Pizza 3, Home Seller in Newton Upper Falls,...

dead end street with waterfront in newton value?

Asked by Pizza 3, Newton Upper Falls, Newton, MA Mon Dec 13, 2010

despite assesment and appraisal, this house is on the charles river, on a dead end street and how much does that
increase value? could be a mcmansion or developer's dream

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I have a couple of questions: do you mean, that in your opinion your house is worth more than the appraisal and assessment values that came in? When was this done? When you say "it might be developers dream", does it mean that house needs work / updating? Or is it in overall very good condition, but has potential of expansion?
Also, how was the appraisal done? In some cases the appraiser only looks at the house from outside, without stepping in.
If you are planning to sell, market value is determined by what today's buyers are willing to pay for similar property. You'd need to talk to an agent about recent sold statistics, and a good agent would be able to go through them with you, explaining why one sold for more than the other, and where your property is in that equation.
Some properties are unique, and comparison to others on the market is not that easy, but it can be done. It might also take little more time to sell, because you'd be looking for a certain type of buyer who would appreciate all that this unique property has to offer. In that case, marketing should be adjusted to create an extensive internet exposure, to catch most wide pool of buyers. (say, relocating buyers who are currently still living in a different state and can only search MA homes online)
0 votes Thank Flag Link Mon May 9, 2011
I love those homes - I live across the river and it's just great!

I think that the others gave good advice - there's no blanket answer - just get a comparable market anaysis or, if you want more certainty, pay an appraiser to estimate the value. The appraiser will visit the home and make note of any features that could adjust the value.
0 votes Thank Flag Link Thu Jan 13, 2011
I agree with the other answers that you should have an agent complete a market analysis for your property. Generally, water views and dead end streets increase value but only to a point, and an appraisal should take that into consideration. I have done some residential development and if a developer is going to purchase it, they will be looking for something that needs updating, or if it is a tear down, the lot will need to conform and meet setback requirements. Most will not want to purchase a property that will require them to go through the zoning board to get their plans approved. If you have any other questions, I'd be happy to help.
0 votes Thank Flag Link Thu Dec 23, 2010
One thing I have not seen mentioned is that the Rivers protection act may affect new construction. Depending on lot size setback and your current home this may not hold any additional value for an upper end developer. Aside from that, you should be a little more direct about your goal with your question. There are many realtors on here willing to help you if you just ask.
0 votes Thank Flag Link Mon Dec 13, 2010
The others have basically said what I wanted to say. However, I will add that the assessment and appraisal, while not entirely indicative of market value, are a good place to start. A formal appraisal would have already taken into consideration the fact that the house is on the Charles River and on a dead end street. It will also take into consideration other factors such as the area the house is in, the lot size, the square footage and comparable sales.

A real estate agent will be able to guide you on the "highest and best" value of your home for sale. If you are thinking about selling your home, please do give a real estate agent a call. Many agents will provide a free and no-obligation market analysis and will also advice you on the things you can do to obtain the highest value.
0 votes Thank Flag Link Mon Dec 13, 2010
There are loads of variables. From where in Newton property is located, to zoning and abutting properties. Get a CMA from a Reator to make an informed decision.

Stig Bergquist
Keller Williiams Realty
0 votes Thank Flag Link Mon Dec 13, 2010

I think you get an idea of what is the plus value of dead-end street and waterfront. But there are a lot more to be consider when real estate agent evaluate the market value. Size of the lot, shape of the lot, zoning restriction, access to lot, what under the ground, utility access, etc. If there is an existing building on the lot, condition of the building is important as well. I think you will need to contact an agent in your Newton to come in give you a free CMA. I said free because, many agent will do it for free, don't pay. Try to call a few of them so you can have different opinions.
Web Reference:
0 votes Thank Flag Link Mon Dec 13, 2010
Hmmm, not sure what you are asking. Are you asking how much your house could sell for because it is waterfront? It's hard to say. Being on the water does bump up for value but other factors come to play. A house on Crystal Lake would go for more than houses on other bodies of water in Newton like the river or Bullough's pond. What else it is close to, the caliber of house around it, etcl all factor in. If you want a market analysis on your home, let me know. I would be glad to help.
0 votes Thank Flag Link Mon Dec 13, 2010
It's best to have an analysis done ... or a "new purchase" appraisal. Generally speaking, if it was a steal for a developer (or an otherwise great opportunity), they would have already contacted you. If the lot is in the flood zone value will be affected.
Best regards,
0 votes Thank Flag Link Mon Dec 13, 2010
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