Newbury, MA Real Estate
Single Family Home Market
What is the market price for an average two bedroom, two bathroom single family home in this town? Generally speaking, $400,000 seems to be median price for a beautifully outfitted home with an acre or more of open yard and, in some cases, a small outbuilding or guest cottage. A two bedroom home in this area usually ranges from 1,000 square feet to 1,500 square feet, with a price of $419.00 to $558.55 per square foot. Three and four bedroom homes are also common. A typical three bedroom, two bathroom home is usually about 2,000 square feet in size, and offers the best value in the area, with a median price per square foot of $200. A four bedroom, three bathroom home sells for a median price of $420.00 per square foot, with an average size of 3,800 square feet.
Click Here to Search
sales
Single family listings are snapped up relatively quickly, with an average house remaining only one to two weeks on the market before finding a buyer. While some homes have been built within the last decade, most of the homes on the market are renovations or remodels of existing properties that were first constructed around 1920, with a few homes dating back to the mid-19th century. These older homes tend to boast a cornucopia of modern amenities installed during recent renovations, including granite countertops, stainless steel appliances, recessed lighting, and beautifully restored hardwood floors. The Victorian-style homes dating from this period have frequently opened up formerly solid walls to create spectacular banks of triple-pane insulated windows that flood the roomy interiors with light. Temperature controlled wine refrigerators and storage racks are common, as are fireplaces and period moldings above lighting fixtures. Baseboard heating and central cooling is common, and most properties boast at least one outdoor space, such as a patio or deck, for the seasonal months. Detached garages are also typically a part of each home listing.
Ironically, newer homes tend to stay on the market longer than historic structures that have been meticulously remodeled. The proximity of the homes to the center of the city seems to be a motivating factor in terms of how quickly the properties change hands, although in some cases the ample acreage of homes located farther from the center of the metropolis holds a certain appeal for buyers. One bedroom homes here are rare, as are homes with more than four bedrooms, although some of the older ranch houses built at the turn of the 20th century have six bedrooms or more.
Condo/Townhouse Market
In the same way that many of the most desirable single family homes in this area are older structures with extensive remodels, the condo and townhouse market favors structures that date back centuries, and are located within easy walking distance of the Old Town. In some cases, condos from the early 18th century have been refurbished, renovated, and placed on the market for sale. These condos tend to retain the original hardwood floors, adding new ceilings with recessed lighting, as well as updating all appliances and material finishes. A median purchase price for a condo of this type is $360 per square foot.
A newer condo built in the late 20th century or 21st century on a large parcel of open land has a median purchase price of $300 per square foot. The price tends to be pegged to the property’s accessibility to the neighboring beach, as well as the Old Town. The interiors for an average condo tend to feature hardwood floors, marble or granite countertops in the kitchen, as well as numerous new stainless steel appliances. Open floor plans are common, allowing for the creation of great rooms, with smaller private bedrooms and bathrooms along the perimeter of the condo. Balconies are not uncommon, although they tend to be small.
Unlike other neighboring towns, this area has retained a relatively low density, which means that many condo and townhouse complexes have ample amounts of acreage surrounding them. In many cases, the condos here are grouped in units of two, making the complexes relatively intimate. Dense, heavily developed complexes with no outdoor space are rare.
Apartment Market
The relatively low density of this town, combined with its abundant natural scenery, makes traditional apartment complexes rare. However, there are a few apartment buildings of modest scope located near the waterfront. Typically, these apartments have an average purchase price of $355 per square foot. They usually do not exceed three stories in height, and are arranged so that the residents can enjoy the outdoor lawns and yards simply by stepping outside. Some of these apartment buildings have a small outdoor pool; others feature a dense copse of trees or other landscaping. Several apartment structures are constructed on stilts in anticipation of storm conditions or other severe weather. The space beneath the stilts is often used for parking or storage. The exteriors usually are constructed from clapboard, with wooden decks, walkways, and balconies.
