Waltham
The town of Waltham lies on the north side of the Charles River just west of Watertown and about 13 miles west of Boston. This city of more than 62,000 residents is organized into 13 neighborhoods, each with its own character, history and local economy.
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Almost 40 percent of the homes in Waltham were built before World War II. Several historic districts lend a charm and distinctive focus to neighborhoods. Almost 55 percent of the homes were built between 1940 and 1970, giving a well-established look to neighborhood streetscapes. Several neighborhoods are a pleasant mix of old and new such as North Waltham's mix of single-family homes, high-rise apartments and studios.
Waltham's easy access to Boston and links to major transportation routes enhance its attractiveness as a business center. Commuting to downtown Boston is easy.
Waltham Residential Investments
Just under half of residential properties in Waltham are owner-occupied. Single-family detached homes account for almost 39 percent of all residences. The median home value is $432,692.The median sales price for the period February to May 2015 was $390,000, an increase of 14.3 percent over the same period in 2014. Single-family home prices have appreciated 5.91 percent over the last year and 14.07 percent over the last five years.
High-rise apartments and smaller complexes account for 55 percent of housing. The median rent in Waltham is $1,463, and the vacancy rate is 6.72 percent. The average rent for a two-bedroom apartment was $2,095 in May 2015, but vacancy and rental rates vary between neighborhoods. In the Brandeis University area, rents average $1,423, and the vacancy rate is 2.9 percent. In the Warrendale neighborhood, rents average $1,270, and the vacancy rate is 9.3 percent.
Choosing the Right Waltham Investment Property
Waltham presents multiple opportunities for residential investment. Undeveloped land, single-family homes, large apartment complexes, row houses, condos and multi-family units are some of the options. The thriving business environment, presence of Brandeis University and proximity to Boston contribute to its appeal. Because each neighborhood has a distinctive character and mix of housing, prices can vary dramatically.
Working with a brokerage with experience in Waltham is important for successful investing. Boston City Properties offers a full range of services to investors, from market analysis to foreclosures. We also provide marketing services for residential units. Fill out the form on this page, or call 617-247-1933 for more information about Waltham residential investment property.
Waltham recently welcomed the newest real estate development with the completion of The Merc. Located on the corners of Moody and Main Streets, The Merc harkens back to the city's earlier days when a mercantile used to be situated on this busy street corner. The Merc's three five-story buildings are even made with materials that look and function just like those used in the building of the original mercantile.
However, this newest addition to Waltham's real estate market is more than just a commercial space. It in fact contains 269 individual apartments, 10 percent of which are priced for low to middle income earners.
All of the apartments, for which the average rental price is $2480 to $3490 per month, were rented out even before The Merc opened. Residents of this new building will enjoy perks like underground parking and access to the public transportation lines going in and out of Boston and the suburbs.
They also will enjoy access to the dozens of retailers scheduled to open shop in The Merc starting in 2018. This mixed use project spans more than 4.5 acres and was announced in 2015.
Real estate developers behind the construction note that the project posed unique challenges. However, they are happy that The Merc will bring new life to this part of Waltham and give residents new stores at which to shop. They also are pleased to make some of the apartments within the price range of lower to middle income earners.
Residents of The Merc as well as others in Waltham will not have to wait long for one of the newest commercial tenants of the complex to open for business. One major grocery company recently announced that it plans to open a supermarket in The Merc in 2018.
The retailer has become well-known throughout the state for its fresh produce, meat, and other grocery items. People who live in and around the area will be able to choose from selections like hormone-free poultry, fresh bakery items, exotic produce, and more.
The company's spokesmen note that the company's newest store in Waltham should be a welcome addition to the neighborhood. One developer in particular observed that the location should generate more business to the area, which in turn could help out local business owners.
However, one local businessman disagrees and says that the new grocery store could pose serious competition to him. He admits that The Merc is a great addition. However, he is unsure of how he is going to keep his own store open as he competes against a statewide retailer.
Despite muted concerns from local business owners about the opening of a major supermarket in The Merc, other commercial tenants are showing interest in locating to the new complex soon. Developers are in talks with several banks and restaurant companies that have expressed interest in leasing space on the ground floor, which totals more than 12,000 square feet.
New developments like The Merc continue to benefit the local residential real estate market as well. Studies show that Waltham's residential real estate market is one of the hottest in the state and that more people are looking for homes to buy in this district.
In fact, on a scale of 0 to 10, Waltham scores 8.8 in terms of how stable and lucrative its real estate market really is. Home appraisal values for this part of the Boston Metro average around $551,200. The average listing price for a new home is $549,900 while the average sell price is $508,722.
These numbers are a gain of 8.4 percent over the last year. Studies indicate that they could further increase by another 3.8 percent in the next year.
Currently, the average price per square foot for a home in Waltham is $346. This figure is higher than the Boston Metro average of $268 per square foot.
Further, only 6.7 percent out of 10,000 homes in Waltham have negative equity, which is lower than the national average of 10.4 percent. In contrast, 3.9 percent out of 10,000 Waltham homes are in the process of foreclosure, higher than the national average of 1.6 percent. Around 13.8 percent of new homes listings in the area have price cuts.
Moreover, rental prices in Waltham are slightly lower than those found elsewhere in Boston Metro. The current rental price averages around $2200 month, contrasting the $2500 average that is common in other parts of Boston.
As much as the residential real estate market in Waltham continues to thrive, many developers are turning their attention to the potential found in the commercial sector. One local commercial park in Waltham recently announced that it has secured eight new leases for one of the buildings on the property.
While five of the leases are renewals of established tenants, the other three are brand new leases that will bring in local and national companies. The manager of the property remarked that the developer focuses not only on high-quality customer service and building personal relationships with tenants but also on providing sustainable spaces that they can occupy for years.
The tenants in the new Waltham office park come from industries like manufacturing, consulting, and travel management. They also represent businesses in medical systems, logistics, sound technology, and insurance.
Like The Merc development along Main and Moody Streets, the developer behind this Waltham office park made it a priority to build along the city's public transportation routes. People wanting to work or do business in the buildings will find it easy to commute to and from the location.
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