Home Improvement Projects: Maximizing Your Investment

It is widely accepted that in this area, with our frigid winters, adding a pool is generally not something that will increase the value of a home. Neither, according to to Remodeling Magazine’s Cost vs Value Report, does adding a sunroom. Of course, if the benefit of hosting never-ending pool parties on hot summer days is important to the homeowner, these projects can be well worth the cost.

But there are plenty of other home improvements that can both appeal to the owner and add to the resale value of the home. In the Boston area projects that add the most value are a minor kitchen remodel, which retains an average of 89% of its cost at resale, a wood deck and upscale siding, both recouping 86%, and installing a new steel entry door, which retains 81% of its cost. Interestingly, the report showed that a midrange basement finishing project would only preserve 62% of its value. However sales seem to show that a basement finished to the point that it adds livable square footage to an otherwise small home can be an excellent investment.

The averages are very useful, but in deciding whether a project is worth the expense, there are more specific considerations. Improving a home to make it similar in size and condition to others in the neighborhood will generally provide a very good return on investment, and will help it sell more quickly. If a property is in terrible condition and renovated to meet or slightly exceed the standards of the neighborhood, the renovations can easily bring more than their full cost to the value of the house.

However, overimproving and adding high end features to a starter home that buyers in a particular price range don’t expect will not increase the value of the home by the amount spent on renovations. Making a remodeling project too personal can also do more to turn off future buyers than appeal to them. If a home already has a reasonably modern, neutral kitchen, for example, installing expensive custom hardware or a stainless steel backsplash may look great, but should not be done as an investment in the value of the home.

Whatever spring or summer project you may decide to undertake, it’s important to do your research and make selections carefully. Always get several prices and ask contractors for references and examples of their work. Finally, be sure to get everything in writing, and then, having done all your homework, enjoy either the results or a fast sale of your home!

Price Per Foot By Town: 2013

2013 Average sale prices per square foot for Metrowest and surrounding towns:

Marlborough $166

Medway $179

Ashland $189

Millis $193

Framingham $195

Holliston $198

Hopkinton $204

Southborough $212

Walpole $214

Sudbury $233

Sherborn $238

Norwood $244

Medfield $251

Natick $256

Waltham $258

Wayland $268

Dover $272

Westwood $306

Lincoln $324

Needham $331

Lexington $352

Weston $362

Newton $372

Wellesley $401

Price per foot by Town: 2012

2012 average sale prices per square foot for Metrowest and surrounding towns

Marlborough 154

Medway 163

Framingham 174

Ashland & Millis 176

Holliston 183

Hopkinton 188

Southborough 197

Norwood 217

Walpole 204
Sudbury 224

Medfield 230

Natick 236

Sherborn 240

Waltham 241

Wayland 247

Dover 269

Westwood 289

Lincoln 295

Needham 311

Lexington 331

Weston 337

Newton 340

Wellesley 383

5 Stagg Drive

                                                       

5 Stagg Dr	List Price: $499,900
Natick, MA 01760-2527
Middlesex County
Style: Colonial	Total Rooms: 8
Color: Gray	Bedrooms: 4
Grade School: Brown	Bathrooms: 2f 1h
Middle School: Kennedy	Master Bath: Yes
High School: Natick HS	Fireplaces: 1
Handicap Access/Features: No
Directions: Speen St to Purington, left on Hampton, right on Stagg

Beautiful 4 bed, 2.5 bath Colonial conveniently located in excellent neighborhood. Renovated in 2012 with additional updates in the last month. Hardwood floors, new kitchen w/ tile, stainless steel, & granite, breakfast bar, family room w/ picture window, dining room w/ sliders leading to patio in level fenced yard, fireplaced living room, master bedroom w/ double closets & new ensuite bathroom, Pella windows, 30 yr architectural roof, new driveway & more! Showings begin Tue 9/25.

Property Information

Approx. Living Area: 1710 sq. ft.	Approx. Acres: 0.24 (10454 sq. ft.)	Garage Spaces: 0  --
Living Area Includes:	Heat Zones:   Forced Air, Oil	Parking Spaces: 2  Off-Street, Paved Driveway
Living Area Source: Public Record	Cool Zones:   None	Approx. Street Frontage:
Living Area Disclosures:

