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Watertown Foreclosures

Overview

Located approximately ten miles from Boston along the Charles River, this city has a relatively high urban density. It is divided into half a dozen neighborhoods, including East Watertown, Bemis, Watertown Square, Coolidge Square, Brigham, and the West End. The relatively even elevation of the land within the city limits has made it an ideal place to build homes, and as a result numerous single family houses and a few residential complexes make up the housing stock here. There are a number of dwellings that were built around 1925, although newer units do make their way to the market via bank owned sales and short sales. The average purchase price for properties sold in this fashion ranges between $225 and $325 per square foot.

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Bank Owned Properties

Many of the homes in this area are located close to the Charles River, providing incredible views of the waterfront while remaining relatively close to the center of downtown. The density of this area means that many homes are located on lots that are a half acre or more in size, providing large back yards and the opportunity to plant gardens or install recreational equipment, such as a basketball hoop or a hot tub. In some areas, a small outbuilding, such as a storage shed or playhouse, is erected in one corner of the yard.

Those that come to the market via the bank on average have three bedrooms. In some homes, the third bedroom has been converted into an office or a study. Most of the homes have baseboard heat as well as a fireplace. Because so many of the homes were built around 1925, many of these fireplaces have an older design; logs may be placed directly into the hearth by the owner, as opposed to being activated by a gas switch.

These homes also tend to favor distinct room that are separated by walls. The doorways between these rooms are usually accented by wainscoting or wood details, creating a warm, intimate decor. In some homes, a gently tapering archway will distinguish the passage between rooms, while in others the doorway has a solid oak or mahogany frame. In homes built before 1925, wood paneling on the walls is common. The kitchens tend to favor an L or U-style configuration, with a large counter or adjoining island that can be used for casual seating and storage, as well as food preparation. The bathrooms tend to feature shelving that is mounted to the wall and matches the particular decor scheme of the home. In some cases, this translates to a light pastel color palette; in others, richer interiors demand darker grays and more intensive textures.

Short Sales

For those seeking a more compact unit, this area has a steady supply of one bedroom condos and apartments that come to the market via a short sale. These residences are often contained within high rise developments, many of which have a brick exterior with concrete slabs and extruded balconies. The grand entrance to these buildings is traditionally covered by a cloth canopy which extends out to the street. Landscaping is provided to the shrubs, flowers, and hedges that fill in the gap between the front facade and the street. The interiors usually occupy only one floor, and place the bedroom and bathroom in the furthest corner from the entryway. The kitchens are compact but well furnished, with an array of appliances and enough storage space for large pots and pans.

Many of these complexes are located near the heart of downtown, close to the river. They offer not only the opportunity to live in comfort, but also to enjoy beautiful views of the surrounding landscape. Several of the complexes are located near single family homes, creating a serene and peaceful exterior environment.

Most of the homes in this area are at least 1,000 square feet in size, and some range up to 5,000 square feet in size. The apartments typically range from 600 square feet to 1,500 square feet, depending on the number of bedrooms. Houses, unlike condos, typically also possesses both an attic space and a basement space. These spaces may remain unfinished, or they may be carpeted, insulated, and ready for use as an additional bedroom or floor. Typically, these spaces act as excellent onsite storage opportunities. Depending on the size of the attic and the number of windows it possesses, the space may be ideal for a home office or small entertainment lounge. In some homes, the attic space is turned into a cathedral ceiling, and skylights help flood the interior with light.

Geographic Location

This city is in Middlesex County in eastern Massachusetts on the Charles River, just west of Boston. This community was established in 1630 and has a population of approximately 31,915 people. The economy is diversified with some light manufactures that include electronic equipment and medical instruments. The community is on the upswing thanks to new business and residential construction. With easy access to Boston and the Massachusetts Turnpike, this city is ideal for commuters and those looking for new opportunities in the real estate market. This city is growing due to the upwardly mobile young professionals who want to be close to the city without being overly crowded.

Bank Owned Properties

The bank-owned properties are known as REO and are usually listed below market value. Many times, the bank acquires these properties because of foreclosure or other circumstances in which the property owner is unable to make the required payment to the bank. These properties are usually vacant, and the bank is motivated to sell them. The buyer is responsible for any home inspections and the homes come as is. As a result, many of these homes are good for those investors looking to flip the home for a profit. Many times, these homes will need some repairs and the bank is willing to negotiate concerning the final price of the home. Buyers are usually not given any advance notice of problems or issues with the property, so make sure as a purchaser you have the home inspected thoroughly. Some properties have a normal escrow period, and they usually come with a clear title. Investors are interested in these homes due to the fact they can get them below market value and flip the property for a good profit margin. The properties also are good for income properties for those who are interested in renting out the homes. Another type of buyer for bank-owned properties would be those who are first-time buyers looking for an affordable way to get into home ownership. So, if you are able to do some repairs and looking for an investment these homes could be just what you are looking to own.

Examples of the Potential Cost of Bank-Owned Property

Short Sales/Pre-Foreclosure Properties

Homes that are being sold by short sale are going for less than what is owed. These properties are less risky than those that have been taken for lack of payment. The asking price is usually the fair market value of the property. These homes are in better condition than repossessed homes. Most sellers will accept a fair offer, and it allows them to have less damage to their credit. There is less competition for these properties which makes them easier to get. Buyers should get a title search done on these homes and lender financing is available rather than a mortgage. Short sales also allow the buyer to get a home that is worth more then what they paid for it. In addition to this, the buyer should always have the property inspected to ensure there are no surprises. These homes are ideal for those who are just starting out and looking to buy a nice home at a cheap price. Some of these homes can be flipped for a reasonable profit with little additional repairs being done on the home. In addition, these properties could be used as income properties to help supplement the owner’s income.

Examples of the Potential Cost of Short Sale Properties

As you can see from the information above there are many different opportunities for those looking to own their own property or home. These types of sales are away for those wishing to own their own home to be able to get the property at a reasonably cheap price with many of the homes being below market price. For more information please contact us.

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