General Area in Wellesley>Question Details

Frank, Both Buyer and Seller in Wellesley, MA

What is the most popular area now in Wellesley, buyer are most willing to pay $600K to $700k and build a new?

Asked by Frank, Wellesley, MA Mon Apr 6, 2009

What is the most popular area now in Wellesley, buyer are most willing to pay $600K to $700k and build a new house on it, say may be woth of $1.5M with the new house?

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Thanks to Elaine and Kathy! Very useful information!
0 votes Thank Flag Link Thu Apr 9, 2009
Frank, Kathy's answer is very accurate. If you're an end-user planning on building your dream house, these neighborhoods are great choices. If, however, you're a developer thinking of adding another spec house to a price band that has a very large supply-side at this time, be circumspect. $1.5 buys alot of house in some very strong neighborhoods right now (Cliff Estates, Dana Hall, Poets, etc). Not a brand new house, of course, but often one that's been significantly renovated and expanded. Proceed with careful deliberation and make informed decisions. best regards, Elaine
0 votes Thank Flag Link Mon Apr 6, 2009
Hi Frank, The most popular areas for 'knockdowns' in this price range have been on quiet side streets in neighborhood settings in the 10,000 sq ft building zones. Regulations went into effect last year which restricted newly constructed homes to 3600 sq ft of living space. Since then, builders have become less enamored of the 10k neighborhoods. Whether because of the new restrictions or a more difficult environment for the $1.5 mil new construction, the prices on the most recently under agreement or sold properties, on Brook and Alba for example, have slid to under $600K. This all assumes the lot is 'conforming'-- that is 10K+ in a 10K zone. The hottest areas would still be in the Beverly Road/Boulder Brook neighborhood as well as the Parker and Mayo area. A 15K lot in a 15K zone will be higher, and a 20K lot in a 20K zone goes MUCH higher. A private party or first time homebuyer will most likely pay more than a builder if your house is in reasonably good condition. Please feel free to contact me for a market analysis which will help you determine the best price and most likely market for your home.
0 votes Thank Flag Link Mon Apr 6, 2009
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