Belmont home in desirable historic neighborhood on market for $4.25 million
Video tour highlighting some unique features of historic Belmont home on market for $4.25 millon
Joanna K. Tzouvelis, wickedlocal.com
Whether you are looking for an investment property to rent or a property with one floor you can live in and another floor you can rent, multi-family homes are a great option. However, in today’s market, they cost a pretty penny, the pickings are slim and most of them need cosmetic renovations.
For instance, in Belmont, there are currently seven multi-family homes on the market ranging from $999,888 to $1,549,999.The median sale price of a multi-family home in this town is $1,230,000.
The average number of days on the market for a Belmont multifamily home is 21 and the median sales price is $1,230,000.
Since 2013, 42.5 multi-family homes have sold in Belmont. The median sales price has increased more than 85%. It was $673,888 in 2013 and the current price is $1,247,500.
According to seasoned broker/realtor Jim Savas of Berkshire Hathaway HomeServices Commonwealth Real Estate, there are many factors that could be contributing to this escalation.
First, Boston and Cambridge and other towns in the vicinity have seen a large influx of high income buyers for the biotech, pharmaceutical, financial, medical and educational industries, said Savas.
Second, Belmont’s proximity and to Boston and Cambridge and access to public transportation and major arteries makes it a commuter’s delight, said Savas.
Third, Belmont has a reputation for excellent schools and public safety.
Fourth, in the past 10 years, interest rates were historically low which made home ownership cheaper than renting.
Fifth, the COVID pandemic caused a housing shortage because more people were buying bigger homes, sellers did not want to put their homes on the market for fear of catching COVID, sellers were afraid to catch COVID so they weren’t looking for a replacement home. Sellers were also afraid to sell because prices for a replacement house were too high and it was too expensive to move, said Savas.
23-25 Leslie Road, $1,075,000
Two-family home built in 1928. Each unit has two bedrooms and one full bathroom, fireplaces, walk-in pantries, stainless steel appliances, updated bathrooms, covered balconies. Mini-split air conditioning and updated systems in each unit. There is a bonus room on the third floor. Located near Town Field, Beech Street Center, shopping and dining areas and public transportation.
96-98 Fairview Ave., $1,199,000
Two-family home built in 1917. One unit has two bedrooms, one full bathroom. Second floor unit has four bedrooms, one full bathroom. Laundry located in the kitchens. Enclosed porches are winterized for year-round use. Updated electrical systems and replacement windows throughout. Each unit has built-in china cabinets in the dining rooms and natural woodwork. Located near public transportation. Parking for four vehicles including one garage space.
42 Winslow Road, $1,199,000
Built in 1925, one unit has two bedrooms, one full bathroom, other unit has three bedrooms and one full bathroom. Detached two car garage. New roof and updated, energy efficient vinyl windows. Newer Navien gas heating system on first floor. Near public transportation, schools, shopping and dining.
9-11 Farm Road, $1,299,000
Two family located in Belmont Center. One unit has two bedrooms and one full bathroom. Other unit has three bedrooms and one full bathroom. Large driveway with two-car garage. Unfinished walk-up attic with expansion possibilities. Updates needed.
90 Chester Road, $1,549,999
Built in 1917, this two family has three bedrooms and one full bathroom in one unit, four bedrooms and two full bathrooms in the other unit. Parking for four vehicles. Located near schools, public transportation, shops and dining.