Room Levels, Dimensions and Features

Room	Level	Size	Features
Living Room:	1	18x12	Fireplace, Flooring - Hardwood
Dining Room:	1	13x11	Flooring - Hardwood, Balcony / Deck, Slider, Wainscoting
Family Room:	1	10x19	Flooring - Wall to Wall Carpet, Window(s) - Picture, Chair Rail, Sunken
Kitchen:	1	19x11	Flooring - Stone/Ceramic Tile, Countertops - Stone/Granite/Solid, Breakfast Bar / Nook, Remodeled, Stainless Steel Appliances
Master Bedroom:	2	15x12	Bathroom - 3/4, Closet, Flooring - Hardwood
Bedroom 2:	2	10x12	Closet, Flooring - Hardwood
Bedroom 3:	2	10x9	Closet, Flooring - Hardwood
Bedroom 4:	2	14x10	Closet, Flooring - Hardwood
Bath 1:	1		Bathroom - Half, Flooring - Stone/Ceramic Tile, Remodeled
Bath 2:	2	8x5	Bathroom - Full, Bathroom - Tiled With Tub & Shower, Flooring - Stone/Ceramic Tile, Remodeled
Bath 3:	2	3x6	Bathroom - 3/4, Bathroom - Tiled With Shower Stall, Flooring - Stone/Ceramic Tile, Remodeled

Features Appliances: Disposal, Microwave, Refrigerator - ENERGY STAR, Dishwasher - ENERGY STAR, Range - ENERGY STAR Area Amenities: Public Transportation, Shopping, Swimming Pool, Tennis Court, Park, Walk/Jog Trails, Stables, Golf Course, Medical Facility, Bike Path, Conservation Area, Highway Access, House of Worship, Private School, Public School Basement: Yes   Partial, Interior Access, Concrete Floor Beach: Yes   Lake/Pond Beach - Miles to: 1 to 2 Mile Electric: 200 Amps Energy Features: Insulated Windows Exterior: Vinyl, Brick Exterior Features: Patio, Gutters, Fenced Yard, Garden Area, Stone Wall Flooring: Tile, Wall to Wall Carpet, Hardwood Foundation Size: 21x22 Foundation Description: Poured Concrete Hot Water: Electric Insulation: Unknown Interior Features: Cable Available, Finish - Sheetrock Lot Description: Paved Drive, Fenced/Enclosed, Level Road Type: Public, Sidewalk Roof Material: Asphalt/Fiberglass Shingles Sewer Utilities: City/Town Sewer Terms: Contract for Deed Utility Connections: for Electric Range, Icemaker Connection Water Utilities: City/Town Water Waterfront: No Water View: No ,  --

Other Property Info Adult Community:No Disclosure Declaration: No Disclosures: Exclusions: Home Own Assn:No Lead Paint:Unknown UFFI:   Warranty Features: Year Built: 1950  Source: Public Record Year Built Description:Renovated Since Year Round: Short Sale w/Lndr.App.Req: No Lender Owned: No

http://www.5stagg.com/

http://www.efhughes.com/detail.asp?listingid=71439362&agentid=104900

Upcoming Metrowest Weekend Events

For those looking to take a break from their "nice little Saturdays going to Home Depot and maybe Bed Bath and Beyond", here are a few fun local events coming up:

Natick will hold an Earth Day celebration on the common this Sunday, 4/22 from 11-3, with animals, music, recycled crafts, and other entertainment.
http://natick.patch.com/articles/natick-holds-first-earth-day-festival-in-decades

Wellesley's Wonderful Weekend is coming up in May from the 18th through the 20th, with a parade, concert, and fireworks on the 20th.
http://www.wellesleyweekend.com/schedule.html

The next Food Truck Festival will take place at Shoppers World on 10/6 from 12-4.
http://ftfneframingham.eventbrite.com/

Local Housing Market Springing Back

We all keep hearing about bidding wars, the possibility of rising interest rates, and the market generally picking up. I can attest to more activity and several cases of multiple offers on a property, and am glad for our sellers (and for my own two projects that should be on the market within the next months), and to  find some proof that all this is happening in the Metrowest area, I found some statistics for each town. I was expecting an increase from February to March, but the following sums it up best.

Natick, Wellesley, Dover, Sherborn, Wayland, Framingham

February 2012

• 69 homes sold
• $519,000 average sale price

March 2012

• 94 homes sold (up 36% from the previous month)
• $685,000 average sale price 32%

North Waltham Ranch

36 Hemlock Ter Waltham, MA

Great opportunity to own a 3 bedroom home at the end of a quiet street in excellent North Waltham/Bentley College area neighborhood. This home could use cosmetic updates but there are hardwood floors throughout under carpet, most windows have been replaced, and driveway was paved 2 years ago. Dry, partially finished basement with half bath could make great additional living space.


