Marblehead, MA Real Estate

Marblehead is located in the northeastern corner of Massachusetts in Essex County and lays directly on the Atlantic coast. It is part of the area of the state known as the North Shore. Founded in 1629 by Joseph Doliber, the town is known at the birthplace of the United States Navy. It covers an area of 19.6 square miles, with 25% as land and 75% as water. The community’s land consists of a rocky peninsula that juts out into Massachusetts Bay that is connected to an adjoining smaller peninsula to the east. The smaller section of town is connected to the larger portion by a sandbar. Several small islands in the bay are part of the town’s area. The town is separated from nearby Salem by the Forest River. Four beaches and many small ponds are within the community’s boundaries. There were 19,808 residents in the 2010 U.S. Census. It is situated in the 01945 zip code. After World War II, the town’s population exploded as it became a popular bedroom community of Boston, which lies sixteen miles to the southwest of the community. It is a 37 minute commute down Route 129 to downtown Boston. Four Massachusetts Bay Transportation Authority (MBTA) bus routes also connect the town to the Boston metro area, as well as Newburyport/Rockport line of the commuter rail operated by the MBTA. A seasonal ferry to Boston from the area can also be accessed in Salem.

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Single Family Houses

In the recent market there have been 27 homes for sale ranging from an $399,900 1544 square-foot, three-bedroom, two-bath house that sits on a 3049 square-foot lot which was built in 1759 to a $3,900,000 four-bedroom, six-bath house that is 4331 square-foot in area and overlooks the Atlantic Ocean. The median value of homes in the area is $581,300. The inventory of homes of for sale has fallen 12.7 % since 2017, which indicates the market may favor sellers.

There are several signs that the housing market in this area is healthy. First, there has been a well-paced rise in home values. The price of homes has increased 11.5 % year-over-year recently. This is much better than that national average which was a 6.7% increase in value last year. The average listing price in 2017 was $903,737. This year it is $1,007,846. Market professionals forecast a 2.7% rise in home values in the next year.

Second, the days-on-market rating is good. The average home in the area is on the market 57 days. This is a healthy time period, as experts feel that any period under 90 days on the market is positive. During the time a home stays on the market in this town, a seller can expect to receive two offers on average.

Third, the months’ inventory metric for the community is positive. There were 45 homes sold in the area the last six months. Presently, there are 27 homes on the market, which means there is a three months’ supply of homes in the local market. Property professionals indicate that under a six months’ supply favors sellers in a local market, while inventory above that mark favors buyers.

Fourth, the number of homes with negative equity (a value lower than the mortgage owed ) is also an important indicator of the local market’s health. The town has 4.5% of homes with negative equity, which is much better than the national average of 10.4%. Only .9% of local homeowners are delinquent in their mortgages, lower than the 1.6% U.S. average.

The following are some of the neighborhoods of the town and their distinctive features:

The Cliffs

Six-hundred and seventy two people live in this neighborhood. Over 95% of the residences in this area are single-family homes. The median price of the homes is $489,218, which is much lower than the town average. There are more homes in the $500,000 to $750,000 price range than any other. Most of the homes are newer when compared to the rest of the town. Seventy-three percent of homes were built since 1940.

Clifton

This neighborhood has a population of 5,587. Over 86% of the residences are single-family homes. The median price of homes in this area of town is $651,816. Homes in this area are more expensive than homes in the Cliffs section, but these homes are still much less expensive than the town average. The largest number of houses fall in the $400,000 to $500,000 price range. Of the 2,568 homes in the area, 63.9% were built since 1940.

Historic District (Downtown Marblehead)

This neighborhood has a population of 3,308. Almost 60% of the residences are single-family homes. The median price of homes in this area of town is $491,831, the lowest of the community. The largest number of homes fall in the $200,000 to $500,000 price range. There are 2,222 homes in this district, with 66% having been built since 1940.

Marblehead Neck

This neighborhood is located on the rocky peninsula that juts out into the bay and is home to 614 people. There are 302 homes in this neighborhood, and the majority of them fall into the $500,000 and above price range, with a large number of homes valued over $1,000,000. Sixty percent of the houses were built in 1939 or before.

