Lawrence, MA Real Estate
An Overview of The Community
The historic City of Lawrence, Massachusetts enjoys a choice location in Essex County, some 30 miles north of Boston. The community of over 76,000 straddles the broad Merrimack River. With its own municipal airport and easy interstate access to the nearby cities of Haverhill on the east and Lowell (a brief commute to the west), this urban enclave holds appeal for many home seekers.
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Residents of this dynamic city enjoy numerous outdoor recreational opportunities in adjoining New Hampshire. They also travel conveniently to scenic Atlantic coastal locations via Interstate 495. Do you appreciate world class entertainment, concerts, fine dining and shopping opportunities, professional sports events, and cultural activities? Then journey quickly into the heart of Boston via either Interstate 93 or State Route 28. A home in this diverse area offers a pleasing variety of leisure pursuits, plus convenient access to employment and educational centers.
During recent years, this city of 7.4 square miles has witnessed a rejuvenation of its downtown business district. Urban renewal, coupled with efforts to lower crime rates, has contributed to a revival of some of the community's older districts. Savvy realty buyers may discover some outstanding values in this area today. With its significant population and extensive urban infrastructure, the city appears poised to welcome ongoing changes and improvements during the next decade.
Single Family Houses For Sale or Lease
The community supplies a great variety of single family houses for sale or lease. We recommend carefully evaluating your property-acquisition goals to target your search towards specific locations you prefer, rather than searching randomly across the entire area. For instance, you might concentrate your efforts on locating houses within specific price parameters to help optimize your time management as you hunt for a house. Also, spend time considering the individual amenities you prefer before you begin your search: specify items such as the number of bathrooms and bedrooms, the availability of a yard (or not), and the presence or not of a garage on your realty "wish" list.
This location's diversity of houses offers many options for home buyers and people seeking houses for rent. Some available options include lots zoned for new construction, trailer homes, and standalone dwellings. You'll notice the impressive variety of architectural styles.
Builders have consistently added new residential properties to the market here every year since the 1990s. With many structures dating from previous decades, and a good selection of modern styles, the local housing market often permits customers to choose preferred housing floor plans, and construction materials. You may wish to refine your housing search to designated types, such as ranch, split level or A-frame in order to narrow your parameters.
You'll also discover a range of house prices in this city. In general, trailer homes and smaller, older homes tend to command a more modest asking price than new, large single family dwellings equipped with numerous amenities (although exceptions do exist). In general, you should anticipate paying more for a house in excellent condition than for one requiring extensive repairs of essential systems (such as the roof, the heating and cooling system, or the electrical or plumbing system).
You'll also want to pay close attention to the exterior of a for sale home. If you'd prefer a generously sized yard, the location you select may impact the sales price. Within any given neighborhood, homes built on double lots frequently cost more than other properties simply because of the additional included land value. In some extensively developed downtown locations, dwellings may not supply as many opportunities for a yard as sites located near the outskirts of town because of the increased potential commercial value of the land in these locations. In recent years, an appreciation rate in excess of 4% annually has contributed to rising prices for residential lots and houses in this city.
Given the extent of urban renewal efforts here during recent years, home buyers should also inquire into any ongoing or planned city improvements in the immediate vicinity of properties on the marketplace. Specifically, it makes sense to determine in advance of making a purchase offer whether or not the City plans to initiate any significant infrastructure projects which will result in additional assessments or fees. The presence of these types of renovations may impact a purchaser's long term acquisition costs.
Home buyers may wish to pay close attention to local conditions when they tour properties. Realty located in pleasant or scenic settings with few immediate sources of noise pollution in the surrounding area often bring higher prices than houses adjoining transportation facilities or especially congested roadways, for instance. Asking prices run the gamut from the low $100,000 range to well over a million dollars for especially luxurious custom homes. Current pricing forecasts have generally projected an upwards trend in standalone houses in this locale since October, 2012. Thus, median listing prices have gradually increased throughout this period.
Condos And Townhouses For Sale or Lease
Home seekers will also discover many attractive condos and townhomes for sale or lease in this community. In some cases, developers have built residential living communities as new construction; in other situations, condos or townhomes have arisen from the renovation of existing older properties. Both the setting and the management structure may significantly impact asking prices in these residential communities.
For instance, homeowner association fees in some communities increase on a regular basis as property owners vote to modify dues in order to keep pace with rising or falling property valuations. In the case of townhomes and condos, the monthly dues may contribute to important residential community amenities, such as athletic centers or grounds keeping or maintenance services. Prospective property buyers may benefit by inquiring in advance into the rules concerning association fees and dues. Additionally, it makes sense to request information about issues such as pet policies or restrictions, dedicated storage facilities, and homeowner parking.