More Information


List Price: $359,900
Style: Ranch
Total Rooms: 5
Bedrooms: 3
Fireplaces: 1
Grade School: NortheastBathrooms: 1f 1hMiddle School: Kennedy:High School: Waltham High
Neighborhood/Sub-Division: North Waltham/Bentley College

Market Snapshot - Natick & Wellesley March 2012

The spring market has begun with many more new listings and we are seeing homes receive multiple offers. Below is a quick snapshot of market activity in Natick and Wellesley.


New Listings in Wellesley

150 Oakland St $1,399,000
47 Martin Rd $719,000
12 Madison Rd $825,000
99 Pilgrim Rd $1,945,000
106 Bristol Rd $1,775,000
15 River Glen Rd $1,095,000
5 Bemis Rd $899,000
175 Weston Rd $920,000
1 Fletcher Rd $2,175,000
42 Bay View Rd $799,000
12 Longfellow Rd $1,375,000
158 Winding River Rd $1,690,000
16 Hobart Rd $1,975,000
9 Vane St $979,000
161 Forest St $1,650,000
14 Bird Hill Ave $1,299,000
26 Fells Rd $1,375,000
38 River Glen Rd $2,495,000


New Listings in Natick

18 Farm Hill Rd $749,000
27A Stacey St $469,000
35 Hardwick Rd $479,900
5 Stagg Dr $299,900
13 Reynolds Ave $419,000

Recently Sold (past week) - Wellesley

14 Wilde Rd - Sold $799,000
3 Upson Rd - Sold $325,000
58 Nowrich Rd - Sold $1,040,000
62 Leighton Rd - Sold $1,200,000
2 Mayo Rd - Sold $1,510,000
103 Washington St - Sold $957,000

Recently Sold (past week) - Natick

33 Coachman Ln - Sold $627,500
4 West St - Sold $250,000

Condos vs. Single Family Homes - Which to Buy?

With interest rates at record lows and more properties to choose from as the spring market picks up, there is no doubt that it is a good time to buy. In lots of cases, condo and single family home prices are comparable, so buyers have to make the decision of which type of home to buy. Here are a few of the pros and cons:

Benefits of Buying a Condo

• Less maintenance and upkeep than a single family house
• Landscaping and snow removal are often included
• Many complexes offer amenities like pools, fitness centers, and other common spaces
• Location: sometimes condos are an only option in convenient urban areas

Downside of Condo Ownership

• Condo fees can significantly increase the cost of ownership
• Association approval required for certain projects and/or improvements
• Shared decision making on how condo fees are spent   
• Less appreciation in value than single family homes, making it more difficult to resell, especially when buying a new or newly renovated unit
• Financing can sometimes be more difficult in complexes with a low owner-occupancy rate

Pros of Purchasing a Single Family Home

• Control over the property and any changes or improvements
• No condo fees
• Better resale value than condos
• Usually more space, particularly outdoors, and more privacy

Cons of Owning a Single Family Home

• Owner is responsible for all maintenance, repairs, and improvements, which can be costly and time-consuming
• Often more expensive than condos
• Utility bills can be higher because there is often more space
• Purchase price is usually higher, especially in more expensive towns

The decision really comes down to a matter of lifestyle, personal preference, and how long the buyer plans to stay in the property. There are lots of great options available right now for single family homes, condos, and multi-families.

Don't Buy This House!

Every day, I see lots and lots of listing descriptions. Most use their 200 words to take advantage of the many adjectives available to highlight a home's better qualities - if it's a "majestic, sprawling, newly renovated estate", you can usually expect a decent property (even if the "estate" is under a thousand square feet). But what about when you should "come to are open house to see the custome cabinets with granit countertops, new vynal siding, included home warrantee and alot of possibilyties for apartyments"? The one blurry picture taken with a cell phone makes it hard to tell whether there's a house on the property or not.

Please, State of Massachusetts, make the real estate exam harder and throw in a writing component so the rest of us don't look bad!

First Sales of 2012 in Metrowest

In Natick, Wellesley, and Newton, 19 single family homes have sold so far this year for an average of $909,039, up from an average sale price of $770,168 during the first 12 days of 2011. While this is a very small sampling, it shows a great start to the year these towns, and with interest rates currently at an all time low of 3.65% for a 30 year fixed more buyers are on the market. 