Condos/Townhouses

There were eleven condos/townhouses on the market recently. These ranged from a 400 square-foot, one-bath, studio condo listed at $175,000 to a four-bedroom, three-bath, 2725 square-foot unit listed for $569,000. The median condo value in the community is $581,000, and market experts forecast a 1.7% rise in value over this next year.

The following is a description of some of the condominium/townhouse complexes in the town:

Oliver’s Pond Townhouses

This 26 unit complex was built in 1985 and is located near routes 114, 129, and 1A. Each home features hardwood floors, a private balcony, fireplace, granite/marble countertops, and stainless steel appliances. The complex offers both one-bedroom and two-bedroom homes ranging from 703-1700 square-feet of living space. An average sales price for a one-bedroom home was $241,500 in 2017.

Beacon Ridge Townhouses

This development was built in 1988 and features 30 two-attached homes with hardwood floors, a fireplace, outdoor decks, and a full basement. The master bedroom is located on the second floor of each home. The homes range from two to four-bedroom in size, with living areas ranging from 1177 square-feet to 2496 square-feet. The complex is located near Gerry Playground and features walking trails and ocean views.

Glover Landing Condominiums

This is a 116 unit community that was built in 1971. It is situated on the waterfront with views of the Atlantic Ocean and Lady Cove. Each home has an open floor plan, and owners enjoy beach rights. The sizes of homes range from one to three-bedroom with living spaces ranging from 600 square-feet to 1,800 square-feet. The average price of a one-bedroom home is $250,000, with two-bedroom homes selling in the $417,000 to $450,000 price range. The complex offers amenities such as a clubroom, laundry facilities, and deeded parking.

Harbor Side

This community includes 23 units built in 1948 and is located near Boston Yacht Club and Crocker Park. Each townhouse has an ocean view through oversized windows. They each feature bead-board ceilings, hardwood floors, and large private decks. The complex has both one and two-bedroom homes and living area ranges from 572 square-feet to 2010 square-feet. The average price of a one-bedroom home ranged from $485,000 to $650,000 in 2017.

Marblehead Highlands

This newer community was built in 2004 and has 88 units. It has both one-level condominiums and multiple-story townhouses. The homes feature hardwood floors, a fireplace, granite countertops, and an open floor plan. The sizes range from two to three-bedroom with living spaces ranging from 1300 square-feet to 2375 square-feet. The average price of a two-bedroom unit was $501,000 in 2016. The complex also offers an exercise room.

Goodwins Court Condominiums

This small complex features six units. There are both two-bedroom and three-bedroom homes. The smaller units range in price from $1,195,000 to $1,417,564. A three-bedroom home’s average price is $1,300,000. The condos feature a fireplace and a patio/balcony. The complex includes amenities such as a fitness center, clubhouse, gazebo, garden, picnic area, playground and a walking trail. It is a 55+ community which offers valet trash service.

Apartments

Twenty percent of the town’s residents live in apartments. This is much lower than the state average of 38%. The majority of apartments for rent are located in small apartment buildings, which account for 17.5% of the dwellings in the town. Large apartment complexes make up only 6.05% of the residences in the area. The median year of an apartment’s construction in the community is 1939. The median price of rent in town is $1895. This is higher than more than 74% of the state average. In 2013, there were 1736 renters in the town, with the rent prices ranging from $150 to $3500 a month. The majority of renters pay between $1000 to $1999 each month. The average time a renter remains in a unit is five years.

The rent prices vary in the town depending on the location of the apartment. For example, in the Beacon Street/Green Street area, the average rental price is $1942. When compared to statewide rent prices, this is higher than 66.2% of other communities in Massachusetts. The average rent price in the Clifton neighborhood is $1895.

