Thu, 09 May 2013
What $3 Million Can Buy in Cambridge this Spring
Posted by Mark H. Lippolt
CAMBRIDGE, MA – Davis Rowley, manager of Hammond Real Estate’s Cambridge office located at Two Brattle Square, recently announced the sale of two Cambridge properties priced over $3,000,000 during the month of April. A 2,600 square foot condominium located at 130 Mount Auburn Street sold on April 22 and a 6,755 square foot historic house on Fayerweather Street sold on April 24 for $3,500,000. Hammond agents represented both buying and selling sides in the two transactions.
Situated in Harvard Square, the unit at 130 Mount Auburn Street is comprised of 2,600 square feet of living space in a building with a twenty-four hour doorman, large common reception area, courtyard, patio, and gardens. The unit features two-to-three large bedrooms and two-and-a-half baths, vaulted ceilings, large windows, hardwood floors, two private rooftop garden terraces, a sunroom, two garage spaces, and private storage. The sale of the unit represents the first condominium transaction over $3,000,000 in Cambridge in 2013. One indication of the strength of the Cambridge condominium market this year is that the property sold above the initial asking price. The buyer was represented by the Hammond team of Lindsay Allison and Lisa May, and the listing agents were John Petrowsky and Christian Jones.
The Arthur Astor Carey House, located at 28 Fayerweather Street, is prominently set on an expansive one-half acre corner lot off of Brattle Street. It is one of the earliest examples of Colonial Revival architecture in America, having been designed in 1882, and it is an important work by architects Sturgis & Brigham. This Cambridge landmark measures 6,755 square feet and features eight bedrooms, four-and-a-half bathrooms, a grand central hall with spectacular staircase, fireplace, and exquisite woodwork. 28 Fayerweather Street sold for $3,500,000. Lindsay Allison and Lisa May represented the seller and Ross Duncan Brown, also of Hammond, was the buyer’s agent.
In a booming real estate market where demand is currently greater than supply; the pace is frenetic. Citing data from Multiple Listing Service, Property Information Network (MLS PIN),there are currently 35% fewer condominium units on the market than one year ago. Single-family homes are not in great supply either, with inventory 61% below last years levels. So far in 2013, 31% more condominium units have gone under agreement than in 2012 and single family under agreements have outpaced 2012 by 67%. Although the selling year has just started, 2013 will probably see the highest average sales prices for both condominiums and single family sales in history.
Davis Rowley said, “It’s no secret that residential real estate is booming in Greater Boston, and the new norm finds buyers in multiple-offer situations due to an increasing shortage of properties. Agents are educating their clients about the current state-of-the market, and buyers are preparing themselves for situations that require them to make quick and strong offers. Many properties are being sold over the asking price, as was the case with 130 Mount Auburn Street. In short, consumers know what they want, and they are determined to make sure they don’t lose out on choice properties.”
In addition to the Belmont and Cambridge Offices, Hammond has three Boston locations and twelve suburban branch offices. Collectively, Hammond's seventeen office network generates over one-and-a-half billion dollars in sales volume annually, and is well-known as the publisher of the region’s finest magazines featuring local properties for sale. In 2012, Hammond ranked nationally as one of the top 100 real estate companies, based on productivity per agent and overall sales volume. Hammond was also recognized in 2012 by The Boston Globe as a “top place to work” company. The Cambridge office is the exclusive Regents representative of the Luxury Real Estate network.
To learn more, please visit www.HammondRE.com.