Weston

Situated just 12 miles west of Boston, Weston takes pride in its historic roots. The well-kept homes, many dating to early periods in the town's history, contribute to the aesthetic character of Weston neighborhoods. Greenspace abounds. The Charles River forms the eastern boundary, and several conservation districts lie within the city limits. Houses are integrated into the natural landscape, many with deep setbacks from the road. The homeownership rate is over 86 percent. Single-family detached homes account for 86 percent of housing. A vacancy rate of 1 percent demonstrates the community's stability.

Weston is on the Fitchburg Line of the MBTA. Interstate 90 runs through the southern portion of the city, I-95 runs along the eastern border and state and county roads connect to nearby towns.

Weston Residential Investments

Weston neighborhoods are characterized by large single-family homes on large lots. More than 60 percent of homes have four or more bedrooms. The median home value for Weston is $1,333,400, an increase of 4.8 percent over the past year. Values are expected to increase an additional 1.9 percent over the coming year. The median list price for the week ending June 3, 2015, was $2,647,871. Homes have appreciated 14.40 percent over the last two years. The average annual appreciation rate since 1990 is 3.68 percent.

Choosing the Right Weston Investment Property

Residential real estate prices in Weston are among the highest in Massachusetts. Successful real estate investment in Weston requires careful market analysis and a well-defined investment strategy. Rental property in Weston is scarce and demand is high. Apartments account for only 12 percent of total residential units in the town. Affordable housing is underrepresented, falling short by about 6 percent of the state requirement. The city is evaluating proposals for new development that will increase the number of affordable units.

Boston City Properties has listings throughout the greater Boston area of land, apartments, condos, single-family homes and off-market listings. Call 617-247-1933 to speak to one of our licensed agents about available properties in Weston.

The Weston real estate market in 2017 focused significantly on the availability of senior housing in the area. Like many districts in the Boston Metro area, Weston lacks ample housing for senior citizens. It is 250 units short to comply fully with the Chapter 40B affordable housing mandate.

It is not for a lack of support from established residents for senior citizen housing. In fact, most of the area's citizens vocally support the construction of new housing units reserved solely for the elderly and disabled. The support stems in part from the evolving population of the area, which consists of a growing number of middle aged and senior residents than young professionals and families.

To meet the demand for this unique style of housing, real estate developers from around the area have proposed building senior housing complexes in a number of locations throughout Weston. Properties on Boston Post Road in particular have piqued the interest of developers. They recognize the potential of building in this part of Weston as well as the convenience that it can offer to aging citizens.

One development company from the area introduced a proposal to build 345 individual senior housing units of which 20 to 25 percent would be categorized as affordable. Another company wants to build 160 to 200 affordable housing units. The average size for units from both companies would be around 750 square feet and have at least one bathroom.

Throughout the process of identifying places to build new housing in Weston, the city has relied on input from the town residents. People have flocked to city council meetings to give their opinions. While most agree that new rental housing needs to be built, some residents worry about the impact that new construction will have on the environment.

In particular, Weston is home to natural landscapes like duck ponds and small but lush woods. Residents say that the new buildings will destroy these natural fixtures. Once they are lost, the duck ponds, trees, and other natural landscaping cannot be recovered.

People have also expressed worries about how the new buildings will also look on the city's skyline. They take pride in Weston's beautiful appearance. They do not want multiple story buildings to mar the visual appeal of the area.

Finally, the local school district has expressed its own concerns about what will happen to the schools if new family housing units were built along Boston Post Road. School officials admit that rental housing in Weston can be difficult to find and afford. Still, they say that new family rental housing can bring an influx of students that the schools are not equipped to serve right now.

Traffic is another concern particularly during rush and school hours. The proposed development zones are already experiencing busy traffic throughout most work days. New housing could cause more traffic nightmares as school buses struggle to get in and out of the neighborhood.

Developers and city officials alike admit that senior housing could be the best option for keeping traffic manageable in the potential development zone. They argue that most seniors have few reasons to drive during rush hour and that new senior citizen housing units could ebb the flow of traffic going in and out of town throughout the work week.

The need for new rental housing in Weston is obvious to real estate developers when they discover the prices for residential housing in the area right now. Rental prices for apartments, condos, and homes average around $5200 a month, which is much higher than the Boston Metro rental average of $2500.

Further, the typical single family home in Weston this past year had an appraisal value of $1.435 million, putting this price tag out of reach for many working families in the neighborhood. Moreover, the average list price for a home is $1.99 million.

These home prices could be behind the reason why real estate websites categorize the Weston home market as Very Cold with little growth potential right now. In fact, the market has decreased by 1.2 percent in the last year. It is predicted to grow slightly by 2.1 percent by late 2018.

However, at the same time, real estate market studies give Weston a score of 7.7 out of 10, making it healthy in terms of available houses for sale. The foreclosure rate in this town is 10.5 out of 10,000, significantly higher than the national average of 1.6. Around three percent of Weston homes have negative equity, lower than the 10.4 national average for negative home equity.

Only 0.4 percent of homeowners in Weston are delinquent on their mortgages. However, nearly 23 percent of new home listings have prices that have been significantly reduced.

With an aging population and little rental housing available to working families, Weston shows signs of having real estate markets that are slowing down or at least struggling to keep up with local demands. To remedy this dilemma, real estate developers are seeking out new places in Weston to build senior and family housing. City residents appear keen to help resolve the housing issue but worry about its impact on the city's natural environment and the local school system.

Click Here
to Search

sales

Click Here
to Search

rentals