Home Buying in Boston>Question Details

shaver.brett, Home Buyer in Melrose, MA

What is the best investment - 1 or 2 bedroom condo north of Boston (Malden / Melrose)?

Asked by shaver.brett, Melrose, MA Mon Oct 15, 2012

I'm looking to buy a condo north of Boston in malden or Melrose. What is the better investment: a 1 or 2 bedroom condo? I will live in it myself and would like to rent the other room if it's a two bedroom. What is easier to sell / has more appreciation? Thanks!

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Your personal criteria and taste will determine your comfort.
Buying and selling trends can and do change.
What is great today, may be less so - or greater - tomorrow.


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0 votes Thank Flag Link Sat Oct 27, 2012
Nothing beats actual sale statistics so here you go!

(DOM stands for days on market)

Malden:
1 bedroom sales in the last 6 months
9 sold
Avg. Sale$/SqFt: $217
Avg. DOM: 80.89

2 bedroom sales in the last 6 months
41 sold
Avg. Sale$/SqFt: $199
Avg. DOM: 95.39

*Looks to me like a 2 bedroom on Malden is the way to go!

Melrose
1 bedroom sales in the last 6 months
9 sold
Avg. DOM: 129.11
Avg. Sale$/SqFt: $244

2 bedroom sales in the last 6 months
12 sold
Avg. DOM: 68.42
Avg. Sale$/SqFt: $225

*These seem pretty even but if you look at the DOM for 2 bedrooms it is significantly less which tells me there is more demand for these units so I would go with a 2 bedroom if your budget allows.

Everything for sale in Malden:
http://www.territory.com/search?search_string=malden&min…

Everything for sale in Melrose:
http://www.territory.com/search?search_string=MELROSE&mi…


There is more information just like this that will help you make an informed purchase so get yourself an exclusive buyer's agent to guide you along the way!

Territory.com
Massachusetts Premier Buyer Brokerage
Protecting the interest of Buyer's one home purchase at a time!
Web Reference: http://territory.com/
0 votes Thank Flag Link Thu Oct 18, 2012
great analysis - thanks!
Flag Fri Oct 19, 2012
I would recommend a 1 bedroom in Malden.
0 votes Thank Flag Link Tue Oct 16, 2012
Shaver,

In the last 6 months here is the sales comparison

Melrose 35 sales average days on market 103 and average sales price 244,000 23 presently on market 1 under agreement. Same period last year 34 sales average sales price 256,638

Malden 65 sales average days on market 91 and average sales price 215,000 38 presently on market 27 under agreement. Same period last year 57 sales average price of 214,532



More units more activity in malden, less depreciation in malden. Again this is not area specific within a community, nor 1 vs 2 bedroom or most importantly 1 bad listng or sale can throw off numbers drastically.

Good luck
0 votes Thank Flag Link Tue Oct 16, 2012
There are more 2 bedroom condos available for sale in Malden or Melrose than 1 bedroom units. You will have a large selection under $250K. The 2nd bedroom can certainly be used a source of additional $$ to help pay the mortgage - you will not be able to use it to help you qualify for the mortgage. The 2 bedroom unit will probably be more attractive to many buyers and would likely be easier to sell in the future. FurChin at Re/Max Metro is "your real estate solution". We would be pleased to help you in your search. You can reach us at 617-620-0669 or jamesfurlong20@gmail.com.
0 votes Thank Flag Link Tue Oct 16, 2012
If you buy a 1 bedroom condo the return on it won't be much. If you do decide to buy a 2 bed and rent the other room than you could save some money and not pay as much but there is that risk (things not working out)

Call or e-mail me with any questions and I will be more than happy to talk.

mario@blrboston.com
857-334-5827
0 votes Thank Flag Link Mon Oct 15, 2012
how long will you live in it? info@wenrealty.com
Web Reference: http://www.wenrealty.com
0 votes Thank Flag Link Mon Oct 15, 2012
A home is to live in, it is a forced way of savings, it provides tax breaks (unless Obama gets re-elected) it may go up in value, it may go down in value.

An investment is a property that you rent and understand that there are risks involved ( again not if Obama gets re-elected) in may go up and it may go down in value.

Returns are all based on risk and the cash one puts into a deal.

Ask your buyers agent what property they own in the market.

Real Estate 101: low interest rates high prices, high interest rates low prices

Buy in a community that you want to live in, appreciation is not as important as stability, unless you sell at the right time, ask all those who have been foreclosed on and used their homes as piggy banks.
0 votes Thank Flag Link Mon Oct 15, 2012
Am I mistaken? Isn't it Obama who wants to keep a lot of these tax breaks (like interest rate deduction) and Romney who wants to get rid of it?
Flag Mon Oct 15, 2012
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