I lived on that corner about 5 years ago and felt safe, though I was a little sketched out by the park on Columbia closer to Mass Ave (minor drug dealings, mostly at night). You can get crime stats on the city of cambridge's website.... more
Good question. In my opinion selling now is the best course of action. The reason is simple: supply and demand. As of today, there are just 19 condos for sale in Somerville and 22 in Cambridge. In 25 years of selling homes in Cambridge and Somerville I have never seen the inventory so low. The demand for housing right now is great and most sellers are getting multiple offers for their property, and I do mean MULTIPLE!
Two years from now I fully expect there to be more sellers putting their homes on the market . I say this because by that time buyers needing to trade up, that purchased at the top of the last market cycle, will have more equity due to the rise in prices happening now. With those new sellers finally entering the market there will be an easing of prices. Prices will still be rising two years from now, but not anywhere near the current pace.
Now here is something else to consider: what will be the condition of your place after being rented for two years? Most tenants are responsible but typically not to the same extent that an owner living in their home would be. You may need to put some money into your loft to get it ready to sell. If the tenants have moved out in two years you will most likely have to paint as well as have the place staged.
As Tom stated below it is illegal for agents to "steer" clients to one neighborhood over another. If you are looking for crime rates for certain towns or neighbohoods, your best bet is to contact the local Police and ask them. The do not have the same legal restrictions agents have so they can answer your questions much more acurrately. If you need an agent to show you the various areas so you can get afeel for what is available and what areas you will prefer, I would be happy to assist you. If you would like me to send you properties that are available and match your search criteria please send me what type of home you are looking for here: http://www.marealestatehelp.com/buying-real-estate.html I look forward to hearing from you.
MA Real Estate Broker
Sankey Real Estate
The market in Cambridge is red hot at the moment. Honestly there is no waiting in 2013 if you are looking to purchase the best bet is to find an agent that is plugged into the community and meet to discuss a strategy. I realize this question is from 2008 and it is amazing how different the market is now in comparison .... more
YES! You can get a property manager to handle the day-to-day issues for you. Buying in the Cambridge area seems to withstand all economic woes - with major universities and hospitals here, you will always have tenants!... more
170 Gore Street, "The Pavilion" was built in 1986 as condominiums. At the time of its construction, the units were marketed as less expensive alternatives to the three luxury buildings near the river, the Esplanade, River Court and Graves Landing. 170 Gore Street offered decent housing with parking and an outdoor pool at far lower entry cost than did any of the other buildings. In the last 26 years, the area surrounding 170 Gore Street has seen strong growth and appreciation, and East Cambridge has in itself become a destination for many well-funded buyers, seeking a quiet yet urban neighborhood immediately across the river from Boston.
As far as 170 Gore Street itself goes, if I am understanding the question correctly, you are asking if the six units that were offered this year indicate a defect with the building that has people running for cover and looking to unload their property while they are able to do so. There are 116 units at the Pavilion, so six units would represent just over 5% of the overall stock of condos in the building. Three units sold last year, two in 2010 and one earlier this year.
It is not uncommon for a building of this size to undergo cycles in which several units are offered and sell all at the same time. It just happens, often without any rhyme or reason. In addition, if you remember the entry-level positioning of 170 Gore Street in the market, it would stand to reason that among its unit owners, there would be some who bought their units as starter homes, and who are taking advantage of today's low interest rates to trade up. The six units that are listed as active including the three that were freshly placed under agreement, were bought by their owners in 1988, 1994,1995, 1997, 1997 and 2008. These numbers appear to me to be a very random pattern with lots of long term ownership. In my experience, it would be atypical for long term owners to abandon their building over a maintenance or repair issue. Things break in a building and components do need to be serviced or replaced every so often, and it would be my guess that most, perhaps all of these six owners have had to deal with such an issue at some time during their ownership of their condos. That being said, I have not heard any talk in professional circles about any catastrophic structural or system failure at the Pavilion.
You can further protect yourself by making any offer contingent on a home inspection, which will cover the unit and those common areas and system rooms which can be made accessible by the property manager. You also have the right to ask for a complete condominium document package, including not only the master deed and its bylaws of operation, but also budgets and minutes from association meetings one the last 1 or 2 years. These minutes would apprise you of any contemplated major upcoming repairs or maintenance issues.
Currently, three units are listed at the Pavilion, all of them with 2 bedrooms and 2 baths. These are priced from $359,000 to $399,900 and finally $519,000. I would point out that the unit at $519,000 is a penthouse with private roof deck and city views. The unit also has some updates made by its owner.
The neighborhood of 170 Gore Street has seen very strong growth in the last few years. Long relegated to second place by areas like Mid Cambridge and Harvard Square, East Cambridge has enjoyed a robust renaissance with neglected houses that come to the market being snapped up in days by eager builders, who transform these tired structures into sparkling gems that will in turn sell to homeowners at prices ranging from the $700,000's to the well over $1,300,000. At this time, I see nothing that would slow down the rate of redevelopment in the area. In fact, I am seeing buyers move to East Cambridge after years of home-ownership in Harvard Square and West Cambridge.
I hope this addresses some of your questions. If there is more that you'd like to discuss, feel fee to e mail or call me at email@example.com, and 617-354-1143.
obviously, dm, should be looking at everything including the statistics i gave which were snap shots of the east Cambridge market in the last two years (what his original question asked for ) ... dm seems pretty savvy... more