Here are the first sales of the year:

65 Indian Ridge Rd Newton: $1,175,000

13 Heckle St Wellesley: $670,000

147 Woodcliff Rd Newton: $479,000

48 Water St Natick: $682,000 

59 Stuart Rd Newton: $716,000

253 Crafts St Newton: $566,000

30 Trowbridge Ave Newton: $1,360,000

42 Goddard St Newton: $497,500 

24 Berkeley Rd Wellesley: $747,500

6 Manor Ave Wellesley: $550,000

37 Levbert Rd Newton: $886,000

27 Alexander Rd Newton: $538,000

48 Ridge Hill Farm Rd Wellesley: $3,724,000

49 Walker St Newton: $557,000

26 Mandalay St Newton: $1,910,000

145 Morton St Newton: $818,750

8 Sessions St Wellesley: $800,000

2 Yorkshire Dr Natick: $485,000

17 Marion St Natick: $110,000

www.torykeithrealestate.com

Decorating for the holidays

A few decorating ideas for the season... 

Happy holidays!

Multi-Family Properties in Natick, Wellesley, and Newton

With sale prices and mortgage rates at a low and rents on the increase, more and more people are buying rental properties. While it can be difficult for a new investor to get financing on a property that is not a primary residence, cash buyers, owner-occupants, and those with a history of rental income or sufficient income to qualify for more than one mortgage if necessary, can do very well both in the short term and long term with multi-family homes. Rental income can provide immediate cash flow, while buying at the bottom of the market, particularly a property that has room for improvement, can generate a profit when sold years later.

In Natick, Wellesley, and Newton, the average sale price of a multi-family property increased 8% from an average of $528,000 in 2010 to $571,000 in 2011 (not accounting for sales that could take place during the 23 days left of the year). Still, there are good deals out there, particularly for anyone with the resources to handle a fixer-upper. 36 multi-families are currently on the market in these towns, from 2-family homes to mixed use buildings.

The following is a great calculator to determine return on investment, taking several factors into account: http://www.goodmortgage.com/Calculators/Investment_Property.html

For more information, please find my contact information as well as search for properties at www.torykeithrealestate.com.

Bang for your buck by town

Price per square foot isn't the best, or even close to a complete way to determine the value of an individual home, but it can give a general idea of how much space can be bought for the money in different towns. The following lists the average asking price per square foot in each Metrowest city or town.

Medway 164
Framingham 177
Millis 184
Ashland and Holliston 188
Southborough 210
Hopkinton 208
Natick 244
Waltham 245
Sudbury 247
Wayland 279
Medfield 281
Sherborn 304
Needham 318
Dover 341
Newton 358
Weston 412
Wellesley 420

While these prices look high to plenty of people in other parts of the country, looking at price per foot all over the world makes us seem like we're getting a pretty good deal.

Recent Natick and Wellesley Home Sales: November 2011

Ten single family homes have sold in the past week in Natick and Wellesley for an average of 95% of list prices. Additional information on these properties or on sales in other cities and towns is always available by request.

Natick
60 Washington Ave (3 bed Colonial): Sold $215,000
175 Hartford St (3 bed Ranch): Sold $318,125
7 Sheffield Rd (3 bed Ranch): Sold $336,000
7 Larchwood Ln (4 bed Raised Ranch): Sold $476,000
4 Barnesdale Rd (5 bed Colonial): Sold $646,500
20 Apple Ridge Dr (5 bed Colonial): Sold $1,500,000

Wellesley
58 Manor Ave (3 bed Cape): Sold $510,000
54 Bancroft Rd (3 bed Cape): Sold $617,500
52 Livermore Rd (5 bed Colonial): Sold $1,125,000
16 Highgate (5 bed Colonial): Sold $4,575,000

Recent Metrowest home sales: October 2011

Lots of people have mentioned how interested they are in seeing recent sales, so I'll focus on that a bit more than my regular market updates. If you're interested in any other information or sales for other towns in the area, please email me and I'll get you what you need. Of course, you can always do your own searches here (or if you're on a smart phone, here).

Single family home sales in the last week for a few Metrowest cities and towns (10/17/11-10/24/11) - prices shown are sale prices:

Natick
17 Belmore Rd (3 bed Cape): $335,000
12 Oak Knoll (3 bed Ranch): $336,800

Wellesley
22 Elm St (3 bed Colonial): $825,000
40 Whittier Rd (4 bed Colonial): $842,000
50 Woodlawn Ave (4 bed): $1,000,000
56 Temple Rd (4 bed Multi-Level): $1,100,000
81 Maugus Ave (4 bed Contemporary): $1,500,000
37 Garrison Rd (6 bed Colonial): $1,690,000