The following is a overview of some of the town’s apartment complexes:

Landfall Apartments

The apartment building features 45 two-bedroom, one-bath units. It is located on the border of the West Town Landing and Beacon Street neighborhoods. Each has 705 square-feet of living space. It is a pet-friendly complex, allowing tenants to have either one cat or dog (50 pounds or less). It was built in 1960 and is a three-story structure. While renters pay their own electric bill, heat and hot water are provided free of charge. The rent for each unit is $1500 a month.

95 Front Street Apartments

Built in 1936, this apartment building has seven units in a three-story structure. It offers two one-bedroom, one-bath units with 900 square-feet of living space. The other five units are two-bedroom, one-bath units with 957 square-feet of living space.

6 Mechanic Square Apartments

This five unit building was constructed in 1800 and is a three-story structure. The apartments are two-bedroom, one-and-a-half bath units with 845 square-feet of living space.

264 Washington Street Apartments

This building was constructed in 1860 and has six units divided over two stories. Each apartment is a two-bedroom, one-bath floor plan with 924 square-feet of living space.

21 Hawkes Street Apartments

This apartment building was constructed in 1880 and has five units in the three-story structure. It offers laundry facilities and a balcony. It is also a smoke-free complex. It has both one and two-bedroom apartments.

31 Prospect Street Apartments

This two-story, five unit apartment complex was built in 1880. It offers amenities such a one dedicated parking space for tenants.

1 Green Street Apartments

This six unit complex offers both one-bedroom units and two-bedroom units. It also features furnished apartments. Each unit features a fireplace and patio/balcony. It is a 55+ complex with amenities such as a picnic area, garden, gazebo, and walking trail.

121 Elm Street Apartments

This apartment building has seven units with both one and two-bedroom units. It features amenities such as a rooftop deck, valet trash service, and 24-hour maintenance. It is a 55+ complex.

134 Washington Street Apartments

This seven unit building features studio and one-bedroom apartments. It offers building-wide wireless, and each unit features a balcony/patio and fireplace. It has gated entry and provides a security night patrol and doorman.

Overview of the Community

While the town has an expensive property market when compared to the rest of the United States, there are several factors that make the area a place worth considering to purchase a home or condo, or rent an apartment.

First, the rate of annual appreciation has averaged 2.6% from 2000 to 2017, for a total average appreciation increase of 58.3%. This means that a home purchased in 2000 for $500,000 would now be worth $791,500. This steady rate of increase means the local property market is healthy and that a property purchased here likely will return a good profit if a person must sell in the future.

Second, the rate of home ownership in the town is 80%. This is much higher than the national average which peaked in 2004 at 69% but had declined to 66% by 2011. Research reveals that high rates of home ownership bring benefits to communities, such as stability of neighborhoods, deeper social ties, higher academic achievements of children, and increased civic participation. This indicates that the quality of life in the town would be better than more transient communities.

Third, the property characteristics and geography of the town provides a unique atmosphere in which to live. The area makes it possible to live in a historic community. Many of the homes and buildings were built before 1939. Also, since the town is located on a peninsula surrounded by the Massachusetts Bay, with many inlets and rivers, it provides the perfect setting to enjoy beautiful scenery and water recreation.

Fourth, the community is a good place to raise children. It is home to a large number of young families. Over 24% of residents are below the age of 18, which is above the state and national percentages in the age group. This indicates that the population of the town has a higher than average percentage of school-age residents, which leads the town to make education a priority. On average the local school district spends $19,524 per student, while the state average is $17,847 per student and the national average is $12,545 per student. Another factor that encourages the academic values in the town is the large percentage of residents who have a college education.

Fifth, the town’s high access to transportation makes it an ideal place to live for residents still in the workforce. The Massachusetts Bay Transit Authority provides bus and commuter rail service for those citizens who work in Boston. While the primary means of public transit used is the rail system, ferry service also provides some residents a way to work. In fact, in the northern Beacon Street section of town, .08 % of residents commute by ferry, higher than nearly any other area in the United States.

With all the positive aspects of the community, it is not difficult to understand why one resident described the community with these words: “Marblehead is an amazing place to live.”

Marblehead Condo Developments

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