From Mansions To Fixer-Uppers | The median price of a home in Massachusetts is $285,000. Exactly what that will get you in Central Mass. varies dramatically.
Photo/Matthew L. Brown
Photo/Courtesy
Photo/Matthew L. Brown
Photo/Matthew L. Brown
Photo/Courtesy
Like a sun collecting planets into its orbit, Boston holds sway over the Central Massachusetts residential real estate market. Specifically, commute distance to Boston has an effect on pricing that becomes striking when comparing how much and what type of property a buyer can afford with a budget of $285,000, the state’s median single-family home price.
Even in Worcester and the surrounding towns, commute distance to Boston has a strong say in how homes are priced.
The same is also true of towns west of Worcester, despite the relative unlikelihood that residents there drive to Boston in any significant numbers.
“Comparing areas is about commuting time to Boston, and you pay for convenience,” said Jeff Hall, president of the Worcester Regional Association of Realtors. “The further west you go, you get more bang for your buck.”
As far as home prices are concerned, Worcester is more an obstacle to Boston than a destination itself.
Driving to work in Boston from Shrewsbury is no picnic, but the town commands higher prices than Paxton, which is just on the other side of Worcester.
“Paxton is a lovely town, but you can spend 20 minutes just trying to get from one side of Worcester to the other,” Hall said.
With that in mind, the WBJ looked around Central Massachusetts to discover what a prospective buyer might find for around the state median price, which according to the Massachusetts Association of Realtors, was $284,000 in May.
Real estate agents told the WBJ that homes that sell for that price now were probably originally listed for a bit more, perhaps as much as $310,000. In Worcester, the median price in May was $274,900, according to Hall.
Below you’ll find five properties on the market for roughly the same amount. But price is about all they have in common.
Property #1: Bargain Price
93 Torry Rd., Southbridge
Asking Price: $285,000
Price-Per-Square-Foot: $110
We'll begin with the property farthest from Boston, 93 Torrey Rd. in Southbridge.
At $285,000, this 2,609-square-foot antique place "is definitely a lot for the money," said the John Norrman, the property's listing agent. And it is. It might take ages to get anywhere, but the place is paradise. It's tucked in the woods not far from scenic Dresser Hill, it has four fireplaces, three bedrooms and three bathrooms, all on nearly 4 acres.
Property #2: Northern Deals
80 Bilotta Way, Fitchburg
Asking Price: $288,888
Price-Per-Square-Foot: $115
In Fitchburg, many of the homes in this price range are practically brand new. Take 80 Bilotta Way; it's on the market for $288,888 and was built in 2002. It's 2,516 square feet, has three bedrooms and 2 ½ bathrooms and sits on almost a complete acre.
Peter Haley, the Central Massachusetts vice president of the Massachusetts Association of Realtors said northern Worcester County has seen 12 sales between $280,000 and $290,000 in the last six months. All of those sales were closed within 3 percent of their original list prices, he said. However, homes are staying on the market for an average of 294 days before selling.
Property #3: Aged To Perfection?
146 Winifred Ave., Worcester
Asking Price: $284,900
Price-Per-Square-Foot: $136
In Worcester, lot sizes are generally smaller than in the suburbs, but at 146 Winifred Ave. in the city's west end, a buyer will get nearly a half-acre, not to mention a large, unique mid-century modern house. This property is 2,100 square feet with an open floor plan and some interesting design features like a glass entryway. It has three bedrooms and two and a half bathrooms and is on the market for $284,900. The home was built in 1955. Real estate agent Sue Vanderzicht (not the listing agent for this property) said at that price, a buyer could land a home that's practically brand new. At this price, a home as old as this one should be very well-maintained and need little more than paint if the new owner so desires.
Property #4: Discount Price
54 Boylston St., Shrewsbury
Asking Price: $299,000
Price-Per-Square-Foot: $152
A little to the east is 54 Boylston St. in Shrewsbury, listed at $299,000 after what its listing agent calls a "huge price change."
It's an antique, built in 1916 and the large dumpster in the driveway may indicate that it needs some work. At 1,965 square feet, and on a third of an acre, the property isn't particularly big compared to some of the other homes here, but it does have four bedrooms and two bathrooms.
But at least the neighbors (in the cemetery) across Route 140 are quiet.
Property #5: Sweat Equity
66 Dean Rd., Wayland
Asking Price: $285,000
Price-Per-Square-Foot: $165
Now, things are about to get interesting. Heading east from Shrewsbury, ads for homes in this price range take on a very different tone, very different. At 66 Dean Rd. in Wayland, $285,000 will buy a three bedroom, two bathroom, 1,724-square-foot ranch. But the buyer better bring some elbow grease. "Build your sweat equity! Some TLC will make is shine!" says the ad for this vacant house on 0.6 overgrown acres. Norrman, the listing agent for the colonial house in Southbridge said that in his neck of the woods, $285,000 buys "a decent house. Nothing you really need to roll up your sleeves to make livable." Take that same price to MetroWest, though, and "you might not like what you see," he said.
And sweat equity only goes so far. Young homebuyers shopping in Wayland generally dedicate a great share of their time to their jobs in Boston and the immediate suburbs and are very well paid. They have neither the time nor the inclination to take on a renovation project, Hall said.
"They don't even have furniture," Hall said. "They don't have time and they don't have the life experience in general in doing any kind of home repairs. They overestimate the cost of repairs, even if they're minimal. I've had some buyers turned off by paint colors."
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