The kitchens are often spacious, with tile or linoleum floors. Wrap-around granite countertops are located beneath custom wooden cabinetry, providing ample amounts of space for food preparation and socializing. Fireplaces are often constructed so that they can be enjoyed from both the front and the side. In some cases, fireplaces are built so that they do not intersect with any walls, but rather create a freestanding point of interaction. In some units, a small granite or concrete plinth around the freestanding fireplace doubles as a place to sit and converse.
Hardwood floors are also common here. Depending on the year of construction, these floors may have very slender panels of wood, or they may feature robust planks. Because many apartments in this area have been built after 1990, the slender hardwood arrangement is more common. The exterior decks, meanwhile, are usually quite large and built to host gatherings during the seasonal months. The proximity to the beach makes these decks ideal for barbecues and other festive outdoor occasions. Some apartment complexes have hot tubs or saunas installed on the exterior deck.
Depending on the size of the apartment, a foyer with a marble floor and large, glass-paned door is common. This foyer space can function not only as a storage space for coats, hats, and other seasonal garments, but as a principal entryway for the main sections of the apartment. Staircases to other levels often begin their ascent here. The bathrooms usually feature updated fixtures and a combination of a shower and a bathtub, although some units have a shower only.
In the vast majority of cases, windows are prevalent, allowing in natural light and ventilation during the seasonal months. Older apartment buildings often will renovate existing walls to add or expand windows. It is rare that a Victorian interior, with its traditionally darker, more closeted spaces, will be left unchanged.
Most of the apartment buildings in this city provide parking in the form of underground spaces, or detached garages. If an apartment complex is located close to the beach, it may also include a private access pathway.
Notable City Features
New developments in this town must be approved by the Planning Board, which usually meets biweekly to discuss or approve items currently on the agenda. In November of 2017, the town approved the construction of a driving range and golf center on a 28 acre parcel. The parcel, which was previously zoned for agricultural purposes, neighbors several other properties. The owners of these properties have requested that the golf range occasionally have “dark days” where the lights of the course are turned off at night. Also, the poles on the range can be no taller than fifty feet, and must be arranged to blend in as much as possible with the existing tree line so that the environment is not unduly disturbed. The entrance to the facility will be located so it does not infringe on the properties of the nearest neighbors. The addition of a recreational facility to the town will likely entice visitors from other parts of the region, as well as residents of the area.
However, a recreational facility is not the only new proposed development on the books. In January 2018, a local homeowner approached the city about installing a 4 megawatt solar facility that would occupy 20 acres of his 72 acre property. If approved, the ground-mounted solar facility would provide additional energy and industry to the town. The project would fall under the state’s SMART program, or Solar Massachusetts Renewable Target, which aims to promote cost-effective solar development in municipalities across the region.
Other homeowners are hoping to transform their properties into bed and breakfasts. In February 2018, a couple petitioned the planning commission for the right to change a portion of their 10,000 square foot home into a bed and breakfast, a request which hinged both on how much additional parking would be required, as well as its relative effect on the surrounding neighborhood. The addition of a commercial enterprise in a residential neighborhood is not common in this town, and requires certain considerations about public health and safety to be met. The proposed bed and breakfast would be 7,500 square feet in size, with five bedrooms and four and a half bathrooms. The maximum number of guests at any time would be limited to eight people. In order to approve the license for the commercial operation, the home owners would need to provide 15 new parking spaces to accommodate guests and visitors.
The proposed bed and breakfast, as well as the recently approved golf center and proposed solar panel installation, illuminates the town’s larger efforts to slowly grow in both commercial and recreational ventures. Balancing the needs of the current citizenry with the expected wave of future growth requires not only adding new commercial and residential properties, but making sure those properties retain the current urban fabric of the town. The town’s close relationship to natural scenery and spacious lots predicts a future that welcomes new projects that are attuned not only to the relationship between the environment and the structure, but the citizenry and their expectations of what their city should be.
Newbury Condo Developments
Click Here to Search
sales