Home Buying in Wellesley>Question Details

Lori, Home Buyer in Wellesley, MA

Is it worth spending over $1.5 Million for new construction in the Boulder Brook neigborhood of Wellesley? Desire lots of young kids and great school.

Asked by Lori, Wellesley, MA Sat Mar 5, 2011

We are struggling with relocating from one MW town to Wellesley. The tear-down we are looking at is very nice but will cost us almost triple what it would fetch in our current town. That would be for less of a yard and house and a less premier neighborhood. Our main priority would be a kid-friendly neighborhood and an excellent public school not necessarily the best neighborhood or real estate investment. We are just concerned with the comps in the immediate vicinity being so low. What are the chances of this neighborhood continuing to turn-over?

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Yes, it is worth it. A lot of the homes in that area of town are being torn down and replaced or expanded and renovated. If you plant to stay there and raise a family (10+) years, you will find that your investment was very smart. Wellesley homes hold their value even in a sluggish economy. (BTW: I am not a real estate agent!)
0 votes Thank Flag Link Sat Feb 1, 2014
Lori,

Thanks for your kind response to all of us! If you should have any further questions or need help , feel free to give me a call at 339-222-8103. Would love to help you during the buying and selling process.

Karen
0 votes Thank Flag Link Sat Mar 5, 2011
Thank all of you here for taking the time to answer all my questions so promptly! After reading I am feeling more confident about taking the plunge to purchase in this Wellesley neigborhood. Our situation sounds very similar to the one that Karen described. We are at least 45 minutes from Boston and there is really nothing here where we live. Our school system here is actually very good but there are better ones two and three towns to the East of us. Based on my husbands's commute we have ruled out Lexington and Newton which may actually have an edge on Wellesley in terms of public schools (at least for our child's particular needs). We also have always loved the town for all it has to offer. Thanks again for all your input.
0 votes Thank Flag Link Sat Mar 5, 2011
Lori,

We went through a similar decision making process several years ago. We were currently living in a metro west suburb about 40 miles outside Boston. Needing a larger house, we grappled with purchasing in our current area and getting a large new house with all the bells and whistles or purchasing in Wellesley where our budget would only allow us a modest Cape style home. It was tough, but we made the decision to move to Wellesley and I can't tell you how happy we are.....from so many perspectives.

Great school system----the proximity to Boston (15 miles vs 40-50)--the diversity of the neighborhoods--Centennial Park---Longfellow Pond--- great downtown area -- and so much more

Our two children both did well in the public school system, both graduating from Boston College. I love our neighborhood.....we live in the "Standish Estates" area near Longfellow Pond and it was so much fun to watch our kids walk to their friends house--while they thought they were "independent and on their own" , little did they know that I was watching from my window, on the phone with the other mom, as she was watching them approach her house. (small example of the benefits of a smaller lot). I also love the diversity of our area. Different style homes, large ones, small ones and as a result, various income levels of the inhabitants.

Our neighborhood is continually changing, tear downs and new construction, additions to existing homes. As I look out my window, there are 3 new homes that were built in the last 3 years and roughly 6 that did major renovations and additions......and I am only including those that I can see from my window!!! This continual change will be the same for the Boulder Brook area. While the lot you are looking at, may now be surrounded by smaller, older homes it is likely this will change. Wellesley has always been a very desirable town and because of all it has to offer and its' close proximity to Boston, will continue to be so.

I think if you made the decision to move here you wouldn't have one regret!!

Karen

PS....One more thing.... Every time I make the trip to Logan Airport (weekly) I celebrate our decision!!!
0 votes Thank Flag Link Sat Mar 5, 2011
Hi Lori

Wellesley is a wonderful community as are most of the Metro West communities. Buying and building your dream home can be a wonderful experience. As Kathy mentioned there have been many sales in that neighborhood that should support a $1.5M home. I did the same thing to my home in 2007 - bought - completely renovated and now absolutely love my home.

Best of luck and good luck on finding the right neighborhood that you will like. I live and work selling Real Estate in Wellesley and have 2 kids in grade school. I love it here.

All the best,

Christine Norcross
0 votes Thank Flag Link Sat Mar 5, 2011
Oops, the open house on Boulder Brook is tomorrow, not today. I am showing today by appointment.

BTW, you said the comps are 'so low?' I don't know where you are looking, because there are tons of comps. This is a wonderful area if you want kid-friendly and great public schools. My daughters went to Bates and they credit foundation for great college careers, including Providence College and Harvard :)
0 votes Thank Flag Link Sat Mar 5, 2011
Open house today at 27 Boulder Brook Road-- $749K. I have sold more homes in that neighborhood than any other agent and can tell you $1.5 mi for a new house in that neighborhood is more than reasonable. If you look at new construction comps over the last several years they range from $1.5- $2mil. I sold new construction on Boulder Brook $1.625 in 2006 and Beverly Roads which fetched $1.5 in 2010. Additionally in 2010 one home on Chesterton sold for $1.860 and another for $1.780. You can't go wrong. The bike path into the school, the neighborhood activities like Luminary Stroll, Egg Hunt and Block parties make it a great place to feel part of the community. I have an open house today at 27 Boulder Brook Road. See link below. A wonderful 3 bedroom home you can live in now and add on later as it is a large conforming lot. Come see! And if you want buyer representation for other homes in the neighborhood, I have more experience there than anyone.
0 votes Thank Flag Link Sat Mar 5, 2011
I can give a more qualified answer if I knew the address of the property-to-be. I would say Newton may be a better investment in terms of retaining value - a better (believe it or not) school system and closer to Boston. Weston is another option that is very good, but the homes are more spaced out and the land will likely cost more. Lexington is another good choice in terms of schools and kid-friendly neighborhoods.
I am based out of Newton and cover all of the towns mentioned, including Wellesley, and can give you a qualified analysis if I know the exact location. Have you already bought the land?
masha@preservationproperties.com
0 votes Thank Flag Link Sat Mar 5, 2011
Hi Lori,
I am an agent and also work on my own investment properties and renovations and in general it is much faster, easier, and you will build more equity if you find a home that's not in great shape to renovate or add to so you still get exactly what you want. It of course depends on the size and features of the home but $1.5 million is in the range of full market value for that area, so if and when you sell, you won't get much return on your effort and investment. I would recommend doing a lot of looking in Wellesley to see if there is something that could meet your needs at a better price and without the work of a tear down. If you do decide to take on the project, make sure to determine the real value of the property and arm yourself with professionals who are experienced in the process. I am happy to help if you'd like - please find my information below.
Tory
0 votes Thank Flag Link Sat Mar 5, 2011
Lori, you should look at all available homes in this price range prior to starting a construction project that could run over budget. After seeing them all it will be easier to make decision. As law dictates agents cannot comment on one neighborhood being bettter than another. I know of some great homes in the price range in Wellesley even a new construction ready to go. You can call me at 508-277-2032
Heidi Zizza
0 votes Thank Flag Link Sat Mar 5, 2011
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