Watertown
Situated north of the Charles River just minutes from downtown Boston, Watertown offers the amenities of metropolitan living in a relaxed, attractive setting. The city of Waltham is west, West Cambridge is east and Fresh Pond is north. Like Newton, its southern neighbor, Watertown is organized into villages, each with its own characteristics. The town has a large concentration of attractive pre-World War II architecture. More than 71 percent of residential properties were built before 1939.
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As the town grew, new houses were built in styles in vogue at the time. The decorative Queen Anne style from the 1860s and the Colonial Revival style from the late 1880s are typical of neighborhoods around Watertown Square. Architect-designed single-family homes on large lots characterize the affluent garden suburb that developed around Russell Avenue during the 1880s.
The town is convenient to the Massachusetts Turnpike and Soldiers Road and is served by MBTA bus and trackless trolleys.
Watertown Residential Investments
The median home value for Watertown is $458,252. Home values and rental rates vary from village to village. Brigham and Watertown Square have higher median values. Median home values are lower for East Watertown, Bemis and the Lexington Street and Highland Avenue corridor.
Watertown has a homeownership rate of 52.32 percent. Single-family detached homes account for almost 25 percent of residences, medium and small apartment buildings account for 43 percent and luxury condos and high-rise apartments account for 23 percent. The average vacancy rate is 6 percent, and rents average $1,734.
Choosing the Right Watertown Investment Property
Investors interested in Watertown have great options. Watertown was the fastest-growing city in the state, growing 3 percent between July 2013 and July 2014. New condo and apartment developments are trying to keep pace with increasing demand for housing.
Because prices can vary dramatically from area to area, successful investing in Watertown requires detailed market information about each neighborhood. For example,the village of Bemis has more high-rise apartments and studios than other Watertown villages.
Factors such as neighborhood rental markets and new developments affect returns. An experienced real estate company like Boston City Properties can help investors evaluate the investment potential of a neighborhood to select properties with the greatest potential for high returns. Call 617-247-1933 for more information about Watertown residential investments.
The real estate market in Boston's Watertown has witnessed some of the area's oldest buildings being redesigned and re-purposed for new uses. This especially has been the case with the 120,000 square foot commercial property located at 65 Grove Street.
Originally built in 1945, it was acquired by new owners in 2014. Since then, developers have made it a priority to find tenants to move into the numerous office spaces that were up for rent in the building.
The real estate developers recently announced that they had secured a new tenant to take over more than 17,000 square feet of space in the property that is now largely devoted to industries like life sciences, medical, and R&D. This newest tenant's lease also reserves the right for expansion into the building's second floor to span more than 39,000 square feet of space.
Despite being more than 70 years old, this commercial property is one of the more lucrative developments in Watertown. Real estate insiders appreciate its ideal location along mass transit routes as well as its development potential. It also has a unique curb appeal not found in other Watertown commercial properties.
Moreover, the owners of the property recently invested in improvements that included new HVAC and electrical systems as well as a new roof for the building. The courtyard was also landscaped and improved to enhance the area's overall appearance.
The building itself now boast amenities like interior bike storage as well as common areas shared by tenants. Tenants also have access to the newly completed Greenway Bike Trail as well as bus lines that run in and out of the neighborhood.
For commuters that prefer to drive, they have their choice of more than 390 parking spaces. Around 300 of those spaces are covered and located in the complex's new parking garage.
The development at 65 Grove Street in Watertown is not the only activity that has piqued the curiosity of visitors and residents alike. In fact, Arsenal Street in the last year has experienced numerous commercial projects that recall the area's heyday during the mid-20th century when the military was a major influence in this neighborhood.
Granted, the new real estate projects have less to do with building tire and rubber plants and more with the creation of new hotels and restaurants. Many of the new businesses going up in Watertown will be locally owned although one major hotel brand plans on building an extended stay facility in the next year.
The commercial real estate growth has made Watertown more appealing to people wanting to move to this district. Already local business owners are having to expand their operations. One local business owner in particular noted that he expanded his restaurant from a 50-seat facility to one that offers more than 240 seats.
Further, people moving to the area find that it gives them the convenience they want to get in and out of Boston without actually having to move into the city. The homes and businesses in the neighborhood are located along the turnpike.
Because of the increased interest in new housing, home prices for Watertown have soared in the last year. Since 2016, home prices have risen by 8.9 percent. They are predicted to continue rising more than 3.9 percent in the next year as well.
The average home value for a house in Watertown is $562,000. The average listing price for a new home is $574,000 while the average selling price is $534,687.
Further, foreclosures are lower in Watertown than in other parts of Boston and the rest of the country. Studies show that 3.7 out of 10,000 homes in the area are foreclosed on, which is lower than the national average of 1.6. Only 6.6 out of 10,000 of houses in the district have negative equity or upside down mortgages.
The increased home prices have not affected the price for rentals in Watertown. The average monthly rent is around $2300, which is lower than the Boston Metro average price of $2500 for rent.
However, many people who want to move to Watertown are more interested in buying than renting their homes. To attract as many buyers as possible, real estate agents and developers make it a priority to highlight the most desirable features of their listings.
A typical home listing in Watertown can be found in one recently published for a property at 4 Repton Place. This two-bedroom condominium has two bathrooms and around 1200 square feet of living space. It comes with amenities that include interior bike storage, custom closets, and stainless steel kitchen appliances.
The new buyer for this home also enjoys community amenities like a saltwater pool and shared outdoor spaces. The home features comforts like central air conditioning and heating, rosewood floors, floor to ceiling windows, and pull out shelves in the kitchen and living rooms.
This condo listing is just one of the numerous that continue to come up for sale on the market. Watertown is quickly becoming one of the more lucrative real estate markets in the Boston area. Home buyers and business owners realize that the neighborhood offers curbside appeal and convenient access to the turnpike that cannot be found in other parts of Boston.
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