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Tania, Other/Just Looking in Wellesley, MA

What is the value of the Historic District in Wellesley?

Asked by Tania, Wellesley, MA Sat May 2, 2009

In Wellesley, MA - are the homes in the historic district valued higher when they are on thru streets vs.other thru streets in Wellesley. How do you value on a per sq. foot basis in the historic district? Are their comparable neighborhoods that would be good comps?

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Elaine Bannigan’s answer
You seem to be specifically asking about Cottage Street? When you say 'thru streets' I presume you are referring to streets with heavier traffic patterns, as most streets are thru-streets versus cul-de-sacs, ended-ways, etc. 'Busy street' is a relative term (we'd all agree on Route 9, of course), but about most folks with small children or pets prefer streets with the lightest traffic. Second, many people will pay a premium for houses in the neighborhoods around town because you can walk to town, not because of any historic designation. In fact, historic districts may (and do) require approvals from the Historical Commission on changes you may want to make on the exterior of your house. As for the next part of your question, you can't look at unique houses in different states of condition and in distinctive neighborhoods (versus condos or subdivisions of tract housing) and do a square foot value analysis. Specific street, style (e.g., the market will pay a huge premium for a Colonial over a multi-level at twice the size!), quality of construction, size of lot, lot utlity, and condition are huge variables and completely trump square footage. Also, the 'Charm Factor' can be hugely seductive. As for what neighborhoods would be good comps, there are lots of comps right within the neighborhood in which you're looking. Confine your comp search right there. Good luck, Tania.
Warm regards, Elaine
0 votes Thank Flag Link Sun May 3, 2009
I would not plus or minus value based on the Historice District designation alone. Wellesley's Historic District is located near the heart of Wellesley Square. As is always the case-- it's location, location, location which is most important when establishing value! A location in a 'walk to all' location is always popular and often results in a bonus to the value. Some buyers will appreciate the asthetic protections provided by the review process for additions and exterior changes, while others may chafe at the idea of presenting a change of house color or fence design to a commitee. For more information please feel free to contact me through Trulia.
0 votes Thank Flag Link Sun May 3, 2009
1value (noun)

2value (transitive verb)

absolute value

actual cash value

book value

breakup value

characteristic value

critical value

expected value

face value

Main Entry: 1val·ue
Pronunciation: \ˈval-(ˌ)yü\
Function: noun
Etymology: Middle English, worth, high quality, from Anglo-French, from Vulgar Latin *valuta, from feminine of *valutus, past participle of Latin valēre to be of worth, be strong — more at wield
Date: 14th century
1: a fair return or equivalent in goods, services, or money for something exchanged
2: the monetary worth of something : market price
3: relative worth, utility, or importance
4: a numerical quantity that is assigned or is determined by calculation or measurement
5: the relative duration of a musical note
6 a: relative lightness or darkness of a color : luminosity b: the relation of one part in a picture to another with respect to lightness and darkness
7: something (as a principle or quality) intrinsically valuable or desirable
0 votes Thank Flag Link Sat May 2, 2009
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