When evaluating a condo or townhome, buyers should spend some time visiting community amenities (if available). Many residential communities today in the city furnish dedicated exercise facilities, such as swimming pools or athletic centers (or memberships to local exercise facilities). It usually proves helpful to inquire specifically about the number of employees working for the residential community. Some development rely exclusively on contracted labor services, while others hire in-house employees.
Additionally, residential living communities, including many condo developments, also frequently arrange for private security services or monitored alarm services to help keep watch over the premises. This type of amenity may enhance the demand for properties in some locations. Although crime rates in many neighborhoods in this city have dropped during recent years, you can still find residential communities offering this amenity.
You should typically expect to pay slightly more for a unit in a fully furnished and staffed residential community than for a comparably-sized condo or townhouse in a community without furnished units or any in-house or contracted personnel. Additionally, communities with specific specialized services, such as assisted living centers furnishing nursing care, often command higher market prices per square foot. Considerable variation sometimes occurs in the price of units within different residential communities.
During 2016, townhomes commanded a mean sales price of just over $202,000. This type of residence often offers an excellent value in this urban area. Home buyers also discover a variety of condo communities here. In some locations, developers have designed trendy, innovative residential communities in neighborhoods undergoing urban renewal. Property buyers may find it useful to track price changes within individual residential communities (if available) in order to determine the rate of appreciation. In some cases, the popularity of specific floor plans also impacts sales figures, with some unit designs enjoying slightly higher prices than other, less popular layouts.
Apartments
Apartment seekers in this locale enjoy several important advantages. First, the city's populous size and extensive existing infrastructure ensure a variety of property choices. While customers searching for an apartment in some rural Massachusetts communities may need to add their names to lengthy waiting lists due to a scarcity of apartments on the marketplace, the sheer size of this urban center ensures a wider available selection of rental apartments at any given point in time. City developers often prefer to construct multiunit buildings in order to optimize in-demand space.
Second, you'll discover impressive variations in terms of architectural styles and available amenities when you search for a rental apartment in this city. The community offers both large residential complexes with multiple units and floor plans, and unique apartments located in subdivided standalone dwellings. Available selections include both older and modern building styles.
This location also holds great appeal for customers seeking investments opportunities in rental apartments. For example, sometimes excellent investment bargains exist in large dwellings capable of refurbishment into multiple apartment units. Whether you seek an apartment as your personal residence or as an investment opportunity, you may discover a variety of attractive options here!
Searching For Your Next Home
We supply an excellent resource for anyone conducting a home search in this location. Currently the opportunities available here appeal to numerous prospective buyers. Whether you seek to purchase a single family dwelling, find a rental apartment, or identify a commercial development opportunity, this part of Essex County may suit your needs. Long a beacon for people relocating into Massachusetts from other places, the city continues to provide a diverse and welcoming environment.
We recommend obtaining the assistance of an experienced realtor as you explore different residential options here. Often, home seekers benefit by calling upon the expertise of industry professionals who possess personal familiarity with the local realty marketplace. A realtor may help you optimize your time as you conduct a search for properties meeting your preferences. Additionally, by selecting a realtor who knows this part of Massachusetts well, you'll ensure you obtain accurate, current background information. We endeavor to help our customers appreciate the richness and variety of available properties in this one-of-a-kind urban community.
During 2016, landlords in the community obtained an average rent in the high $900 per month range. This figure includes both rents from apartments and single family dwellings. The average value of a house or a condo stood at just over a quarter of a million dollars. This figure falls below the Massachusetts average for that year, yet it may reflect the presence of significant investment opportunities in this urban marketplace. Many urban redevelopment projects offer significant returns for investors who select the right properties at an optimum time. Some sources have listed the city's median price-per-square foot at around $161. This figure may indicate considerable growth potential in the future compared with some other developed urban centers in Massachusetts.
Additional Information
Boston City Properties welcomes the opportunity to showcase properties for prospective buyers and renters in the City of Lawrence. As an experienced real estate company, we possess the skilled personnel and targeted resources required to assist customers with a variety of different property ownership and management goals. Whether you seek to develop a great portfolio of investments, or you'd like to relocate to this this area, you can rely on our firm to assist you! We also help home sellers and landlords throughout the Greater Metro Area, supplying in-depth, knowledgeable marketing guidance.
Contact us soon to begin your search for realty in this unique locale. We'd love to meet with you in person. To get in touch with us, simply dial 617-247-1933 to reserve an appointment. We'll share our insights into the local marketplace with you, and help you outline a plan of action and a realistic timetable to accomplish your objectives.
Lawrence Condo Developments
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