepy pic!

  • Rob

    So having a scientology center move in next door has the same effect on your real estate value as being caught in the middle of a gang war? Xenu,is there anything he can’t do?

  • Robert

    It’s probably a knee jerk reaction to the anticipated new construction/renovations that will undoubtedly happen over the next few years. It’ll be a noisy chaotic place for awhile. Dropping prices could also mean people want to sell fast before construction begins. Who want’s to show off an open house while the streets are clogged with heavy equipment and city engineers screaming at interior designers.

  • http://boston.redfin.com/blog/author/alyk Alyk

    Hello Robert. These price reductons could be a reaction to new construction- once it starts, I imagine sales nearby will be hurt. It could also be a reaction to the finished product. They haven’t announced plans yet, but I fear they won’t offer any ground-level retail or parking, both of which the area desperately needs.

  • Robert

    Hey Alyk. It’s been a week, any other news on the diggs? I’m going to keep an eye on this. Realestate is always fun to watch. If your theory on this development holds out it may make it more difficult for the city to give permission for other privite interest groups to purchase/lease buildings.