Newton
6 Philbrick Rd (3 bed Colonial): $504,000
12 Roosevelt Rd (3 bed Colonial): $526,000
106 Brookline St (3 bed Cape): $542,000
23 Hemlock Rd (3 bed Cape): $537,000
23 Marcellus Dr (3 bed Colonial): $725,000
186 Lincoln St (3 bed Colonial): $923,000
76 Cotton St (5 bed Colonial): $1,337,000

Needham
14 Hazel Ln (4 bed Split): $507,500
672 Chestnut St (5 bed Colonial): $2,040,000

Wayland
19 Oak/Timber (4 bed Cape): $374,000

2011 Yard Waste Pickup

Just when the lawn mowing ended, it's time for leaf blowers and rakes! Here's the important leaf and yard waste pickup info for Natick, Newton, Ashland, and Framingham. You can also drop off your own yard waste, and in most of the other Metrowest towns, it's taken by drop-off only.





Natick:
Yard waste will be picked up on Monday, 11/14, for Tuesday’s trash collection day.
Yard waste will be picked up on Monday, 11/21, for Wednesday’s trash collection day.
Yard waste will be picked up on Monday, 11/28, for Thursday’s trash collection day.
Yard waste will be picked up on Monday, 12/5, for Friday’s trash collection day.


Framingham:
Leaf pickup will be on regular trash days during the month of November.
Brush pickup will be 10/24-10/28 and 11/5-11/9.


Newton:
Yard waste pickup will continue through 12/5.


Ashland:
Yard waste will be picked up for 6 Mondays from 10/10-11/14.

Happy Halloween! Metrowest events, October 2011

Here are some of the MANY fun Halloween celebrations going on this month in the Metrowest area. Know of something that isn't listed here? Please add it in a comment and have a safe and happy Halloween!

October 14: Natick Early Childhood Network Halloween Costume Swap 9am-4pm http://www.natickearlychildhood.org/2011/10/03/halloween-costume-swap-october-14/

October 15: Bates School Pumpkin Fair 10am-2pm: Bates School 116 Elmwood Rd Wellesley

October 22: Natick Mall Halloween Bash 11am outside Crate and Barrel

October 28: Metrowest YMCA Halloween Party 6pm-8pm 280 Old Connecticut Path Framingham



October 29: Natick Common Spooktacular 12pm: http://www.natickps.org/district/districtmaininfo/documents/2011%20Spooktacular%20Flyer%20-%20oct.%2029.pdf

October 29: Halloween Kids Fest 10am-2pm: Natick Mall, outside Crate and Barrel

October 29: Halloween Musical Celebration 11am at TCAN
http://natickarts.org/tcan_artistdetail.php?artist_id=1711&event_id=1711

October 29: Halloween Window Painting Contest 9am-4pm http://www.newtoncommunitypride.org/halloween.html

October 30: Halloween Skating Event 2pm-3:20pm William Chase Arena 35 Windsor Ave Natick

October 31: Whole Foods Wellesley Halloween event for kids from 2-4pm

Recent Home Sales in Natick and Wellesley September 2011

In addition to overall market data (September Update), it can be interesting to see more specifics on recent sales, especially for those considering buying or selling. Here are Natick and Wellesley's sales in the last week (only single family homes are included here):


Natick


25 Virginia Rd (4 bed cape) Sold: $256,500
19 Lacosta Dr (3 bed raised ranch) Sold: $435,000
16 Strawberry Hill Rd (4 bed cape) Sold: $531,000
10 Clover Ln (4 bed split) Sold: $540,000

Wellesley


676 Worcester St (5 bed colonial) Sold: $385,000
389 Worcester St (5 bed colonial) Sold: $515,000
361 Linden St (4 bed garrison) Sold: $655,159
25 Glen Rd (4 bed colonial) Sold: $710,000
30 Oakridge Rd (5 bed colonial) Sold: $820,000

Metrowest September 2011 Market Update - Natick, Wellesley, and Newton

The fall housing market is well underway! Here are the key facts, with comparisons from last month, for Natick, Wellesley, and Newton:

In Natick, there are currently 85 single family homes on the market for an average list price of $599,000. 26 homes have sold in Natick in the past month for an average of $488,500 (up 7% from last month) after 69 days on the market (faster than an average of 95 days last month).

In Wellesley, there are currently 146 single family homes on the market for an average list price of $1,751,000. 16 homes have sold in Wellesley in the past month for an average of $1,170,000 (down 14% from last month) after 99 days on the market (faster than an average of 126 days last month).

In Newton, there are currently 193 single family homes on the market for an average list price of $1,188,000. 52 homes have sold in Newton in the past month for an average of $893,000 (down 2% from last month) after 80 days on the market (slower than an average of 70 days last month).